Behringer Harvard and Brookfield Real Estate Opportunity Fund Invest in D.C.-Area Apartment Development
Behringer Harvard, Brookfield Real Estate Opportunity Fund and Fairfield Residential announced (July 25, 2007) the closure of funding for the development of Fairfield at Bailey’s Crossroads in Fairfax County, Virginia. Funding is comprised of a mezzanine loan provided by Behringer Harvard and equity provided primarily by Brookfield. Behringer Harvard also has the option to acquire a majority equity interest at completion. Fairfield Residential intends to develop the property into 414 luxury apartment units designed to appeal to a wide variety of renters.
“Fairfax County is a large submarket that contains some of the most desirable residential communities in the Washington, D.C. metro area,” said Mark Alfieri, senior vice president-real estate for Behringer Harvard. “With the area continuing to be one of the strongest-performing apartment markets in the nation, this development project should be a great addition to our multifamily portfolio.”
Fairfield at Bailey’s Crossroads will be located on the north side of Leesburg Pike between South George Mason Drive and South 14th Street in Bailey’s Crossroads, Fairfax County, Virginia. Fairfax County houses a significant concentration of the Washington, D.C. region’s technology businesses and international firms.
“Brookfield’s partnership with Behringer Harvard in Bailey’s Crossroads represents a unique opportunity to participate in growth of the dynamic market and sector of real estate,” said David Arthur, president and managing partner of the fund. “We are pleased to build on our presence in commercial properties in the Washington area through our investment in this exciting development project.”
The development project will consist of three wood-framed buildings with three to four stories each and one seven-story steel-framed building containing 17 different floor plans. Amenities will include custom cabinetry, cultured marble countertops and stainless steel appliances. Fairfield at Bailey’s Crossroads will also feature an elegant club room and social area, state-of-the-art fitness center with spinning room, computer lab, business center, pub and media room. The resort-style swimming pool will include a large cabana and pool deck area, which will allow for plenty of seating and sunbathing.
About Behringer Harvard
Behringer Harvard is a commercial real estate company investing in assets domestically and internationally. The company offers strategic real estate fund opportunities across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures and proprietary program structures. For more information, call toll-free 866.655.3600 or visit behringerharvard.com.
About Brookfield Real Estate Opportunity Fund
Brookfield Real Estate Opportunity Fund, established by Brookfield Asset Management Inc., invests opportunistically in real estate in North America, including commercial office, industrial and mixed-use properties.
