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Behringer Harvard takes multi-family project in Margate

October 25, 2011 02:23PM

Behringer Harvard has announced the acquisition of a 280-unit
multi-family community in Margate, taking a 92.5 percent interest in what
will be rebranded the Lakes at Margate project. “Lakes of Margate is a
well-leased multifamily community with a long history of stabilized
occupancy in one of Fort Lauderdale’s strongest apartment submarkets,”
said Samuel Gillespie, the COO of Behringer Harvard Opportunity REIT II.
The deal is Behringer’s second co-investment project with Grand Peaks
Properties, which acquired a 7.5 percent ownership interest in the
community. The two firms plan a $2.3 million upgrade on the site. — Alexander Britell