NETHERLANDS - PGGM has agreed to invest up to $100m with Behringer Harvard in a geographically diverse portfolio of apartment communities in US metropolitan areas.
Under terms of the agreement, PGGM would be investing in individual assets with one of the firm's current investment programs. Behringer Harvard provide strategic management for each joint venture including acquisition, asset management and disposition services, legal and accounting services, and property management services.
Target assets will consist of well-located multifamily communities purchased from national and regional developers before the properties achieve stabilised occupancies.
Behringer Harvard senior vice president-real estate Mark Alfieri said: "We will be looking for projects where we will be able to create added value in areas such as project development, completion of project leasing, changing property management or leasing agents, providing additional capital to add or complete amenities, or combining projects in a given market to achieve economies of scale."
Bradley Olsen of Atlantic Partners assisted Behringer Harvard in this transaction and will continue to work with both parties in the growth of the relationship.
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