Behringer Harvard Starts Brickell Residential Project
Delivery of 418-Unit Project Slated for Fourth-Quarter 2015
January 22, 2014
Behringer Harvard Multifamily REIT I, Inc. has started construction on The Edge at Brickell, a 418-unit luxury multifamily property in Miami.
The 2.4-acre development site is located at the northeast corner of Southwest Second Avenue and 13th Street (Coral Way) in the Brickell submarket a mile south of downtown Miami.
The project will be constructed in a wrap configuration, with eight floors of residential and common space and eight levels of parking.
Behringer Harvard and Monogram Residential Master Partnership I LP, a joint venture between the REIT and PGGM Private Real Estate Fund, provided equity capital for construction.
The REIT recently entered into a new $300 million arrangement with PGGM, a real estate investment vehicle for Dutch pension funds, to co-invest in multifamily property.
The project is being developed by affiliates of Alliance Residential, a Phoenix-based privately owned multifamily firm which has invested in $3 billion in assets and has a management portfolio of $9 billion. Plaza Construction will be the contractor.
Construction began this month and is expected to be completed in the fourth quarter of 2015.