Home Alts News Behringer Harvard Opportunity REIT II to Sell Florida Apartment Complex

Behringer Harvard Opportunity REIT II to Sell Florida Apartment Complex

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Behringer Harvard Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust, entered into an agreement to sell Wimberly at Deerwood Apartments in Jacksonville, Florida to an unaffiliated third party for $43.5 million.

Wimberly at Deerwood is a 312-unit complex with a mix of one, two and three bedrooms apartments with nine-foot ceilings, wood flooring in the kitchens and entryways; full-size washers and dryers and an average unit size of 914 square feet. Community amenities include a swimming pool, clubhouse, fitness center, outdoor BBQ, picnic area, indoor multi-purpose court, and a media/theatre room. The REIT originally purchased the property in February 2013 from Equity Residential in a joint venture with ApexOne Investment Partners Inc., a Houston-based real estate investment firm.

The undisclosed buyer made an earnest money deposit of $0.5 million, which is refundable during the inspection period. Closing is subject to completion of due diligence by the buyer, approval by the REIT’s board of directors, and other closing conditions. Closing is expected to occur during the third or fourth quarter of 2015.

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