Behringer Opportunity REIT II Sells Jacksonville Multifamily Community
Behringer Harvard Opportunity REIT II Inc., a publicly registered non-traded real estate investment trust, completed the sale of Wimberly at Deerwood, a 322-unit luxury multifamily community situated on 24.2 acres in Jacksonville, Florida.
The company originally purchased the property in February 2013 through a joint venture with ApexOne Investment Partners, Inc., a Houston-based real estate investment firm, for an undisclosed price. Behringer Harvard Opportunity REIT II was the controlling partner.
Although the sale price was not disclosed in the company’s most recent filing with the Securities and Exchange Commission, The DI Wire reported in July that an unaffiliated third party agreed to purchase the property for $43.5 million.
Constructed in 2000, Wimberly at Deerwood features a swimming pool, business center, private garages, 60-person theater room, fitness center, and courts for sand volleyball and basketball. The property is conveniently located near Interstates 95 and 295 – the two main traffic arteries traversing the Jacksonville metropolitan area.
“We have been very pleased with the performance of Wimberly at Deerwood, and the high demand in Jacksonville’s real estate market made this an opportune time to offer the property,” said Tom Kennedy, president of Behringer Harvard Opportunity REIT II, Inc. “Not only was the property 96 percent leased at the point of sale, but — based on significant upgrades to the units and common areas after a renovation — we were able to boost rents and ultimately capture an attractive 18 percent return on our investment in just two and a half years.”
Behringer creates and manages real estate investments through public and private fund structures, joint ventures, and separately managed accounts. The company also offers strategic advisory, asset management, tax-deferred exchange and capital markets solutions. Investments sponsored and managed by the Behringer group of companies have invested into more than $11 billion in assets.
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