bond investing

$100M Equity Play Eyes Tail-End Buys, Bail-Outs

DALLAS-In aligning as joint venture partners, Behringer Harvard and PGGM have built in flexibility to their agreement for the rapid deployment of $100 million in equity. The multifamily investment scope runs the full development gamut, including bail-out deals.

Behringer Harvard's been heavily investing this year in class A multifamily and new student housing, but it's uncertain if any acquisitions to date will be rolled to the JV, Jason Mattox, the Dallas-based investment group's executive vice president, tells GlobeSt.com. It's also open-ended as to which of the several Behringer funds will end up with the JV's deeds. There might even be more than one, he explains. "The PGGM agreement provides for a great deal of flexibility in the way that the money is invested," he says. Unless the strategy is altered, leveraged plays are destined to reel in about $400 million of real estate.