Behringer Harvard Announces Luxury Multifamily Development Project in Las Vegas Area
DALLAS, September 6, 2007 – Behringer Harvard announced today its investment in the development of Alexan St. Rose, a planned Class A apartment community in the Las Vegas suburb of Henderson, Nevada. Trammell Crow Residential will serve as developer and intends to construct 20 separate luxury apartment buildings designed to appeal to a wide variety of renters.
“We’ve created an opportunity to acquire a high-quality multifamily property in a favorable manner by entering the project in the development stage,” said Mark Alfieri, senior vice president-real estate for Behringer Harvard. “This will enable our investors to capitalize on an exciting development situated in one of the fastest growing metropolitan areas in the U.S.”
Alexan St. Rose will consist of an estimated 414,338 square feet of rentable space that is slated to include 430 apartments with a mix of one, two and three bedroom floor plans. In order to take full advantage of its proposed location, Alexan St. Rose will offer amenities including multiple pools and spas, fitness center, business center and clubhouse.
The planned property is located just east of the Northeast corner of St. Rose and Maryland Parkway in the western part of Henderson, Nevada. Interstate 215 and Interstate 15, major routes in metro Las Vegas, are approximately two miles west and east, respectively, of the proposed site. The site also offers convenient access to numerous retail centers.
This is Behringer Harvard’s second project with Trammel Crow Residential in the Henderson submarket. The company provided financing for Alexan Black Mountain, a 213-unit apartment community which is currently under construction.
About Behringer Harvard
Behringer Harvard is a commercial real estate company investing in assets domestically and internationally. The company creates and manages strategic real estate programs across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures and proprietary structures. For more information, call toll-free 866.655.3600 or visit behringerharvard.com.
