Commercial Real Estate Company Acquires Multifamily Real Estate in Dallas, TX

December 02, 2010 / Russell Legato, Residential Property Analyst

Behringer Harvard, a commercial real estate company investing in properties domestically and internationally acquires Allegro, a luxury multifamily real estate property. The 70-acre multi-functional multifamily real estate community is located near a main toll highway in Dallas, Texas, Dallas Parkway, which provides a quick access to major office buildings, in the northern part of the city.

Commercial Real Estate Company Acquires Multifamily Real Estate in Dallas, TX

The multifamily real estate consists of 272-unit luxury community in close proximity to Addison Circle.

According to Behringer Harvard Multifamily REIT, Inc.’s Chief Operating Officer, Mark T. Alfieri, the company’s recent acquisition of the multifamily real estate property, Allegro, keeps with its market strategy to acquire in-fill apartment neighborhoods with luxurious facilities for its residents.

Aside from Allegro, the company also purchased the adjacent 1.2-acre “for-development” property for the luxury community’s potential expansions.

The community also features landscaped courtyards and barbecue area for family get-togethers. Buyers will also get to choose luxury-units with the average 1,147 square foot space, and one or two-bedroom units with baths.

Addison Circle, the area near the multifamily real estate community often draws young professionals, who like its proximity to Dallas, Texas’ major employment centers, entertainment and dining venues, and first-rate retail centers.

The property is also in close proximity of Galleria, the city’s leading mixed-use complex, which boosts about 200 fine restaurants and stores, hotel, and office buildings.

Allegro was completed in 2008 and sits on a 4.6-acre parcel of land. Residents in the multifamily real estate community enjoys a resort-style pool, a business center, high-end fitness center, a game room with billiards table, plus a kitchen, and private lounge and cabanas.

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