186-UNIT MULTIFAMILY PROPERTY UNDERWAY IN WAKEFIELD

WAKEFIELD, MASS. — Behringer Harvard and Wood Partners have announced their investment in Alta Audubon Road, a 186-unit multifamily development in Wakefield, a northern suburb of Boston. The 5.3-acre development site at 14 Audubon Road is located off Exit 42 of I-95/Route 128. The apartment community is less than a half-mile from MarketStreet at Lynnfield, a 68-acre mixed-use development set to open this summer. Behringer Harvard Multifamily REIT I Inc. has provided equity capital for the construction of the apartment community. The project will include four- and five-story buildings next to a three-story parking facility. Construction began this month and is slated for completion in the fourth quarter of 2014. The community will be developed and constructed by affiliates of Wood Partners, an Atlanta-based firm that has six other apartment projects completed or underway in the Boston area. Apartment units will average 934 square feet each.