BEHRINGER HARVARD BUYS APT. COMMUNITY FOR $24.4M

MARGATE, FLA. — Behringer Harvard has acquired a 280-unit multifamily community, located at 5750 Lakeside Dr. in Margate, for $24.4 million. The property will be rebranded as Lakes of Margate and will receive $2.3 million in capital improvements, including upgrades to apartment units. Behringer Harvard has a 92.5 percent ownership interest in Lakes at Margate. Denver-based Grand Peaks Properties acquired a 7.5 percent ownership interest and will assume management of the property.