Behringer Harvard Makes Foray into Seniors Housing with Acquisition

Behringer Harvard, which has interests in or manages more than $10 billion in commercial real estate assets, has made its first seniors housing purchase and is poised to buy more age-restricted properties.

The Dallas-based investment firm recently purchased San Sebastian, a vacant age-restricted condominium project in Orange County, Calif., with plans to turn the 134-unit property into a rental apartment building for independent seniors.

The purchase was made through Behringer Harvard Multifamily REIT I in a joint venture with PGGM Private Real Estate Fund, an investment vehicle for large Dutch pension funds. The REIT has raised $440 million, about half of which comes from PGGM.