Behringer Harvard Plans Luxury Residences in Lake Tahoe
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Behringer Harvard Plans Luxury Residences in Lake Tahoe
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2005-12-22
Behringer Harvard Strategic Opportunity Fund I announces its plans to construct 49 luxury condominium units in the South Lake Tahoe community of Stateline, Nevada. A six-story building with views of Lake Tahoe to the west and Carson Valley to the east will be constructed atop Kingsbury Grade at 323 Tramway Drive. The exclusive luxury residences will represent the only entitled whole-share condominium units in South Lake Tahoe.
The Fund acquired the property in partnership with Genesis Realty, Inc., which has accumulated and consolidated the development rights required for this project over a period of more than 15 years.
The property is surrounded by Heavenly Ski Resort, California’s largest ski lodge, owned by Vail Resorts, which is currently completing a $200 million makeover to the mountain, including high-speed lifts, terrain parks and a world-class village. Other nearby attractions include the Tom Fazio-designed Edgewood Tahoe Golf Course bordering Lake Tahoe, Roundhill Pines Beach Club and six 24-hour casinos.
“Factors such as the supply-constrained market, amenity-rich location, high barriers to entry and favorable tax climate make this development ideal for the Fund’s opportunistic investment strategy,” said Robert Behringer, chairman and CEO of Behringer Harvard. “With limited competition in a highly desirable location, we believe this property will earn attractive returns for investors.”
Expected to reach completion in 2007, the development will provide a mix of single-level and multilevel condominium units with three or four bedrooms. Each unit will include a garage parking space and large storage locker. The residences will be constructed on approximately 0.68 acres of land, which will be fully occupied by the building footprint.
The building quality, finishes, services and amenities planned for the project are expected to surpass all other condominium developments existing in Lake Tahoe. Amenities will include a lounge, library, billiards, meeting room, bar, fitness center, saunas, indoor and outdoor hot tubs, locker rooms and a golf simulator.
About Behringer Harvard:
Behringer Harvard is an investment company that offers a diverse selection of real estate funds reflecting core, value-added and opportunistic investment strategies. Its publicly registered non-traded REITs and limited partnerships provide strategic opportunities for sellers of institutional-quality real estate as well as individual investors seeking to diversify their portfolios. The company’s finite-life programs, offered through the independent broker dealer community, generally feature a total return focus and the financial transparency of public securities. For more information, call toll-free 866.655.3600 or visit behringerharvard.com.
This release contains forward-looking statements relating to the business and financial outlook of Behringer Harvard Strategic Opportunity Fund I LP, that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the offering documents for the offering of equity of Behringer Harvard Strategic Opportunity Fund I LP. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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