Behringer Harvard and HomeAmerica Purchase Prime North Dallas Residential Development Site; Exclusive Zero Lot Line Development Planned.DALLAS -- Behringer Harvard Short-Term Opportunity Fund I LP today announced that it has jointly purchased a highly desirable residential development property in North Dallas North Dallas is an expansive area of numerous communities and neighborhoods in Dallas, Texas, (USA). It spans portions of three counties: Collin, Dallas, and Denton, and has strong social ties to two enclaves of Dallas (University Park and Highland Park) and a near-enclave with HomeAmerica Inc. The nearly five-acre development, to be called Bretton Woods Bretton Woods can refer to:
"Exclusive development properties like Bretton Woods fit perfectly with the acquisition strategy of our Short-Term Opportunity Fund," said Robert Behringer, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Behringer Harvard. "This outstanding piece of land is close in, provides excellent access to the Dallas North Tollway The Dallas North Tollway (DNT or simply the Tollway) is a 22 mile (35 km) controlled-access toll road operated by the North Texas Tollway Authority (NTTA), which runs from Interstate 35E near downtown Dallas, , and presents an aesthetically appealing environment for exclusive residential properties." The walled and gated community gat·ed community n. A subdivision or neighborhood, often surrounded by a barrier, to which entry is restricted to residents and their guests. of zero lot line homes will include 19 lots, seven of which back to a 1.3 acre greenbelt bordered by Bachman Creek and natural bluffs. Eleven lots are already under contract by Zachary Custom Builders with the remaining eight priced starting at $329,500 per lot. Construction has commenced on the development's infrastructure. Paul Nothern, vice president with HomeAmerica, said he anticipates demand to be high for the community. "This is truly one of the last, high quality properties available in the Preston Hollow area. Most acreages in this part of town were subdivided years ago. By partnering with the Behringer fund we believe we'll be able to maximize its value." About Behringer Harvard: Behringer Harvard is a national real estate investment sponsor whose public and private real estate investment securities are made available through the independent broker dealer community. The company's investment products include non-listed REITs, real estate limited partnerships, 1031 exchange and other real estate investment programs that generally invest in institutional quality commercial real estate. Its finite-life, non-listed funds feature defined holding periods and exit strategies and seek to produce attractive returns for their investors through a balance of current yield and capital appreciation. Behringer Harvard is headquartered in the Dallas suburb of Addison, Texas Addison is a city in Dallas County, Texas (USA). The population was 14,166 at the 2000 census. Addison is a northern suburb of Dallas. The city calls itself the Town of Addison but it is incorporated as a city. , and is one of the nation's fastest growing real estate investment firms. For more information, call 866-655-3600 or visit www.bhfunds.com. About Home America, Inc. HomeAmerica, Inc. is a Dallas-based developer of residential subdivisions. For more information, call 214-369-5059. This release contains forward-looking statements relating to the business and financial outlook of Behringer Harvard Short-Term Opportunity Fund I LP, which are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Generally, words such as "may," "will," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "would," "could," "should," and variations of these words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from forward-looking statements include changes in general economic conditions, changes in real estate conditions, construction costs that may exceed estimates, construction delays, increases in interest rates, lease-up costs, inability to obtain new tenants upon the expiration of existing leases, the potential need to fund tenant improvements or other capital expenditures out of operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. , and other risks identified in our most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , as filed with the Securities and Exchange Commission. 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. 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 become untrue because of subsequent events. We claim the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. protection for forward-looking statements contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. |
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