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Behringer Harvard Opportunity REIT II unit sells Dallas multifamily property for $68.8M

Behringer HarvardOpportunity REIT II Inc. unit 7425 La Vista LLC struck a deal April7 to sell Lakewood Flats Apartmentsin Dallas to an unaffiliated third party for a contract sales price of $68.8 million.

According to an April 13 filing, the agreement for the 435-unitmultifamily property resulted from an unsolicited offer.

The buyer made a $700,000 earnest money deposit, which is refundableduring the inspection period, which ends on or about May 23.

Closing of the deal is subject to completion of due diligenceby the buyer, among other conditions, and is expected to take place during the secondquarter, subject to closing conditions that could extend the closing to the thirdquarter.