Crain's: REIT to buy Aqua apartments

An multifamily REIT division of Texas-based Behringer Harvard bought Burnham Pointe earlier this summer and is now angling for a 75-percent stake in Aqua’s apartments, according to Crain’s. The $189 million deal is contingent on the sale of Aqua’s hotel space and on Behringer raising approximately $100 million.

According to Apartments.com, Aqua’s studios and convertibles have 571 to 681 square feet and currently run from $1,520 to $1,970 a month; one-bedrooms with 734 to 854 square feet are $2,004 to $2,497; and two-bedrooms with 1,060 to 1,160 square feet are $2,904 to $3,223.