Behringer Harvards Multifamily REIT is targeting $1B to $1.5B in development projects to bring 5,000 to 7,000 units online in the next two or three years. (Companies who make beds are sending them thank-you baskets.) The REIT's COO Mark Alfieri clued us in to their whereabouts.

Mark tells us BH focuses on markets with high barriers-to-entryand superior infill locations for its luxury multifamily projects. Multifamily REIT I is pursuing development in 12 markets now and on the radar are Northern and Southern California, Texas (specifically Austin, Dallas, and Houston), Boston, and South Florida--which Mark says is amarket looking to make a comeback. Its growing, and apartments are performing well there. He says to expect an announcement for a couple of deals in the next six to 12 months in one of BHs favorite markets: Boston.

BH is primarily focused on ground-up development, as the REIT hasnt made an acquisition in more than a year. (Above, Allusion West University, under construction in Houston.) Most of the locations BH likes are mature sites that have an older apartment project (like a '60s vintage building) in place. Demolishing an existing building can be advantageous, too, Mark says because the ingress/egress is already in place and the economics support rebuilding the site as opposed to renovating older buildings. (Also, isn't it every kid's dream to knock stuff down?) Mark says projects announced in the next 12 months will be about 50/50 vertical construction and traditional high-density urban wrap.

Multifamily REIT I had its best year in 12, Mark says, and the same-store numbers are already well ahead of BHs peer group. Its no Heisman Trophy (Marks based in Texas, so you know football had to come up at some point), but BH is off to a great start this year, Mark says. Mark tells us hes looking forward to football season to watch Johnny Football. His NCAA bracket: Hes got Louisville left, but hes rooting for the Cinderella story, Wichita State.