Behringer Harvard Multifamily REIT I Inc. is nearing an initial public offering. The one-year-old company plans to sell 120 million shares of common stock for $10 each in a primary offering and another 30 million shares for $9.50 apiece as a distribution reinvestment plan. The IPO is backed by stakes in eight multifamily projects with 2,377 existing or to-be-developed units in six states.

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