Exhibit 10.52

March 22,
2011

Behringer
Harvard Multifamily REIT I, Inc.
15601 Dallas Parkway, Suite 600
Addison, Texas 75001

Ladies
and Gentlemen:

Reference
is made to that certain Fourth Amended and Restated Advisory Management Agreement, dated June 14, 2010 (the "Advisory
Agreement"), by and between Behringer Harvard Multifamily REIT I, Inc., a Maryland corporation (the "Company"), and
Behringer Harvard Multifamily Advisors I, LLC, a Texas limited liability company (the "Advisor"). Capitalized terms used herein but not defined
herein shall have the meanings set forth in the Advisory Agreement.

In
consideration of the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
Company and the Advisor hereby agree as follows:

1.Waiver of Certain Asset Management Fees under the Advisory Agreement.Pursuant to the Advisory Agreement, the
Advisor is entitled to receive a monthly Asset Management Fee, subject to certain restrictions, in an amount equal to a percentage of the sum of, for each and every Asset, the higher of the Cost of
Investment or the Value of Investment. In addition, pursuant to the Advisory Agreement, the Advisor, in its sole discretion, may waive, reduce or defer all or any portion of the Asset Management Fee
to which it would otherwise be entitled. Pursuant to the Advisory Agreement, with respect to the Asset Management Fees earned by the Advisor during the fiscal year ended December 31, 2010, the
Advisor, on behalf of itself and its Affiliates, and its and their respective successors and assigns, hereby waives the Company's obligation to pay Asset Management Fees calculated upon the Value of
Investment with respect to Assets for which the Value of Investment is or was higher than the Cost of Investment. Accordingly, the Asset Management Fees payable to the Advisor for the fiscal year
ended December 31, 2010 will only be calculated using the Cost of Investment, resulting in a waiver by the Advisor of approximately $43,300.

2.Waiver of Certain Financing Fees.Pursuant to the Advisory Agreement, for any debt financing obtained by or
for the Company, the Advisor is entitled to receive a Debt Financing Fee in an amount equal to a percentage of the amount available under the financing. During the fourth quarter of 2010, the Company
modified the senior loan related to a restructuring of its investment in a multifamily community known as Skye 2905. Pursuant to the Advisory Agreement, with respect to the Debt Financing Fee earned
by the Advisor in connection with such bridge loan, the Advisor, on behalf of itself and its Affiliates, and its and their respective successors and assigns, hereby waives the Company's obligations to
pay the Advisor the Debt Financing Fee in the amount of approximately $258,500 which would otherwise be due and payable under the Advisory Agreement.

3.Deferral of Certain Expense Reimbursements.Through December 31, 2010, approximately $3,289,708 is due
and payable from the Company to the Advisor for reimbursement of Organization and Offering Expenses under the Advisory Agreement. Notwithstanding anything to the contrary contained in the Advisory
Agreement, the Advisor, on behalf of itself and its Affiliates, and its and their respective successors and assigns, hereby defers the Company's obligations to reimburse such Organization and Offering
Expenses and any other reimbursements of Organization and Offering Expenses which would otherwise subsequently become due and payable under the Advisory Agreement. The Company and the Advisor will
determine by June 30, 2011 whether reimbursement of all or part of such Organization and Offering Expenses should continue to be deferred. If no additional agreement between the Advisor and the
Company is made, the Advisor shall prepare a statement documenting the unreimbursed Organization and Offering Expenses paid or incurred by the Advisor through June 30, 2011, the Advisor shall
deliver the statement to the Company within 45 days after June 30, 2011, and

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all
such Organization and Offering Expenses shall be reimbursed by the Company within 60 days of June 30, 2011.

4.Ratification; Effect on Advisory Agreement.



5.Miscellaneous.



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If the foregoing meets with your approval, please indicate your acceptance of this letter agreement by countersigning a copy of this letter agreement in the space indicated below.

Very truly yours,BEHRINGER HARVARD MULTIFAMILY ADVISORS I, LLCBy:

/s/ GERALD J. REIHSEN, IIIName:

Gerald J. Reihsen, IIIIts:

Executive Vice PresidentAcknowledged and agreed, as of the date first written above:BEHRINGER HARVARD MULTIFAMILY REIT I, INC.By:

/s/ HOWARD S. GARFIELDName:

Howard S. GarfieldIts:

Chief Financial Officer


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