Gables Residential Trust of Boca Raton, FL collected the check, getting $3.5 million more than the 2002 assessment for Green Oaks, a gated community sitting on 12.8 acres at 2175 North Highway 360 in Grand Prairie. The new owner will put about $400,000 into cosmetic improvements at the seven-year-old complex, Simon R.C. Wadsworth, Mid-America's executive vice president and CFO, tells GlobeSt.com.

Mid-America gets a one-third interest in the property as part of its joint venture with Crow Holdings in the buying pool, which kicked off in August 2002 and was supposed to close at the end of March. That, Wadsworth says, most likely will change since there's still a significant amount of money left to spend and no more complexes under contract at this time. The fund is backed by a $100-million Freddie Mac credit facility.

The fund launched with the $33.7-million acquisition of the 464-unit Preston Hills at Mill Creek in Buford, GA on the outskirts of Atlanta. At the end of January, the JV spent $22.1 million, with a $14.9-million draw on the facility, for the Preserve at Arbor Lakes, a 284-unit complex in Jacksonville, FL.

The JV is targeting class A product, with high occupancy, in the REIT's 12-state footprint, eyeing major metros and select secondary markets. The Green Oaks complex was 95% occupied at sale time, Wadsworth says.

Each partner contributes capital, with Mid-America providing acquisition, redevelopment and property management services for the partnership. Wadsworth says it will take about 60 days, "give or take," to secure the financing commitment from the credit facility so the purchase can be transferred to the JV portfolio. Wadsworth says the first two acquisitions rolled over with a 65% LTV and he expects the same for the former Gables at Green Oaks.