The developments will rise under the flag of Criterion Property Co. LP. "We're trying to focus on high barrier-to-entry markets," C. Christopher Harris, Criterion's executive vice president in Dallas tells GlobeSt.com about a project roster with an initial focus in cities surrounding Boston, Philadelphia and Washington, DC. Criterion has Dallas/Fort Worth and Austin on its "to do" list, but, Harris says, "there's not a whole lot of need here for apartments right now."

Harris says talks began in earnest about three months ago with GID. The "economic split is complicated," he says, but essentially GID is providing the lion's share of the development equity. "The objective is for us to build the asset. One of their (GID) pension fund partners would be the owner at some point in time." Development debt, he adds, will be financed through a GID pension fund.

Harris didn't rule out other equity partnerships, but did say GID is the only one it's teaming with "for the foreseeable future." Criterion Property is launching as a $250-million development pool that easily could be expanded, according to Harris.

Criterion Development Partners has a start-to-finish role from construction through disposition in a JV program focused on "smart-growth areas," which are mixed-use pockets with residential, retail and office space served by key infrastructure components like mass transit systems.

"We are confident that Criterion's experienced and knowledgeable professionals will be able to capitalize on the caliber of multifamily opportunities in which we want to participate," Robert E. DeWitt, GID president and CEO says in a press release, "...and believe this partnership's projects will yield superior returns for GID and its co-investment pension fund partners." The privately held GID's co-investment partners include the California Public Employees' Retirement System, California State Teachers Retirement System and Oregon Public Employees Retirement Fund. The 44-year-old GID and affiliates have a portfolio with 16,032 multifamily units in 18 states and the District of Columbia and 2.1 million sf of office space.

Harris and three other former JPI Partners Inc. executives launched Criterion Development Partners in July, with two principals in Dallas and two in Boston. W. Pretlow Riddick is the firm's Dallas-based president while John J. Englert and Andrew S. Kaye are the Boston-based principals and executive vice presidents.