"GFI has vast experience as the owner/manager of more than 100properties in 5 different states and is ready for significantexpansion over the next few years," explains Michael Weiser, EVP ofacquisitions & dispositions at GFI, in a statement. "We havealready purchased a few properties as part of this venture andwe've only just begun." The properties purchased by thispartnership are undisclosed at this time. GFI did not respond toinquires by deadline.

Weis continues in the release, "We have capital and are seekingdistressed, non-performing, real estate and debt assets to acquireimmediately. As a result of the joint venture, we have expanded ourstaff and are actively seeking opportunities."

GFI recently purchased the 722-unit Village at StoneMountain in Atlanta for $18 million from Munie Mae and divesteditself of a 200-unit complex--Oakwood Gardens inHouston--to Right Place Properties.