According to Tony Thompson, chairman and chief executive officer of Thompson National, the venture will partner his firm with a Morgan organization that operates with an investment philosophy that is "complementary to our value-added operating strategy." Thompson launched his firm earlier this year to focus on value-added real estate investment opportunities and asset management for high-net-worth domestic, foreign and institutional investors.

Among the value-add deals that TNP has been involved in since its formation was the acquisition on behalf of the $250-million Bruin Fund earlier this year of two neighboring class B office buildings in the Uptown/Turtle Creek neighborhood of Dallas. Thompson National also served as an intermediary and a facilitator recently on behalf of both the buyer and the seller in Boston-based TA Associates Realty's $52 million purchase of a portfolio of 13 Southern California industial properties totaling 545,000 sf from Storm Properties Inc. of Torrance, CA.

Morgan Management, founded by Robert C. Morgan in 1976, owns and operates more than 40 apartment properties totaling approximately 12,000 units in New York, Texas, Tennessee and Alabama. Additionally, Morgan owns and operates RV resorts throughout the US as well as commercial and self-storage properties in New York with a total portfolio value of approximately $1.5 billion.