According to Tony Thompson, chairman and chief executive officerof Thompson National, the venture will partner his firm with aMorgan organization that operates with an investment philosophythat is "complementary to our value-added operating strategy."Thompson launched his firm earlier this year to focus onvalue-added real estate investment opportunities and assetmanagement for high-net-worth domestic, foreign and institutionalinvestors.

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

Morgan Management, founded by Robert C. Morgan in 1976, owns andoperates more than 40 apartment properties totaling approximately12,000 units in New York, Texas, Tennessee and Alabama.Additionally, Morgan owns and operates RV resorts throughout the USas well as commercial and self-storage properties in New York witha total portfolio value of approximately $1.5 billion.