"In good times, we build assets. In challenging times, weacquire and upgrade them," says president Steven Fifield. "Thisdefinitely counts as a challenging time. However, because of thestate of the current real estate market, there will be someoutstanding opportunities in 2010."
FRP IV is made up of a number of institutional partners. Thefund will invest up to $200 million cash to purchase up to $600million in apartments throughout 2010. Through the fund, Fifieldexpects to add more than 5,000 units to its current holdings.
Fifield tells GlobeSt.com the company is looking at "both urbanand suburban (properties) but mostly 200- to 500-unit buildings orcomplexes. Most of our acquisitions will be between $20 million to$50 million."
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