SAN FRANCISCO-Fortress Investment Group LLC, a New York-based private-equity firm, has acquired an apartment complex, which comprises 3,221 units, in San Francisco. The firm has recently purchased a 75% stake in a venture that has control over the Parkmerced complex situated near Lake Merced, San Francisco, in a property deal that values $750 million.
This acquisition will leave Rockpoint Group LLC with a minority interest and will also extend the due date of a $550 million mortgage to February 2011. For the full story, go to Wall Street Journal.
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