MIAMI-Two of the three communities, which are all in the very early planning stages, are joint-venture projects with Swerdlow Real Estate Group. The projects will include more than 1,200 units total.

CHICAGO-The former Martha Washington Hospital at the northeast corner of Irving Park Road and Western Avenue, whose recent owners have included the Ravenswood and Advocate health care operations, will offer affordable and market-rate housing to North Side senior citizens.

SAN ANTONIO-The new owner gets the 96%-occupied Iron Horse Apartments on 18.3 acres in a submarket where vacancy is low and projected to go lower in 2003 when the US Army South Command sets up shop at Fort Sam Houston.

PORTLAND-The developer of Marshall Wells Lofts acquires the warehouse and half of an adjacent block from Lehman Brothers, which in 2000 lent Fowler Flanagan the money to pay a whopping $14 million for the building and spend millions more on a "telco hotel" conversion that landed no tenants.