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ATLANTA – Post Properties Inc. and the New York State Common Retirement Fund have closed on a $75 million joint venture to develop a 387-unit apartment complex in Pasadena, CA. The project is Post’s first venture in Southern California, said Janie Maddox, senior vice president of Post Properties.

Under the terms of the venture, Post will contribute $26.25 million, or 35% of the equity; the New York state fund will contribute $48.75 million, or 65%. Post will manage the operations of the development and provide property development and leasing services.

The complex, Post Paseo Colorado, is the residential component of the urban village Paseo Colorado in Pasadena. TrizecHahn Corp. is developing the retail portion. Signed tenants include Macy’s, Brookstone and a 14-screen movie theater. The project, located in downtown Pasadena, is designed as a combination of retail, restaurants and cafes, and entertainment with a residential and office component. The initial phase of the development opened in September.

Post has formed partnerships with the New York Common Retirement Fund on two other occasions, to develop Post Peachtree and Post Biltmore, both in Atlanta.

New York State Comptroller Carl McCall is sole trustee of the $112 billion New York retirement fund. The New York State Common Retirement Fund is the second largest public pension fund in the country with almost one million members and beneficiaries. JPMorgan Fleming Asset Management is the investment advisor to the New York State Common Retirement Fund in its program with Post.

Operating as a self-administered and self-managed equity real estate investment trust (REIT), Post primarily develops and manages apartment complexes. Post owns more than 32,000 apartment homes in 95 communities, including 2,598 units currently under development.

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