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NEW YORK CITY-Purchase, NY-based the Tuckerman Group yesterday told investors that it will spend roughly $400 million on ground-up multifamily construction projects through its newly closed Multi-Development Program III. The fund has capital commitments of nearly $85 million from individual and institutional investors, including its parent company, Boston-based State Street Global Advisors, and will leverage those funds up to 80%.

Tuckerman managing director Glen Weisberg tells GlobeSt.com that the firm has already targeted opportunities in the South Florida, New England, Southern California and Washington, DC markets. While he will not reveal specifics, Weisberg says he expects several deals will close by year’s end.

Holding periods for the properties are expected to be “relatively short” Weisberg notes. “In general, we are looking for a sale upon completion, stabilization, lease up, that kind of thing,” he adds.

The Tuckerman Group’s Multi-Family Development Program I was established in 1997 and spent more than $108 million on the construction of five luxury apartment complexes throughout the US. Multi-Family Development II is spending more than $200 million on eight apartment communities, all in various stages of development. The company, which also has offices in Boston and Chicago, manages more than $917 million in real estate assets.

The firm’s most recent closing was the 299-unit South End Square, located in Charlotte, NC. The property, a Multi-Family Development II project, consists of two four-story, wood-frame apartment buildings surrounding two interior courtyards, an attached five-story garage. Construction began last fall and the first units will be delivered later this year. Completion is scheduled for October 2003.

Other current projects include the 160-unit Azure Creek development, located in Phoenix; the 61-unit Coventry House apartment community in Boston; the 378-unit San Simeon Apartments in Irving, TX; the 494-unit Preserves at Rolling Oaks in Austin, TX; the 384-unit Turnberry Place Apartments in St. Louis; Village Greens of Annapolis, a 216-unit apartment community in Annapolis, MD; and the 280-unit Vineyard Gate Apartments, located in Roseville, CA.

SSgA, the investment management arm of Boston’s State Street Corp., manages $770 billion in investment programs and portfolios for institutional and individual investors. State Street Corp, a global investment services provider, has $6.2 trillion in assets and manages $770 billion. The company operates in 22 countries and 100 markets worldwide.

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