The portfolio, valued at $310 million, consists of a combined3,105 rental housing units. The properties that were recentlydeveloped by Simpson Housing are located in the Northwest, Midwest,Southwest and Northeast. Three rental developments are in Seattle,two are in Phoenix, two in Colorado, one in Portland, OR, one inNew Mexico and one in Richmond, VA.

The deal with GE Real Estate also involved the assumption of twoexisting loans of $34 million. PPM Finance Inc. of Chicago provideda new loan to the GE/Simpson venture of $171 million.

"The portfolio is currently 70% leased, and we anticipatesignificant value creation as occupancy levels increase," says RickHurd, managing director, Institutional Equity Group at GE RealEstate. Hurd adds that his firm believes that the multifamilyrental housing market is showing signs of stabilizing. He notesthat the portfolio includes properties in Seattle and Denver, whoserental housing markets were hit hard of late. However, GE RealEstate believes that both of those markets are at or near theirrespective bottoms.