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HORSHAM, PA-GMAC Institutional Advisors formed Select Apartment Properties LLC, an equity joint-venture investment between an affiliate of locally based GMAC Commercial Mortgage Corp. and the Dallas Police and Fire Pension System. Select’s investment portfolio consists of five properties with an aggregate value in excess of $150 million.

The unidentified properties are located in five major metropolitan markets: Boston, Chicago, Dallas, Sacramento and Washington, DC. An affiliate of GMACCM recently acquired the portfolio from an unnamed seller. Select plans to implement an investment strategy to update and reposition the portfolio.

Townsend Group, an institutional real estate consulting firm with offices in Cleveland, OH, Denver and San Francisco, assisted in the property search and the formation of Select. It is the Dallas-based pension system’s real estate consultant. GMAC Institutional Advisors, a subsidiary of GMACCM, offers investment programs that include single-client account and commingled funds focused on both public and private commercial real estate-related debt and equity investments.

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