Without disclosing the identities of either the buyers orsellers, a GMAC spokesman tells GlobeSt.com, "the propertyinterests were bought in separate transactions from differentsellers. The separate properties were acquired in joint venturesbetween individual clients and different operating partners. Eachacquisition involved some level of mortgage financing by eachpartnership."

William Martin, portfolio manager for value-added investments atGMAC, describes the acquisitions as "a strong portfolio of assetsprimed for ongoing renovation and upgrading programs. We haveacquired apartment properties in growth-restrained markets, whichshould benefit from improving multifamily demand. The office andindustrial properties should also gain as supply/demandfundamentals steadily get better over the coming cycle."

In assembling the portfolio, the institutional advisory utilizedthe 40-office network of GMAC Commercial Mortgage Corp., itsparent, which, according to Robert Fabiszewski, EVP and managingdirector of equity real estate for the firm, "has been instrumentalin identifying and sourcing recent acquisitions in a difficultpurchasing environment. Our ability to warehouse and pre-specifyassets is an additional advantage, allowing our clients to analyzetheir investment opportunities better." GMACCM is a wholly ownedsubsidiary of locally based GMAC Commercial Holding Corp.