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STAMFORD, CT-GE Commercial Finance Real Estate and Greystar Real Estate Partners LLC have formed a joint venture with the goal of acquiring $500 million of multifamily products in a number of markets. The first purchase made through the venture is a 409-unit apartment in Las Vegas acquired for $20 million from Virtu Investments.

Locally based GE and Charleston, SC-based Greystar have targeted markets including Las Vegas, Southern California, Denver, Phoenix, Austin, Dallas, Charlotte, Washington, DC, Atlanta and Southern Florida. “This joint venture aligns well with GE’s strategy to identify underperforming assets in growing markets where with our partners we are uniquely positioned to maximize returns,” says Greg Bates, managing director at GE Commercial Finance Real Estate.

Bates tells GlobeSt.com that the JV sees opportunity in such recovering markets as Charlotte, Denver and Phoenix as well as throughout the southeast and southwest. “The pipeline is strong. We could see five or so deals a year with Greystar.” He says the venture will seek out both class A and B products in the $25-million to $75-million range with the intention of holding them for between three and five years.

The Las Vegas acquisition–the class B Island Club Apartment–has been renamed the Club at Desert Pines. Improvements are already under way. On the drawing board are a $1.8-million physical renovation to upgrade the clubhouse, install a fitness center and enhance interior units and exterior amenities and landscaping.

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