To that end, Jamestown CoInvest IV has made its firstinvestment. The Atlanta-based firm invested $10.5 million in NovareGroup's Sky Point in Tampa, FL and Avenue development in Charlotte,NC. Both projects are under construction. Sky Point, which willhave 380 units and 10,500 sf of retail space, is expected to becompleted in the first quarter of 2007. Avenue is a 36-story towerthat will have 386 units and 6,700 sf of retail. It should becompleted in the spring of 2007. Additional investments areexpected in Raleigh, NC, Charleston, SC and Atlanta, Ackemannadded.Jamestown's next step is to start raising capital for thefund. The firm expects to raise up to $200 million within the next18 months. It will be marketed principally to German individuals.Ackemann pointed out that the firm's previous 26 funds have focusedon core assets in markets such as New York City, Boston and SanFrancisco. With this new fund, the firm can seek out opportunitieswith varied product types in many markets. "We'll considerresidential, medical/office, office, industrial and retail. Itallows us the luxury of looking in markets we want to be in."

Ackemann said the fund will focus at first on smaller deals, butas more capital is raised it will "naturally gravitate towardlarger transactions." He noted that Jamestown officials had beenstudied this new strategy for a "very long time. We were looking tosee what the next generation of Jamestown will be."