GE-Backed JV Puts $55M to Work for 690 Units

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CARROLLTON, TX-GE Real Estate North America Equity and BH Equities LLC have spent $50.4 million to acquire the 690-unit Autumn Chase Apartments in a value-add play underwritten by a $4.4-million overhaul. With occupancy hovering 90%, a one-year renovation flew into motion on the open units as soon as the deal closed.

The 48-building complex, developed in three phases from 1987 to 1997, sits on 66 acres at 4600, 4636 and 4700 N. Josey Lane. The AMLI-developed property is the second one in Dallas/Fort Worth that GE has bought with the Des Moines-based BH Equities. Autumn Chase was sold by Price Realty from nearby Addison, which acquired it from Chicago-based AMLI Residential Properties Trust in June 2001.