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CHICAGO-Fifield Cos., based here, is forming a joint venturewith Pacific Life Insurance Co., headquartered in Newport Beach,CA, to develop and finance apartment communities. The joint ventureplans to develop up to $400 million in projects during the next twoyears.

The joint venture plans to construct apartment complexes here;the Washington, DC area; Houston; Phoenix; Orange County, CA and inSoutheast Florida, says Rick Cavenaugh, president of Fifield Cos.Sites in Washington DC, Phoenix and a suburb of Houston arecurrently under contract. The joint venture is in negotiations fora four-acre site in Orange County, CA and is looking at sties inFlorida near Miami and Orlando. A building with 188 units isplanned for four acres of land in a suburb west of Washington, DCnear Dulles Airport. A 288-unit building is planned on a 14-acresite in Clear Lake, TX. In Phoenix, a 180-unit building is plannedfor a 10-acre site and a 280-unit building is planned for a 16-acresite.