(Read more on the multifamily market.)
MEMPHIS-In a joint venture with institutional capital, locallybased REIT Mid-America Apartment Communities Inc. has established afund aimed at acquiring $500 million in apartment properties overthe next three years. The fund, called the Mid-America MultifamilyFund I, LLC, will target investments within the company's existingSunbelt markets and operating region. Mid-America expects to investa total of approximately $60 million in equity as investments aremade.
Mid-America will own a one-third interest in the fund, whichwill have a six- to nine-year investment life. The fund will focuson acquiring properties with redevelopment potential that offervalue-creation opportunity through capital improvements, operatingenhancements and restructuring in-place financing.
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