The deal, which Urban Partners arranged through vice presidentTony Cardoza of the San Francisco office of RECP, calls for the NewYork City-based firm and Urban Parners to invest in seven initialprojects and another six to 10 similar projects that will bedeveloped over the next three to five years. The initialdevelopments include more than 2,000 residential units andapproximately 350,000 sf of retail and office space in the LosAngeles and Seattle metropolitan areas.

Matthew Burton, a principal of Urban Partners, says that thepartnership will be seeking institutional equity partners on aproject-by-project basis to fully capitalize the developments. Hesays that the joint venture with Real Estate Capital Partners willenable the L.A. firm to "expand our reach across the WestCoast."

Urban Partners is developing the Wilshire/Vermont Metro projectafter being selected by the Metropolitan Transportation Authorityof Los Angeles County to develop seven acres at the existingWilshire Vermont Metro Red Line subway station. The plan calls formixed-income multifamily rental housing and 35,000 sf of commercialspace on the property, along with a subterranean parking garagetotaling more than 600 stalls.