early October

Formerly a condominium development, Forty55 Lofts was acquiredvacant by the JV from Standard Pacific Homes and is now anapartment property being marketed for lease. The development sitson 2.6 acres site at 4055 Redwood Ave. and consists oftwo-four-story buildings around a resort-style pool area withbarbecues, a fire pit, and a decorative water feature. Residentsalso have immediate access to a 22-mile bike path running fromMalibu to Redondo Beach. The units average 1,306 square feet andhave 10- to 20-foot ceilings, oversized windows, large patios andhigh-end kitchens.

In its quarterly report, the REIT says it put up 55% of the cash($25.8 million) and PGGM, a real estate investment vehicle for reallarge Dutch pension funds, put up the remainder. The REIT says italso paid Alliance Realty Partners LLC a finder's fee ofapproximately $921,000.