Westdale will manage the portfolio, which consists of Class A and B apartments. Of the total purchase price, GE provided $116 million. The properties contain approximately 13,000 units.

"We were able to underwrite, approve and close the deal in less than 60 days," says GE's Frank Marro, managing director of the Partners Group, Real Estate Joint Venture Equity program. "Although we have been doing a number of real estate transactions with Galesi, this is our first joint venture with them. Likewise, Westdale is a new GE joint venture partner."

Joseph Beard, president of Westdale, says the joint venture has enabled his company to diversify and expand beyond its regional offices in Atlanta, Houston, Miami and Los Angeles in its future role as manager of the new portfolio. Dennis M. Trimarchi, senior vice president for Galesi, indicates plans to use this deal as a "platform going forward for additional multifamily acquisitions."