Without disclosing the identities of either the buyers or sellers, a GMAC spokesman tells GlobeSt.com, "the property interests were bought in separate transactions from different sellers. The separate properties were acquired in joint ventures between individual clients and different operating partners. Each acquisition involved some level of mortgage financing by each partnership."

William Martin, portfolio manager for value-added investments at GMAC, describes the acquisitions as "a strong portfolio of assets primed for ongoing renovation and upgrading programs. We have acquired apartment properties in growth-restrained markets, which should benefit from improving multifamily demand. The office and industrial properties should also gain as supply/demand fundamentals steadily get better over the coming cycle."

In assembling the portfolio, the institutional advisory utilized the 40-office network of GMAC Commercial Mortgage Corp., its parent, which, according to Robert Fabiszewski, EVP and managing director of equity real estate for the firm, "has been instrumental in identifying and sourcing recent acquisitions in a difficult purchasing environment. Our ability to warehouse and pre-specify assets is an additional advantage, allowing our clients to analyze their investment opportunities better." GMACCM is a wholly owned subsidiary of locally based GMAC Commercial Holding Corp.