Fifield, Partner Eye $400M in Multifamily Builds

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CHICAGO-Fifield Cos., based here, is forming a joint venture with Pacific Life Insurance Co., headquartered in Newport Beach, CA, to develop and finance apartment communities. The joint venture plans to develop up to $400 million in projects during the next two years.

The joint venture plans to construct apartment complexes here; the Washington, DC area; Houston; Phoenix; Orange County, CA and in Southeast Florida, says Rick Cavenaugh, president of Fifield Cos. Sites in Washington DC, Phoenix and a suburb of Houston are currently under contract. The joint venture is in negotiations for a four-acre site in Orange County, CA and is looking at sties in Florida near Miami and Orlando. A building with 188 units is planned for four acres of land in a suburb west of Washington, DC near Dulles Airport. A 288-unit building is planned on a 14-acre site in Clear Lake, TX. In Phoenix, a 180-unit building is planned for a 10-acre site and a 280-unit building is planned for a 16-acre site.