The deal, which Urban Partners arranged through vice president Tony Cardoza of the San Francisco office of RECP, calls for the New York City-based firm and Urban Parners to invest in seven initial projects and another six to 10 similar projects that will be developed over the next three to five years. The initial developments include more than 2,000 residential units and approximately 350,000 sf of retail and office space in the Los Angeles and Seattle metropolitan areas.

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

Urban Partners is developing the Wilshire/Vermont Metro project after being selected by the Metropolitan Transportation Authority of Los Angeles County to develop seven acres at the existing Wilshire Vermont Metro Red Line subway station. The plan calls for mixed-income multifamily rental housing and 35,000 sf of commercial space on the property, along with a subterranean parking garage totaling more than 600 stalls.