"GFI has vast experience as the owner/manager of more than 100 properties in 5 different states and is ready for significant expansion over the next few years," explains Michael Weiser, EVP of acquisitions & dispositions at GFI, in a statement. "We have already purchased a few properties as part of this venture and we've only just begun." The properties purchased by this partnership are undisclosed at this time. GFI did not respond to inquires by deadline.

Weis continues in the release, "We have capital and are seeking distressed, non-performing, real estate and debt assets to acquire immediately. As a result of the joint venture, we have expanded our staff and are actively seeking opportunities."

GFI recently purchased the 722-unit Village at Stone Mountain in Atlanta for $18 million from Munie Mae and divested itself of a 200-unit complex--Oakwood Gardens in Houston--to Right Place Properties.

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