Thompson national founder Tony Thompson, the company's chairman and chief executive officer, calls the venture "the beginning of an industry consolidation that will provide stronger sponsorship for investors during these uncertain times."Gee adds that, considering the current state of the real estate market, the venture "will provide stability and produce innovative investment programs."

The transaction "significantly increases TNP's assets under management, which is an essential component of our strategic growth initiative," according to Neil Miller, chief operating officer and general counsel at Thompson National. Argus, formed in 2001, sponsors tenant-in-common programs, private exchange programs and real estate funds. It has completed more than $1 billion in real estate transactions on behalf of approximately 1,500 investors since its inception.

Thompson National, which TIC industry pioneer Thompson established earlier this year, provides value-added real estate investment opportunities and asset management for high-net-worth domestic, foreign and institutional investors. The firm's venture with Argus is the latest in a recent series of strategic ventures, personnel moves and a physical expansion at Thompson. The Irvine-based firm recently formed a joint venture with Morgan Management LLC of Rochester, NY—which owns and operates more than 40 apartment properties totaling approximately 12,000 units—to acquire multifamily properties in Texas and states east of the Mississippi River.