RICHMOND, TX-The $250 million equity joint venture established by Lane Co. and Lubert-Adler in early 2009 has made its first acquisition – the 252-unit Villas at River Park West.

The JV purchased the class A property from Houston-based seller 2005 RP West Ltd. in an off-market transaction for an undisclosed amount. It paid cash for the property, which is located at 21811 Wildwood Park in the affluent master-planned community of River Park West.

“We were in Houston looking at a couple other assets when HFF told us about this one,” says Bill Stahlke, president of acquisitions for Lane Co. HFF senior managing directors Craig LaFollette, Todd Stewart and Todd Marix, director Tre Banks and associate director Chris Curry along with Wilson Interests led the investment sales team.