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The joint venture partners state their total investment in the properties, including the purchase price and planned capital improvements, will exceed $100 million.
AEW Capital Management of Boston acquired the portfolio's 28 Texas-based properties, while funds managed by The Blackstone Group of New York City purchased the portfolio's 68 properties located in 10 high-growth markets across the United States.
The mayor in her address outlined her administration's efforts to identify more than $100 million in savings and efficiencies over the first 100 days and the work that remains to balance next year's budget.