AMLI Residential, a public REIT, and the $76 billion New York State & Local Retirement Systems, Albany, entered into a $48 million joint venture to develop two apartment communities, P&I Daily learned.
Cash flow and sales proceeds will be split 75% to the pension plan and 25% to AMLI, said Alan Sweet, AMLI president. Debt will not be used, said Mr. Sweet.
The first community is located in a western suburb of Chicago, and when developed, will comprise 272 apartments. The second community is located in Fort Worth, Texas, and will have 384 apartments. Heitman Capital is New York State & Local's adviser on the deal.