New York State Common Retirement Fund, Albany, and Post Properties created a joint venture to develop two Atlanta apartment communities, said Jeffrey Gordon, spokesman for the $120 billion system. The communities will have a total of 397 units and will cost $67 million to develop. Post will contribute 35% of the equity and the system will contribute 65%, which is expected to be financed with 50% to 60% leverage. Post will manage the operations and provide leasing services. J.P. Morgan Fleming Asset Management advised.