$250 MILLION JOINT VENTURE TO TARGET MULTIFAMILY PROPERTIES

ATLANTA — Philadelphia-based Lubert-Adler and Atlanta-based Lane Co. have formed a $250 million joint venture to pursue the purchase of multifamily properties. Initially, the joint venture will purchase distressed properties with an aim to rehabilitate and reposition the acquisitions. The two firms have entered into joint ventures in the past and recently worked together to acquire Atlanta’s Solace on Peachtree Apartments. Targeted properties will be located primarily in the Southeast and Southwest.