GE Capital reels in huge apartment catch

STAMFORD, Conn. — A joint venture of GE Capital Real Estate and two partners has purchased a 52-property, 13,000-unit portfolio of apartment complexes in Texas, Georgia and North Carolina for $670 million. San Mateo, Calif.-based Glenborough Realty Trust and Dallas-based Walden Properties were the sellers. The Galesi Group of Schenectady, N.Y., and Dallas-based Westdale Asset Management are GE Capital’s partners in the joint venture. GE Capital provided $116 million of equity for the deal.

The portfolio consists of Class-A and Class-B units. Approximately 45% of the apartments were constructed after 1990, and about 40% were built between 1980 and 1990. Westdale will manage the units.