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Joint Venture to Acquire, Develop Apartment Projects in Western U.S.

February 13, 2001|BOB HOWARD

Former Apollo Real Estate Advisors West Coast partner David Margulies and Lawrence Bond of Century City-based Bond Capital Ltd. have joined forces to form Urban Residential Partners, a joint venture that will invest $250 million to acquire and develop apartment projects in the Western United States.

Urban Residential is a joint venture of New Pacific Holdings, a new firm created by Margulies, and Bond Capital, a merchant banking firm that specializes in acquiring and renovating real estate.

The Los Angeles company said it will focus initially on "the acquisition and repositioning of underperforming multifamily real estate and select development opportunities" and will be financed by capital from the principals as well as funding from high-net-worth individuals and institutional investors.

While at Apollo, Margulies was involved in acquisitions and developments that included the Sunset Millennium hotel and retail development in West Hollywood, the 195,000-square-foot Arboretum Gateway office building in Santa Monica and the Bridgeworks Hilton Hotel and retail development in the Gaslamp district of San Diego.

Bond Capital, founded in 1987, has since secured more than $3 billion in project financing and acquisitions.

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