Mid-America Apartment Communities, a Memphis, Tenn.-based multifamily real estate investment trust, has set up a joint venture fund to invest $500 million in multifamily properties over the next three years.The REIT reports that the joint venture is with "institutional capital." Investments will be targeted in Mid-America's Sunbelt markets, with the focus being on properties with "redevelopment upside offering value creation opportunity through capital improvements, operating enhancements and restructuring in-place financing." The REIT expects to put in about $60 million of equity into the investments.

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