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Des Moines, Iowa-based Principal Enterprise Capital and Dallas-based FirstWorthing have formed a venture to build and acquire both conventional apartment communities and student housing complexes. Principal Enterprise, which has made an initial commitment of $200 million, will be the primary source of equity.
The venture will purchase and develop traditional apartments in the Southeast, Southwest and the Midwestern United States. In addition, the venture will buy and develop student-housing communities nationwide.
