Atlanta-based Post Properties Inc. and the New York State Common Retirement Fund have closed on a joint venture involving a new apartment community under development in Pasadena, Calif. The 387-unit Post Paseo Colorado is the residential component of the urban village, Paseo Colorado, and has a budgeted development cost of $75 million.

Initially, Post’s partnership with the $112 billion public pension fund formed earlier this year was established for the development of two Atlanta apartment communities, Post Peachtree and Post Biltmore. The closing of the Post Paseo Colorado development marks the continuation of an anticipated expansion of the joint venture relationship of the two entities.

Under the terms of the deal, Post will contribute 35% of the equity, while New York State Common Retirement Fund will contribute 65%. Post will manage the venture operations and provide property development and leasing services.