GE Commercial Finance Real Estate and Greystar Real Estate Partners have formed a $500 million joint venture aimed at buying and developing apartment properties. The strategic joint venture fund is designed to target value-add properties in markets as far-ranging as Las Vegas, Southern California, Denver, Phoenix, Austin, Charlotte, Washington, D.C., Atlanta and southern Florida.

Greystar Real Estate Partners, a Charleston, S.C.-based real estate investment firm, is one of the largest third-party apartment property managers in the nation.

The partnership recently closed its first deal, which was a $20 million apartment acquisition/redevelopment in Las Vegas. The 409-unit, Class B apartment building will receive a $1.8 million renovation along with a new fitness center, according to GE Commercial Finance Real Estate.

“Greystar’s local market knowledge and proven ability to create value through its management, leasing and construction expertise will help us build a diversified multifamily portfolio,’ says Greg bates, managing director at GE Commercial Finance Real Estate.