Abacus Capital Group plans to acquire $200 million of rental properties in the next two to three months, said Benjamin Friedman, president and ceo. The company is looking at condo deals in California, and rental and condo projects in southwest, mid-Atlantic and northeast. But rather than focus geographically, Abacus seeks out properties in markets with strong fundamentals and demographics--strong school districts, high incomes and a disparity between for-rent costs and to-own costs. The company expects to do about 75% of its acquisitions in rental properties, with the remaining 25% in condominiums.

Last week the company acquired rental properties in Austin, Texas, and Matthews, N.C., a suburb of Charlotte. The company acquired The Matthews Village Apartments, a 270-unit, class B multifamily complex in Matthews for $18.1 million. The acquisition was part of a joint venture with a public REIT. The joint venture plans to invest $1.2 million in enhancements, Friedman said. The same joint venture acquired 336-unit rental property that is being developed in Austin. Friedman would not disclose the price.

Abacus made its first acquisitions in April of 2005 with Mansions at Technology Park an apartment complex in Rensselaer, N.Y. and The Wentworth at WestClay, a 186-unit condominium conversion in Carmel, Indiana.

The Indiana condominiums are about 50% pre-sold, Friedman said, and the company will launch its marketing campaign in earnest in the coming weeks. The units are priced between $90,000-200,000. Friedman said the company is targeting the market of retiring baby-boomers and end-users rather than the speculators that have dominated condominium markets in California and Florida.