In 2000, Arcapita entered into joint ventures with Archstone-Smith to acquire US multifamily apartment complexes located in key markets throughout the United States. First Multifamily Properties LLC acquired a portfolio of five apartment complexes located in Atlanta, Georgia; Nashville, Tennessee; Raleigh, North Carolina; Salt Lake City, Utah; and San Antonio, Texas. Both portfolios were sold in May 2005 to different regional buyers in the United States. Headquartered in Englewood, Colorado, Archstone-Smith was the second largest, publicly-quoted owner, developer and operator of multifamily residential properties in the United States, with a total market capitalization of over $9.5 billion at the time of acquisition by Arcapita. Archstone-Smith was responsible for property management, leasing, maintenance, and asset management of the property portfolio.