In 2000, Arcapita entered into joint ventures with Archstone-Smith to acquire US multifamily apartment complexes located in key markets throughout the United States. Second Multifamily Properties LLC acquired a portfolio of six apartment complexes located in Albuquerque, New Mexico; Atlanta, Georgia (2); Houston, Texas; Phoenix, Arizona; and Richmond, Virginia. 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.