New Partnership Tells Acquisition

Zelman Development Co. of Los Angeles and Boston-based Copley Real Estate Advisors, an affiliate of New England Mutual Life Insurance Co. of Boston, have formed Copzel Properties, a limited partnership that will manage and develop real estate holdings in the Los Angeles Basin and Sacramento.

Copzel has acquired Wincorp Realty Investments Inc. of Inglewood, a real estate investment trust, providing the partnership with more than $66 million of real estate assets in California. Included in the Wincorp acquisition are a 37.5% interest in the Puente Hills Mall, a 50% interest in Pheasant Ridge Apartment near City of Industry, the 80%-improved Puente Hills East Business Park and a commercially zoned 18-acre parcel in Sacramento.

Zelman is currently in the final phase of the 42-acre Freeway Business Center in Long Beach. Copley is a major investor in real estate equities throughout the United States.