The Florida State Board of Administration – the entity that manages the state’s pension assets – has invested $200 million in apartment buildings and industrial real estate in Chicago, Boston, Michigan and Florida, according to a report from Investments & Pensions Europe.
More details from IPE:
The four deals, closed through Heitman, will focus on the apartment and industrial sectors.
The pension fund is also considering three fund commitments worth a combined $213m but declined to provide further details.
Two industrial purchases, in markets not considered to be top tier, were bought for $43.9m and $29.1m, respectively.
The 672,000sqft Romeo industrial asset in Chicago and a 500,000sqft warehouse/industrial property in Denver were bought at $65 and $58 per sqft.
Florida also bought a 417-unit complex in a suburb north of Miami, paying $80.5m, or $193,000 a unit.
The fund also paid $59.4m for the Hannah Lofts student housing complex in East Lansing, Michigan, close to Michigan State University.
The Florida SBA manages $138.6 billion in pension assets.
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