Alaska Permanent Fund Corporation (APFC) has acquired an apartment complex in Dallas for $172m (€153m) through its separate-account manager L&B Realty Advisors.
The Christopher, a 309-unit residential asset was sold Phoenix-based RED Development, according to the US sovereign wealth fund.
It is part of The Union mixed-use development, which includes a 21-storey office building and 85,000sqft of retail space.
Bernadette Mussell, vice president of acquisitions at L&B, said: “This property was very attractive as it’s located in the Uptown section of Dallas and allows the residents to walk to many nearby amenities including a new Tom Thumb grocery store.”
APFC has also allocated $100m to expand an existing relationship with Mellon to invest in real estate investment trusts (REITs).
The passive strategy will seek to track the MSCI US REIT index.
APFC told IPE Real Assets that the new mandate was intended to help maintain its 15% REIT allocation.