Alaska Permanent Fund Corporation (APFC) has issued a $55m (€50.3m) equity investment into the Sarasota Bayside apartment development complex in Florida, US.

The $77bn sovereign wealth fund made the investment as part of an existing joint venture with the Allen Morris Company.

The investment gives APFC a 90% interest in the Sarasota project which is also backed by Longboat Group.

The Sarasota Bayside project, which is expected to begin in the third quarter of the year and complete in the third quarter of 2025, will have a total of 253 apartments and 2,000sqft of retail space.

APFC told IPE Real Assets that Sarasota has a balancing supply and demand with a growing affluent residential base, adding that the asset is located in the “highly desired Rosemary district which provides a walkable, amenity-rich environment and the complex will provide a superior residential experience”.

As previously reported, APFC intends to invest $650m in real estate in the current fiscal 2024 year that started in July as it targets multi-family and industrial through joint venture developments and open-ended real estate funds.

Another part of fiscal 2024’s real estate investment strategy is to add capital to real estate investment trusts and make some direct property purchases depending on opportunities.

The real estate pacing amount set for the fiscal year could be adjusted up to an additional $130m, depending on opportunities.

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