Alaska Permanent Fund Corporation (APFC) is investing up to $360m (€349m) to fund multifamily projects in the US being developed by Apartment Investment and Management Company (Aimco).
APFC and NYSE-listed Aimco have entered into an agreement to fund up to $1bn of future Aimco-led developments.
Aimco currently controls a development pipeline with the potential to construct more than 15m sqft, primarily concentrated in high-growth submarkets located in South Florida, and the Washington, DC and Denver metro areas, the company said.
As part of the agreement, APFC, the $80bn US state sovereign wealth fund, will fund up to $360m of limited partner equity into the projects and Aimco will act as the general partner and developer, committing to at least $40m through funding or the contribution of assets, while earning customary fees.
Lynn Stanfield, Aimco’s CFO, said: “We are thrilled to have APFC as a joint venture partner. We share a common commitment to investing in the development of dynamic multifamily properties in high-growth US markets.
”For Aimco, this agreement underscores the quality of the opportunities sourced by our team and provides the opportunity to unlock the value embedded within our development pipeline.”
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