A fund managed by Almanac Realty Investors has invested $900m (€827m) into US apartment and self-storage assets via Key Real Estate Company and Storage Post.
The $2.2bn Almanac Realty Securities IX fund has made a $400m investment into Key Real Estate to help the latter grow its apartment portfolio as it acquires and develops assets in the Southeast US.
Key Real Estate holds an apartment portfolio of over 5,100 units and around 2,500 units of development pipeline.
Almanac’s Fund IX has also made a $500m investment in Storage Post, a self-storage company that acquires or develops assets in New York City, Florida and other major markets along the East Coast.
The Almanac fund’s limited partners include the New Mexico State Investment Council, Orange County Employees Retirement System, the Los Angeles Water and Power Employees Retirement Plan and the Los Angeles Fire and Police Pensions.
The fund, which closed last month, received $1.9bn from limited partners and an additional $300m for a side-car co-investment vehicle to invest alongside the fund.
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