CalSTRS creates US apartment and industrial joint ventures

California State Teachers’ Retirement System (CalSTRS) has formed three joint ventures to invest $778m (€707m) in residential and industrial markets in the US.

CalSTRS – which recently said it planned to partner with other large institutional investors – has revealed it invested $278m of equity in a joint venture with Principal Real Estate Investors to invest in core logistics with an unnamed operating partner.

The $237bn US pension fund also invested $250m in a joint venture with Waterton to invest in core apartment assets.

Waterton, which raised $920m for an apartments fund last year, declined a request for comment.

A third joint venture was created with Fairfield Residential, an apartments specialist that CalSTRS acquired a controlling stake in earlier this year.

It will focus on affordable housing and CalSTRS has invested $250m.

All three joint ventures were formed in the first half of the year. CalSTRS did not disclose whether the Fairfield joint venture was created before or after its corporate-level investment in Fairfield.

CalSTRS, which had $21.2bn invested in real estate at March this year, also said it had acquired a mixed-use assets in Denargo Market in Denver for $228m.

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