Florida State Board of Administration (SBA) has invested $217.6m (€211.1m) to fund US apartment and industrial real estate projects.
The pension fund said it invested $144.2m in the Modera Marmalade apartment complex development in Salt Lake City and $73.4m in an industrial asset development in Laredo, Texas.
Florida SBA’s investment in the Modera Marmalade apartments through a separate account with MetLife Investment Management.
Developed by Mill Creek Residential, the 356-unit project will be a non-core investment initially, transitioning to core status upon completion in 2027, the pension fund said.
MetLife Investment Management declined a request for comment.
Florida SBA said the the industrial project, which is being developed in a joint venture with Scannell Properties as the development partner, involves the construction of two buildings, one at 327,600sqft and the other at 258,902sqft.
Florida SBA’s investment was made through a separate account transaction with Invesco Real Estate, which declined to comment.
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