Florida State Board of Administration (SBA) has allocated $558m (€480m) to real estate via non-core funds and US separate account manager relationships during the first quarter of 2026.
The pension fund said it committed $150m to CBRE Investment Management’s Asia Value Partners 7 fund and placed $150m into the Ares US Real Estate Fund XI, Ares Management Corporation’s latest value-add US real estate fund.
The CBRE Asia Value Partners 7 fund closed in March, raising $2.1bn.
The separate account deals include Florida SBA and Invesco Real Estate paying $141m to acquire the 344-unit Duarte Station apartment complex in Duarte, California, completed in 2023.
In North Carolina, the pension fund committed $57.3m to the Crescent BTR II Clemmons development, with Heitman serving as the transaction manager. The 154-unit build-to-rent complex broke ground in January and is expected to be completed in August 2028.
Florida SBA acquired the 187-unit Retreat at Pullman student housing project near Washington State University for $38m through Stockbridge.
Additionally, the pension fund paid $22m for the VWC Autumn Creek medical office asset in Mechanicsville, Virginia, with Heitman serving as the manager.
The pension fund also disclosed adding to its infrastructure portfolio with a $50m commitment to ERA Infra Fund II, a North America infrastructure fund managed by ERA Partners.
To read the latest IPE Real Assets magazine click here.
