Florida State Board of Administration (SBA) expanded its US real estate portfolio with $963.6m (€814.8m) in new commitments and investments during the final quarter of 2025.
Florida SBA said it has invested $331.8m into the Lehigh 309 Logistics development in Upper Saucon Township, Pennsylvania. The capital covers the acquisition of the land and site improvements, with the pension fund represented by MetLife in a joint venture with Panattoni.
The pension fund also invested $120.6m via an Invesco separate account to construct the 325-unit Inverness apartment project in Englewood, Colorado. The project is expected to be completed in 2027.
The pension fund approved a $200m commitment to the GID Mainstay Fund. According to SEC filing in June last year, manager GID had at the time raised $1.2bn for the open-ended core-plus apartment fund.
Florida SBA acquired a portfolio of manufactured housing assets for $174m, with Invesco representing the pension fund in the transaction. The portfolio comprises eight properties in total, featuring five California assets alongside properties in Harrison, Ohio; Puyallup, Washington; and Stockbridge, Georgia.
The pension fund issued one co-investment of $100m into the Landmark Real Estate Partners Sunshine Co-Investment Fund for placing capital in secondaries.
Florida SBA invested $37.2m to acquire medical office buildings in Katy, Texas, and Orem, Utah. Heitman acted as the manager for the transaction.
| Asset / Fund Name | Sector | Location | Transaction Type | Manager / Partner | Investment ($m) | Details |
|---|---|---|---|---|---|---|
| Lehigh 309 Logistics | Industrial | Upper Saucon Township, PA | Development | MetLife / Panattoni | $331.8m | 1.3m sq ft; land & improvements; 2027 completion |
| GID Mainstay Fund | Residential | National (US) | Fund Commitment | GID | $200.0m | Open-ended core plus; Class B apartments |
| Manufactured Housing Portfolio | Residential | CA, OH, WA, GA | Portfolio Acquisition | Invesco | $174.0m | 8 properties; 5 in CA (Indio, Petaluma, etc) |
| Inverness Apartments | Residential | Englewood, CO | Development | Invesco | $120.6m | 325-unit project; 2027 completion |
| Landmark RE Partners Sunshine | Secondaries | National (US) | Co-Investment | Landmark | $100.0m | Targeted at real estate secondaries |
| Medical Office Portfolio | Healthcare | Katy, TX & Orem, UT | Acquisition | Heitman | $37.2m | Multi-state medical office buildings |
| Total | $963.6m | |||||
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