Florida State Board of Administration (SBA) has completed $365.4m (€310.4m) in US real estate investments in recent months through separate accounts with Invesco Real Estate, Heitman and MetLife.
The pension fund disclosed in a board meeting document that it made a $150.7m equity investment to acquire the Ashton at Dulles Corner apartment complex in Herndon, Virginia, through an Invesco Real Estate account and bought The Indy student housing project in Marietta, Georgia, for $63.7m in a transaction with manager Heitman.
Florida SBA also made a $43.9m investment for the development of Harmon I Ashton Oaks in Westley Chapel Florida single-family rental project in the Tampa metropolitan area with Heitman and invested $35.3m through MetLife in the Oxnard Logistics Center project in Oxnard, California.
The pension fund also invested $36.3m to acquire the Ortho Rhode Island medical office asset in Warwick Rhode Island, through a Heitman separate account, and increased its exposure to self-storage with the acquisition of Bellport property in Bellport, New York, for $31m, also with Heitman.
The final transaction was a small retail investment of $4.6m.
| Investment Manager/Partner | Asset/Project | Location | Investment Amount |
|---|---|---|---|
| Invesco Real Estate | Ashton at Dulles Corner (Apartment complex) | Herndon, Virginia | $150.7m |
| Heitman | The Indy (Student housing) | Marietta, Georgia | $63.7m |
| Heitman | Harmon I Ashton Oaks (Single-family rental) | Westley Chapel, Florida | $43.9m |
| MetLife | Oxnard Logistics Center | Oxnard, California | $35.3m |
| Heitman | Ortho Rhode Island (Medical office) | Warwick, Rhode Island | $36.3m |
| Heitman | Bellport Property (Self-storage) | Bellport, New York | $31m |
| Unspecified | Retail investment | Unspecified | $4.6m |
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