The Florida State Board of Administration has increased its real estate portfolio by $2123m (€184m) though four separate-account acquisitions.

The four deals, closed through Heitman, will focus on the apartment and industrial sectors.

The pension fund is also considering three fund commitments worth a combined $213m but declined to provide further details.

Two industrial purchases, in markets not considered to be top tier, were bought for $43.9m and $29.1m, respectively.

The 672,000sqft Romeo industrial asset in Chicago and a 500,000sqft warehouse/industrial property in Denver were bought at $65 and $58 per sqft.

Investors in the US industrial sector have typically focused on New York/New Jersey, Miami and Los Angeles, according to industry sources.

By going to non-major markets, investors can buy properties at more attractive pricing and achieve higher cap rates.

Florida also bought a 417-unit complex in a suburb north of Miami, paying $80.5m, or $193,000 a unit.

The fund also paid $59.4m for the Hannah Lofts student housing complex in East Lansing, Michigan, close to Michigan State University. 

The property, which has a total of 282 units and 702 beds, is currently around 99% let.