Invesco Real Estate’s latest US value-add fund is investing $144m (€122.7m) in two residential deals, according to the San Bernardino County Employees Retirement Association (SBCERA).
SBCERA, which plans to approve a $30m commitment to Invesco Real Estate US Fund VI, disclosed in a meeting document that the Invesco fund is investing $75m into a yet-to-be-developed portfolio of 2,000 single-family homes in partnership with an unnamed real estate investment trust. The portfolio is mostly in the southeast and southwest in markets
According to the pension fund, US Fund VI is also making a $69m equity investment into an eight-property portfolio of 2,065 affordable apartment units in the Bronx, New York worth $278m.
Confirming the deals, Max Swango, managing director and global head of client portfolio management for Invesco Real Estate, told IPE Real Assets: “We are off to a strong start, that began with post-crisis investments in late 2020. We have exposure across logistics, multifamily and single-family rental projects that are bolstered by economic and demographic demand drivers.
“We believe our pipeline of new investment opportunities is robust. Opportunities are good, it is an exciting time for the firm and our investors.”
As reported last month, the US Fund VI fund raised an initial $700m and is expected to have a final close this year, but has until 30 June of next year to reach either the $1.25bn target or $1.5bn hard cap.
Once the hard cap is reached, the fund is expected to have an investment firepower of around $4.5bn.
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