New York State Common Retirement Fund (NYSCRF) has acquired a $156.4m (€145.9m) apartment and townhome community in the Northeastern US.
The pension fund has bought The Prescott, a 350-unit asset in Concord, Massachusetts from Manulife, represented by CBRE.
The transaction is the first acquisition made by a new separate account relationship NYSCRF has with BlackRock.
NYSCRF told IPE Real Assets that the pension fund’s portfolio is underweight multifamily real estate.
“The debt on this property was attractive as it has an assumable loan with 6.5 years of remaining term and an all-in interest rate of 3.69%,” the pension fund said.
NYSCRF also disclosed it has backed Standard Real Estate Investments and Alpaca VC with a $15m commitment each as part of the pension fund’s emerging manager programme. The capital has been placed in Standard Real Estate Investments Industrial I and Alpaca VC.
Standard Real Estate Investments Industrial I invests in ground-up industrial development projects in a variety of markets around the US.
Alpaca VC invests in seed and early-stage investments in both physical real estate and real estate operating businesses.
NYSCRF also placed $200m into Northleaf Infrastructure Capital Partners IV and invested $300m into the Brookfield Infrastructure Fund V, a fund seeking to raise $25bn.
The pension fund said the Northleaf Infrastructure Capital Partners IV fund, which seeks to raise $2.25bn, has so far raised $650m.
“The fund pursues an attractive risk-adjusted return strategy and adds to the CRF’s exposure to the attractive middle-market space,” NYSCRF said.
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