New York State Common Retirement Fund (NYSCRF) has added a $243.5m (€207.9m) apartment complex to its US real estate portfolio.
The $273.1bn pension fund said it has acquired the 44-storey 418-unit Riverbank Apartments complex located on the west side of Manhattan in New York City through its separate account relationship with JP Morgan Asset Management.
The pension fund told IPE Real Assets that the Manhattan apartment market faces limited new supply due to high construction costs, resulting in very low vacancy rates.
NYSCRF has also created a new relationship with Related Fund Management by committing $400m to RFM-NYSCRF Affordable Housing Fund, a fund-of-one that targets existing US affordable housing.
The planned leverage for the fund will be between 55% and 60%.
“Affordable housing is a strong investment play due to its demand resilience, predictable performance, and long-term alignment,” the pension fund said.
NYSCRF said it has acquired a five-building US medical office portfolio for $49m through a separate account transaction with manager Heitman.
The properties are located across Madison and Appleton, Wisconsin; Calabash, North Carolina; Roswell, Georgia; and Tooele, Utah.
| Status | Transaction Type | Manager/Partner | Asset/Strategy | Value | Geography | Key Details |
|---|---|---|---|---|---|---|
| Acquisition | Direct acquisition (Separate account) | JP Morgan Asset Management | Multifamily (Riverbank apartments) | $243.5m | Manhattan, NY | 44-storey, 418-unit apartment complex |
| Commitment | Fund-of-one | Related Fund Management | Affordable Housing (RFM-NYSCRF Fund) | $400m | US affordable housing | New manager relationship. Fund leverage expected to be 55% to 60%. |
| Acquisition | Direct acquisition (Separate account) | Heitman | Medical office portfolio | $49m | Multi-State (WI, NC, GA, UT) | Five-building portfolio |
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