New York State Common Retirement Fund has made three US residential real estate investments worth a total of $95.7m (€84m) through separate accounts managed by LaSalle Investment Management and JP Morgan Asset Management.
Through the LaSalle separate account, the pension fund invested $48.9m for a 90% stake in the 192-unit Modera Bankers Hill apartment project in San Diego, structured as a joint venture with the developer, Mill Creek Residential. It also acquired the 168-unit Whistler’s Green apartment complex in Naples, Florida, from Dominium for $30.7m.
New York State Common also invested $16.1m through its JP Morgan separate account to acquire the 42-unit Martinique at Lakewood Ranch Phase II townhouses project in Sarasota, Florida, from Neal Communities.
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