Tennessee Consolidated Retirement System (TCRS) is selling a US apartment complex to help align its $7.2bn (€6.6bn) real estate portfolio from 11.7% to 10% of total assets in line with its allocation target.
The pension fund told IPE Real Asset that it has put the 300-unit Kent Place Residences apartment complex in the Denver metropolitan area up for sale, but declined to comment on the expected sale price of the property.
TCRS paid $127.4m for the asset in 2017 which is now held in a $1.2bn JP Morgan Asset Management separate account. JP Morgan Asset Management declined a request for comment.
TCRS has had no new real estate commitments since its $150m investment into the Blackstone Real Estate Partners X fund in May 2022.
The pension fund’s real estate portfolio recorded a -4.07% one-year net return for the period ended 30 June 2023.
To read the latest IPE Real Assets magazine click here.
