Tennessee Retirement to acquire Florida apartment complex for $61m
Tennessee Consolidated Retirement System (TCRS) is acquiring an apartment complex in Florida for $61.4m (€54.6m) and plans to sell four properties.
At its board meeting last week, the pension fund announced that it intends to buy the 235-unit Parkview asset at Palmetto Bay apartment complex through a separate account managed by JP Morgan Asset Management.
TCRS said it was attracted to the project due to “compelling neighbourhood demographics and limited new supply within the submarket”.
In the coming months, the $50bn pension fund said it will put four assets up for sale.
Two of the properties being sold were originally acquired by Clarion Partners but were transferred to AEW Capital Management in July last year when the relationship with Clarion ended.
AEW will put up for sale the 324-unit West Port Colony Apartments in St Petersburg in Florida, which has been in the pension fund’s portfolio since 2004; and the 391,692sqft Waltham Woods office asset in Waltham, Massachusetts.
TCRS acquired half of the Waltham Woods property in 1999 and gained full ownership in 2010.
The pension fund has also agreed to sell the 929 and 955 Cermak industrial buildings in Chicago. DSW bought the 239,035sqft assets for the pension fund in 2016.