Virginia Retirement System has committed $200m (€184.7m) to a new US apartment partnership with Amli Residential, marking their third joint venture.
The pension disclosed in a meeting document that it has placed the capital into Amli Residential III, which will buy existing core properties and potentially undertake some build-to-core projects.
The planned leverage for the portfolio will be in the typical range of 30% to 40% for core assets.
Virginia Retirement expects the new venture to focus on markets where Amli already has a presence, including Atlanta, Austin, Chicago, Dallas, Denver, Seattle, Southern California and South Florida.
Virginia Retirement’s relationship with Amli started in 2010 when it provided an initial investment of $300m. A second joint venture was launched a year later, receiving a $154m allocation from the pension fund.
US residential firm Amli is a part of Prime Property Fund, a core open-ended fund managed by Morgan Strategy.
Amli did not respond to a request for comment.
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