NY State Pension Allocates $850M to Real Estate Program
The New York State Common Retirement Fund (NYSCRF) increased its real estate commitments by $850 million across three managers, in September, in addition to direct investment in developments in Texas.
Through a J.P. Morgan separate account, the $268 billion pension fund acquired Tamarron Homes, a residential rental community in Katy, TX, for more than $49 million. The retirement fund’s real estate separate account program is advised by J.P. Morgan.
The Aster, a high-rise apartment community in Dallas, was the site of a second direct purchase for an undisclosed sum. Clarion served as the account’s advisor during the acquisition.
The largest single investment was $400 million in Westport Capital Partners’ global cold-storage fund. Westport is aiming to raise $2.5 billion for WCP NewCold III, which has also seen commitments from the Florida State Board of Administration and the New Mexico State Investment Council.
Fairfield Residential Holdings, an existing manager, saw two commitments. A $250 million allocation to the Fairfield U.S. Multifamily Value-Add Fund IV and $150 million to the Fairfield U.S. Multifamily Value-Add Fund IV Co-Investment, which is a side car that co-invests alongside the main fund.