The Florida State Board of Administration (SBA) allocated $1.6 billion to its real estate portfolio during the second quarter, selecting three new managers alongside a series of follow-on joint ventures, with Townsend serving as consultant. 

Among the new allocations, the SBA committed $150 million to Blue Owl Digital Infrastructure Fund III, an opportunistic vehicle focused on data center development and connectivity-related real assets. The fund closed in May with $7 billion, well above its $4 billion target. FPA Multifamily received a $100 million allocation to its Core Plus Fund VI, which targets assets with strong rental growth potential in resilient, high-growth markets. Meanwhile, Asana Partners secured a $100 million commitment for Fund IV, a strategy emphasizing street retail and neighborhood centers in affluent, densely populated areas. 

In addition, nine joint ventures with existing managers were disclosed, including Invesco’s Bozzuto I ($270M) and Holland I ($344M), MetLife’s Oxnard Logistics Center ($81.2M), and Heitman’s Crescent BTR ($58.9M), among others. Florida SBA also added $75M to PGIM’s PRISA III Fund, $100M to a PRISA III co-investment sidecar, and invested in Starwood Capital’s Global Opportunity Fund XIII, a distressed-focused strategy. 

Direct investments included The Indy, a student housing property near Kennesaw State University in Georgia, acquired by Heitman Capital Management for $62.3 million. 

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