California State Teachers鈥� Retirement System (CalSTRS) is investing an initial $300m (鈧�272.7m) into a US multifamily development partnership with Strada Investment Group.
In a joint statement, the companies said the newly created joint venture will target a 鈥渂uild to core鈥� strategy by investing in multifamily development projects in top-tier markets across the Western US, with a specific emphasis on the San Francisco Bay Area.
BlackRock Real Estate is advisor to CalSTRS on the venture.
Michael Cohen, a partner at Strada, said: 鈥淲e are thrilled to continue to invest on behalf of CalSTRS.
鈥漈his platform will allow us to invest more effectively and we intend to prove to CalSTRS that we deserve their trust.鈥�
Derek Helgeson of BlackRock, said: 鈥淐alSTRS has made a focused effort on expanding direct investments with best-of-class operators in key submarkets like San Francisco.
鈥淭he deep knowledge and expertise of the Strada team in both development and asset management has resulted in an outstanding investment track record. We believe they are an ideal partner to CalSTRS for this new venture.鈥�
