CalSTRS made several commitments to real estate opportunity funds, according to the $92 billion funds February real estate status report. They are: $50 million to Beacon Capital Partners; $50 million to Canyon Johnson Urban Fund; $20 million to a co-investment with Canyon Johnson for the Sunset & Vine Project in Los Angeles; and $150 million to Fortress Investment Fund II.
The report also noted that the California State Teachers Retirement System acquired the Pershing Point Plaza office complex in Atlanta for $57.6 million; CB Richard Ellis advised. The Sacramento-based system sold Avery Pointe Apartments, Fort Worth, Texas, for $21 million and St. James Place Apartments, Bowie, Md., for $50.1 million; SSR Realty advised on those sales. The system also committed $40.2 million and $35.2 million to two joint venture partnerships, with the McMahan Group to develop residential housing nationwide and in California, and $150 million to Heitman Capital Management, to develop student housing nationwide and in California as opportunities arise.
CalSTRS spokeswoman Sherry Reser said all the commitments are being funded from cash.