CalSTRS committed $129 million to IHP Capital Partners and $128 million to ResCal, both residential housing joint ventures, confirmed spokesman Ricardo Duran.
The investments are the first in residential housing for the $141.3 billion California State Teachers’ Retirement System, West Sacramento, Mr. Duran said. They’re part of a shift by CalSTRS to a larger core strategy in the system’s $14.3 billion real estate portfolio.
CalSTRS will own 97% of the assets in the IHP venture and 98% of the ResCal venture.
Mr. Duran said the move to a bigger core strategy, approved by the CalSTRS board in June, followed large real estate losses by CalPERS over the last several years.
The new ventures will focus on single-family housing and homebuilder finance, land acquisition and development projects, Mr. Duran said.
