CalSTRS is investing $204 million in a joint venture with real estate investment firm GTIS Partners, CalSTRS spokeswoman Michelle Mussuto confirmed in an e-mail Thursday.
A GTIS news release said 75% of the investment will be put in "homebuilding projects" in major markets in the Eastern and Southern U.S. The other 25% of the investment funds will be used for residential lot development.
The major markets will be "characterized by strong household and job formation levels, and solid demand/supply fundamentals," the news release said.
The $219.6 billion the California State Teachers' Retirement System, West Sacramento, had a $26.2 billion real estate portfolio, as of June 30.
