Sterling Heights (Mich.) Police & Fire Retirement System invested $4 million in the American Core Realty Fund.
The $249 million pension fund's board approved the investment in the core real estate fund managed by American Realty Advisors at its Jan. 21 meeting, recently released meeting minutes show.
As of Dec. 31, the pension fund had no assets in real estate, according to the minutes.
Investment consultant Graystone Consulting assisted.
Kerrie Dzwonkowski, pension technician, could not be immediately reached for further information.