CalSTRS committed an initial $300 million to a joint venture with real estate manager and developer Strada Investment Group to build apartments in the Western U.S., CalSTRS spokeswoman Vanessa Garcia said Tuesday in an email.
Strada's new joint venture with the California State Teachers' Retirement System, West Sacramento, is part of the $238.3 billion fund's move toward its new collaborative model that includes more real estate direct investments. The joint venture will focus on a build-to-core strategy in which the venture will develop multifamily projects with an emphasis on San Francisco.
BlackRock Real Estate advised CalSTRS.
