Miami Beach (Fla.) Fire & Police Pension Fund approved two new real estate commitments totaling $10 million.
The $1.2 billion pension fund’s board approved commitments of $7 million to Sabal Strategic Opportunities Fund II, an opportunistic real estate fund managed by Sabal Investment Holdings, and $3 million to Affiliated Housing Impact Fund II, a real estate fund managed by Affiliated Development that invests in multifamily affordable housing, at its Jan. 16 meeting, recently released meeting minutes showed.
The pension fund had committed $5 million to the first Affiliated Housing Impact Fund in 2022. Sabal Investment is a new manager for the pension fund.
As of Sept. 30, the pension fund’s actual allocation to real estate was 12.8%; the target is 17%.
Investment consultant Mariner Institutional assisted.
