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CalSTRS invests $778M in US joint ventures

California State Teachers' Retirement System invested $778 million in U.S. residential and industrial markets via three joint ventures, IPE Real Assets reported.

The U.S. pension fund invested $278 million in core logistics alongside Principal Real Estate Investors LLC and $250 million in core apartment assets with Waterton. Waterton declined a request for comment, the publication said.

The third joint venture was created with Fairfield Residential Co. LLC, an apartments specialist in which CalSTRS acquired a controlling stake earlier in 2019. The venture, in which CalSTRS has invested $250 million, will focus on affordable housing.

The $237 billion pension fund also acquired a mixed-use asset in Denver for $228 million, the report said.