Evelyn Lee
Single-family rentals have been among the most publicised real estate investment strategies of 2012, but also perhaps one of the least understood.
The emerging industry appears to have generated more attention that actual investment – and that has led to some misconceptions about the opportunity, according to one firm investing in the strategy.
The $154.8bn pension plan has completed four investments with new and existing managers, including a commitment to an opportunistic fund managed by TriGate.
In its largest equity investment to date, the Boston- and Greenwich, Connecticut-based real estate investment firm has purchased the majority of assets belonging to a Georgia homebuilder for its first institutional fund.
The asset management arm of the Swiss financial services giant has tapped its chief operating officer to oversee its global real estate business, taking over from departing head, Paul Marcuse.
The $74.5 billion pension system has earmarked a significant amount of capital to new real estate commitments for 2013, primarily through re-ups with existing managers.
The state investment board, which manages $12.78 billion in total assets, has agreed to invest in two value-added funds as it continues to raise its exposure to the real estate strategy.
The Northbrook, Illinois-based multifamily operator has amassed 70 percent of the targeted capital for its latest fund, through which it will seek to co-invest with institutional joint venture partners for the first time.
The investment board, which manages $11.8 billion in pension assets, has launched a search for a firm to help the system reach a target allocation of 10 percent in the asset class.
Despite growing investor interest in such vehicles, separate accounts can make it more challenging for some general partners to build or expand their business.
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