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While warnings about public debt levels may feel like background noise, real estate investors can no longer afford to tune them out. Federal debt held by the public now stands at 100 percent of Gross Domestic Product (GDP). The last time it reached this level, the country had just finished financing World War II. The Congressional Budget Office forecasts it will surpass that historical peak by 2029 and continue rising thereafter.

The Policemen’s Annuity and Benefit Fund of Chicago (PABF) has committed $20 million TA Realty Value-Add Fund XIV.

The State of Wisconsin Investment Board SWIB) has committed $410 million to real assets funds.

Clarion Partners has acquired a seven-building, $592 million portfolio totaling 2.2 million square feet of newer class A and class B industrial assets strategically located in infill submarkets across Los Angeles, the Inland Empire, and Seattle. The portfolio is 100 percent leased to credit tenants.

Croatan Investments has launched its affordable housing platform, led by Nina-Lee Jewell Alhambra as managing partner.

Cityview and Stockbridge have completed Apollo – a 265-unit multifamily community in Los Angeles’ South Bay. Now leasing, Apollo is ideally located in a rapidly growing area of the South Bay near major aerospace, automotive and tech employers, including SpaceX, the Tesla Design Center and Ring.

Apollo Commercial Real Estate Finance (ARI) announced the company has entered into a definitive agreement with Athene Holding to sell the company’s entire approximately $9 billion commercial real estate loan portfolio for a purchase price based on 99.7 percent of total loan commitments, net of asset specific CECL reserves, except for two loans with a combined total principal balance of $146 million expected to be repaid prior to closing.

Berkadia announced the establishment of Berkadia special situations team, led by Kyle Stevenson.

L&G has appointed Tim Morris and Philipp Westermann, co-managing partners of Proprium Capital Partners, as global co-heads of real assets.

Consumer behavior continues to fundamentally reshape retail real estate —  from who now controls demand to how physical space must earn relevance every day. Katie Grissom, global head of retail, Nuveen, in an interview with IREI, discusses the shift from brand-led retail to behavior-led ecosystems, explaining why habit, not loyalty, has become the dominant driver of performance. Drawing on real-world portfolio experience, Grissom explores why daily-needs formats are outperforming destination retail, how data and omnichannel strategies have strengthened physical stores and why convenience, utility and emotional payoff now define successful centers.

Griffin Capital has recently released a report titled, “Institutional Ownership of Single-Family Homes, Homeownership Affordability, and the Role of Build-to-Rent,” to give an evidence-based perspective on the Executive Order to restrict institutional purchases of single-family homes, and why housing affordability is primarily a supply-and-cost-of-ownership problem, not an investor-competition problem.

Kaitlyn Furey has become senior vice president, head of investor relations at Buckingham Companies, a fully integrated real estate investment firm specializing in the development, acquisition, management and construction of multifamily, mixed-use, commercial and hospitality projects across the United States.

Stockdale Capital Partners announced the acquisition of Avant at Fashion Center, a 355-unit luxury mid-rise apartment community in the Phoenix submarket of Chandler, Ariz., for $110.25 million.

The Lubbock Fire Pension Fund (Texas) has committed $4 million to S3 LB Real Estate Credit III, a program of S3 Capital.

The Houston Firefighters’ Relief and Retirement Fund has committed $40 million to Cabot Industrial Value Fund VIII, a vehicle of Cabot Properties.

StepStone Real Estate (SRE) announced that it has added Jennifer Jones to its team as a Partner to help launch S-Core, a platform that will increase SRE’s core/core-plus real estate activities.

The North Dakota Retirement and Investment Office (RIO) has committed $75 million to Ares U.S. Real Estate Fund XI.

The City of Phoenix Employees’ Retirement System (COPERS) has committed $30 million to Focus Senior Housing Fund III, a vehicle of Focus Healthcare Partners, while the Educational Employees Retirement System of Fairfax County (Va.) (ERFC) has committed $8.5 million.

As commercial real estate adjusts to a higher-rate environment and ongoing structural shifts, investors are re-evaluating strategies and seeking opportunities to generate returns in a more complex market. In an exclusive interview with IREI, Josh Morris, a partner and global head of real estate at Davidson Kempner Capital Management (DK), LP, discusses sector and regional dispersion and highlights how investors can identify attractive investment entry points, generate operational alpha, and navigate the evolving risk-return landscape. He also addresses the importance of nimble, data-driven decision-making in today’s market.

Kayne Anderson Real Estate and Mill Creek Residential announced the acquisition of land and commencement of development of Modera Allston, a 240-unit, class A multifamily community located in the Allston neighborhood of Boston, Mass.