City of Phoenix Employees commits $20m to Sunbelt-focused multifamily fund

The $3.37 billion City of Phoenix Employees’ Retirement System (COPERS) has committed $20 million to American Landmark Fund IV.

Managed by Tampa, Fla.-based American Landmark Apartments, American Landmark Fund IV will invest in mid-priced multifamily real estate in the U.S. Sunbelt region with a value-added return profile. The fund is seeking to raise $1.3 billion in capital.

The fund’s predecessor, American Landmark Fund III, closed in July 2021 with $918 million in equity commitments, including a $30 million commitment from COPERS. Fund III had focused on multifamily real estate in the Southeast, whereas Fund IV is expanding to include the whole Sunbelt in its regional-target focus.

As of June 30, COPERS had 15 percent ($488.8 million) of its portfolio allocated toward real estate, slightly more than its policy target of 12 percent, but within its policy range of 7 percent to 17 percent.