Fairfield closes $510m development JV

Fairfield has closed on a new development joint venture with $510 million of equity commitments funded by California State Teacher’s Retirement System (CalSTRS) and a sovereign wealth fund. This is the first Fairfield-sponsored vehicle that pairs CalSTRS and a sovereign wealth investor.

Fairfield Suburban Development Joint Venture is focused on multifamily ground-up development in suburban locations in major markets throughout the United States.

Greg Pinkalla, CEO of Fairfield, said, “As we continue to expand our multi-family strategies and investor base, we are excited to partner with these two prominent institutional investors for our suburban development strategy. As a company rooted in suburban development since its beginning, the fundamentals look better now than at any point in recent times. Our history in suburban development paired with the favorable market opportunity created an ideal time to have a venture specifically dedicated to the strategy. We were f