Florida State Board makes $610m of real estate commitments

The State Board Administration of Florida (SBA Florida) made a series of real estate commitments in the fourth quarter of 2023, including $35 million to Landmark Real Estate Fund IX (LREF IX), $75 million to Landmark Real Estate Partners Sunshine Co-Investment, $78 million to Alterra IOS Venture III, $115.75 million to REPIMAC Lender, $300 million to iStorage II, $1 million to Central Port Logistics I and $4.9 million to Montecito.

Managed by Ares Management, LREF IX is seeking to raise $3.5 billion and is investing in secondary investments in various types of real estate and real estate–related entities, with a value-add and opportunistic strategy.

Alterra IOS Venture III is managed by Alterra Property Group and is targeting a $750 million capital raise to invest in industrial outdoor storage (IOS) assets in infill locations across major U.S. markets.

The $115.75 million toward REPIMAC Lender accounts will be credit facility loans in the form of commercial mo