Louisiana TRS commits $50m to multifamily value-added fund
The $18.7 billion Teachers’ Retirement System of Louisiana has committed $50 million to Sares-Regis Multifamily Value-Add Fund III, according to Lisa Honoré, Ph.D., public information director for the pension fund.
Sares-Regis Multifamily Value-Add Fund III, managed by the Sares-Regis Group, will invest in the U.S. apartment sector, specifically renovating and repositioning class B multifamily properties in the western U.S. The fund series has a geographic focus in northern and southern California, and the metropolitan areas of Seattle, Portland, Denver and Phoenix.
The fund’s predecessor, Sares-Regis Multifamily Value-Add Fund II, held a $304.2 million final close in 2016.
Louisiana TRS has a target allocation to real estate of 10 percent.