Miami Beach Fire & Police backs JPMorgan’s Special Situation Property Fund

Miami Beach (Fla.) Fire & Police Pension Fund has committed $50 million to the open-end JPMCB Special Situation Property Fund, managed by J.P. Morgan Asset Management, IREI has learned.

JPMCB Special Situation Property Fund invests in a wide range of value-added real estate opportunities that seek to provide a moderate level of current income and high residual property appreciation, according to a report from the firm. The fund’s investment portfolio spans major markets and property types, and includes a balanced mix of stabilized properties and value-added properties with appreciation potential.

As of June 30, Miami Beach Fire & Police was overweight to the real esta