Santa Barbara County Employees’ backs Lubert-Adler, High Street Realty funds

The Santa Barbara County Employees' Retirement System (SBCERS) has invested $35 million in two real estate funds as part of its strategic plan to commit up to $60 million to value-add and/or opportunistic funds that will capitalize on distress or other unique market conditions and manager capabilities.

The investments were divided into a $20 million additional commitment to the opportunistic Lubert-Adler Workforce Housing Fund, and a $15 million commitment to the value-add High Street Real Estate Fund VII.

According to an SEC filing from Aug. 11, the Lubert-Adler Workforce Housing Fund, managed by Lubert-Adler, had raised $170 million against a $250 million target from nine investors. The fund opened to investors in August 2019 and has a minimum investment requirement of $5 million.

High Street Real Estate Fund VII, managed by High Street Realty Company, will invest in logistics assets in the United States. Launched in early July, the vehicle did not disclose a