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Sign in Sign up for a FREE subscriptionSouth Korea’s POBA and CalSTRS put $235m into multifamily
South Korean pension fund Public Officials Benefit Association (POBA) and the California State Teachers’ Retirement System (CalSTRS) have jointly invested $235 million in two multifamily assets in the United States, the Korea Economic Daily reports.
The assets include The Buchanan, a 15-story building with 286 units in Midtown Manhattan, and The Post Apartments in Seattle. The partners invested $160 million in the first asset and $75 million in the second.
This builds on a $600 million U.S. commercial real estate joint venture, which the partners formed in April 2021. In December 2021, they injected $40 million into multifamily assets in San Jose, Calif.
