University of Michigan commits $150m to three real estate funds
The $12.1 billion University of Michigan endowment has committed $150 million to three real estate funds this year, according to an investment document released in September.
The fund has invested $50 million each in the Turner Multifamily Impact Fund II, managed by Turner Impact Capital; the SSC VI fund, managed by Spear Street Capital; and the Phoenix Asia Real Estate Investments VI, managed by Phoenix Property Investors.
The Turner Multifamily Impact Fund II is a Santa Monica, Calif.-based real estate fund that will invest in workforce rental housing in underserved urban communities in the United States. Turner will target existing multifamily properties that serve low- to moderate-income households.
The San Francisco–based SSC VI fund will focus on office investment opportunities in areas with significant technology and media tenants in San Francisco, Silicon Valley, Seattle, Austin, Bo