CalSTRS Participates in Fairfield Suburban Development Joint Venture
Posted on 03/02/2022
Disclosed on February 22, 2022, Fairfield Residential closed on a new development joint venture with US$ 510.0 million of equity commitments funded by California State Teachers’ Retirement System (CalSTRS) and a sovereign wealth fund. Fairfield Suburban Development Joint Venture LP closed in February 2022 and is focused on multi-family ground up development in suburban locations in major markets throughout the U.S. This is the first Fairfield sponsored vehicle that pairs CalSTRS and a sovereign wealth investor. This is part of a greater investment CalSTRS has in various Fairfield investment vehicles and the company. CalSTRS has been majority owner of Fairfield since April 2019 and was a minority shareholder prior to that. The Joint Venture will leverage Fairfield’s 36 year history in multi-family development with construction projects of almost $17.0 billion in ground up development of apartments in the U.S., with a significant presence in suburban markets.
Fairfield is a fully integrated apartment company that currently has approximately US$ 9.8 billion in assets under management in various multifamily acquisition, development, and debt strategies. Fairfield Realty Advisors LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission.
Keywords: California State Teachers Retirement System.