CalSTRS CEO Jack Ehnes and PCCP partner Jim Galovan (Photos via iStock, CalSTRS, PCCP)
The nation’s second largest public pension fund and an investment firm are placing a big bet on build-to-rent housing.
California State Teachers’ Retirement System and Pacific Coast Capital Partners have formed a $1 billion joint venture to invest in the fast-growing single-family housing sector, according to the Los Angeles Business Journal.
The venture will focus on build-to-rent communities in primary and secondary markets across the country. It will acquire existing properties and construct new single-family developments.
CalSTRS and PCCP have so far paid $240 million for five build-to-rent properties in Atlanta; Jacksonville, Florida; Nashville, Tennessee; and Raleigh, North Carolina.