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CalSTRS Makes $300M Commitment to Strada’s New U.S. MF Development JV
San Francisco-based Strada Investment Group received a $300-million equity capital commitment from California State Teachers’ Retirement System (CalSTRS). The initial allocation will fund a new programmatic joint venture that targets a “build to core” strategy by investing in multifamily development projects in top-tier markets across the Western United States.
The JV’s specific emphasis will be on the San Francisco Bay Area. BlackRock Real Estate is advisor to CalSTRS on the venture.
Strada’s Michael Cohen says, “We are thrilled to continue to invest on behalf of CalSTRS. This platform will allow us to invest more effectively, and we intend to prove to CalSTRS that we deserve their trust.”
*Pictured Strada’s One Mission Bay in San Francisco
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