The Florida State Board of Administration (SBA) has significantly expanded its U.S. real estate holdings, committing a substantial $963.6 million in the fourth quarter of 2025 and an additional $365.4 million in recent months. These strategic investments span various sectors, including industrial, residential, healthcare, and retail, partnering with major players like Invesco, Heitman, and MetLife.
Key Takeaways
- Florida SBA injected nearly $1.3 billion into U.S. real estate across two reporting periods.
- Investments cover diverse sectors such as industrial logistics, residential apartments, manufactured housing, student housing, medical offices, and retail.
- Key partners in these transactions include Invesco, Heitman, and MetLife.
Industrial and Logistics Expansion
The Florida SBA made a significant investment of $331.8 million in the Lehigh 309 Logistics development in Upper Saucon Township, Pennsylvania. This capital covers land acquisition and site improvements for a 1.3 million square foot industrial project, slated for completion in 2027. Additionally, a $35.3 million investment was made through MetLife for the Oxnard Logistics Center project in California.
Residential Sector Investments
In the residential sector, the SBA committed $120.6 million for the development of the 325-unit Inverness apartment project in Englewood, Colorado, with completion expected in 2027. The fund also acquired a portfolio of eight manufactured housing assets for $174 million across California, Ohio, Washington, and Georgia. Further residential investments include $150.7 million for the Ashton at Dulles Corner apartment complex in Virginia, $63.7 million for The Indy student housing project in Georgia, and $43.9 million for a single-family rental project in Florida.
Diversification into Healthcare and Other Assets
The SBA also allocated $37.2 million, managed by Heitman, to acquire medical office buildings in Katy, Texas, and Orem, Utah. Another medical office asset, Ortho Rhode Island in Warwick, Rhode Island, was acquired for $36.3 million through a Heitman separate account. The fund also increased its exposure to self-storage with the acquisition of the Bellport property in New York for $31 million, also with Heitman. A $100 million co-investment was made into the Landmark Real Estate Partners Sunshine Co-Investment Fund, targeting real estate secondaries, and a small retail investment of $4.6 million was also noted.
Fund Commitments
Beyond direct acquisitions and developments, the Florida SBA approved a $200 million commitment to the GID Mainstay Fund, an open-ended core-plus apartment fund that had previously raised $1.2 billion.
Sources
- Florida SBA commits $964m to US real estate in fourth quarter of 2025 | News, IPE Real Assets.
- Florida SBA invests $365m in US real estate via Invesco, Heitman and MetLife | News, IPE Real Assets.