Fairfield News, February 22, 2022 – Fairfield closed on a new development joint venture with $510.0 million of equity commitments funded by California State Teacher’s Retirement System (CalSTRS) and a sovereign wealth fund. Fairfield Suburban Development Joint Venture LP (the “Joint Venture”) closed in February 2022 and is focused on multifamily 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 multifamily 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.
Greg Pinkalla, CEO of Fairfield, said, “As we continue to expand our multifamily strategies and investor base, we are excited to partner with these two prominent institutional investors for our suburban development strategy. As a company rooted in suburban development since it’s beginning, the fundamentals look better now than at any point in recent times. Our history in suburban development paired with the favorable market opportunity created an ideal time to have a venture specifically dedicated to the strategy. We were fortunate to have the backing of our majority shareholder, CalSTRS, and a new investor relationship to provide the capital backing.”
Tommy Brunson, President of Development and Construction at Fairfield, added, “Fairfield has always recognized the value of development opportunities in suburban locations and, as the pandemic unfolded, our belief was reaffirmed. Today, the multifamily space has compelling market fundamentals alongside strong demographic trends that create a timely opportunity to deploy our development platform to execute on this strategy. Thus far, we have early traction with five projects already identified for the program.”
Fairfield is a fully integrated apartment company that currently has approximately $9.8 billion in assets under management in various multifamily acquisition, development, and debt strategies.
Fairfield is a leading owner, developer, and operator of apartment communities throughout the U.S. We manage 40,000 units nationwide across luxury new construction and renovated apartment homes in urban and suburban neighborhoods and tax credit affordable housing properties. We offer a fully integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to our investors. Fairfield Realty Advisors LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission.
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