New Jersey Division of Investment is proposing a new $300m (鈧�254.2m) separate account relationship with TGM Associates to invest in US value-add apartments.
The new relationship, which is expected to be finalised later this year, follows a previous US apartments TGM Associates separate account relationship the pension fund established in 2015.
In a meeting document, New Jersey Division said the investments made for the potential separate account would have an ownership split of 99% to the pension fund and 1% for the manager. TGM would make a 1% or up to $4m co-investment.
New Jersey Division said TGM鈥檚 value-add program positions assets to hold through market cycles and benefits from sustainable cash flow rather than rely on short-term buy-fix-sell and short-term capital appreciation.
John Gochberg, CEO of TGM, said: 鈥淭GM is thrilled that New Jersey has again reaffirmed its commitment to TGM and we are excited to build another portfolio of multifamily investments with them.鈥�
TGM鈥檚 assets include complexes in Connecticut, Massachusetts, Indiana, Florida, Maryland, Illinois, Ohio and Virginia, according to the manager鈥檚 website.
To read the digital edition of the latest 麻豆映画 Real Assets magazine click here.
