Under the terms of the venture, Post will contribute $26.25 million, or 35% of the equity; the New York state fund will contribute $48.75 million, or 65%. Post will manage the operations of the development and provide property development and leasing services.
The complex, Post Paseo Colorado, is the residential component of the urban village Paseo Colorado in Pasadena. TrizecHahn Corp. is developing the retail portion. Signed tenants include Macy's, Brookstone and a 14-screen movie theater. The project, located in downtown Pasadena, is designed as a combination of retail, restaurants and cafes, and entertainment with a residential and office component. The initial phase of the development opened in September.
Post has formed partnerships with the New York Common Retirement Fund on two other occasions, to develop Post Peachtree and Post Biltmore, both in Atlanta.
New York State Comptroller Carl McCall is sole trustee of the $112 billion New York retirement fund. The New York State Common Retirement Fund is the second largest public pension fund in the country with almost one million members and beneficiaries. JPMorgan Fleming Asset Management is the investment advisor to the New York State Common Retirement Fund in its program with Post.
Operating as a self-administered and self-managed equity real estate investment trust (REIT), Post primarily develops and manages apartment complexes. Post owns more than 32,000 apartment homes in 95 communities, including 2,598 units currently under development.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
