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NYS Teacher's Fund Invests $45M in TimesSquare JV

HARTFORD, CT-The New York State Teacherss Retirement Fund will invest $45 million in a $220-million multifamily development joint venture fund, according to TimesSquare Real Estate Investors of Hartford, CT.

By John Jordan | Updated on December 19, 2002

HARTFORD, CT-TimesSquare Real Estate Investors, along with joint venture partner the Bozzuto Group of Greenbelt, Md., report that with the $45 million commitment of the New York State Teacher’s Retirement Fund, they have completed the closing of the Apartment Alliance Separate Account multifamily housing development fund.

The alliance partners, TimesSquare Real Estate Investors, which is headquartered in Hartford, CT. and the Bozzuto Group, have agreed to co-invest up to $220 million in the development and or rehabilitation of multifamily housing. John M. Hurley, portfolio manager for the Apartment Alliance Separate Account, says that the fund’s prime target area is the Washington D.C. area. It will also consider projects in the Baltimore-Philadelphia marketplace.

TimesSquare Real Estate Investors, which will serve as investment advisor and manager to the alliance fund, is a division of TimesSquare Capital Management, Inc., which manages approximately $44 billion in assets, including about $2 billion in equity real estate assets for pension and retirement plans and other institutional investors. TimesSquare Capital Management is a subsidiary of CIGNA Corp. The Bozzuto Group will provide project development and property management services to the fund.

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