The city also fueled its strongest leasing first quarter since 2018.

The anticipated move led to a KBRA downgrade.

Already, the developer has made its first purchase under the fund in Tampa.

Leasing is up 10% from the average between 2015 and 2019 in the submarket.

The commitments come from Mubadala Investment Company and CalSTRS.

The portfolio includes over 11,000 square feet of retail space and 126 multifamily units.

The property type might not be as flashy as Class As but they can work.

Other closings, involving another 41 properties, will take place by the June quarter.