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State pension fund buys new Tampa apartment complex

TAMPA — Florida's public pension fund this month invested big in the Channel District's newest apartment complex, buying the newly built Pierhouse at Channelside for $76.5 million, property records show.

The four-story, four-building complex at 120 S Meridian Ave. features 356 apartments, which rent for $1,200 to $2,400 a month.

Pierhouse's Miami-based developers, the Related Group, bought the 6 acres of developable land in 2010 for $6.5 million and began moving residents in late last year.

The pension fund, the State Board of Administration, manages $177 billion in investments, including more than $10 billion in real estate. It stands to profit off returns from the apartments' monthly rents.

State pension fund buys new Tampa apartment complex 02/18/14 [Last modified: Saturday, February 22, 2014 11:25pm]
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