A Hartford-based housing investment fund said it is ready to deploy $260 million it recently raised from equity investors.
TIAA Henderson Real Estate, which has operations in the Gold Building at 1 Financial Plaza, said the equity commitments to its CASA Partner VI fund will enable it to target a real estate portfolio worth approximately $420 million.
The fund will focus mainly on building market-rate housing through the use of tax-exempt municipal bonds, TIAA Henderson said. The company has purchased two apartment properties so far — in Arizona and Florida.
The company said the CASA series of funds has completed more than $3 billion in apartment deals since it was founded in 1993.
The Hartford-based CASA team was a part of TIAA-CREF’s April acquisition of British investment manager Henderson Global Advisors’ North American property business, which created TIAA Henderson Real Estate. The new entity launched with $22.6 billion in assets under management across 50 funds.
TIAA-CREF, which stands for the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, owns 60 percent of the new company, while Henderson retained 40 percent.
