Alaska Permanent Fund Adds to Existing Investment
November 6, 2012
The Alaska Permanent Fund Corporation (APFC) Board of Trustees has placed an additional $200 million with an existing manager overseeing a single-family homes strategy, the agency announced Monday.
The Juneau-based APFC previously made an initial investment of $400 million in the vehicle in May, it said in its Nov. 5 statement. The strategy is managed by American Homes 4 Rent.
The Malibu, Calif.-based purchases foreclosed homes and manages them as rental properties. Investments made by APFC provides capital for the acquisition of these properties, but the fund is not directly involved in the purchase or management process, it explained in the announcement.
“The Board and staff are pleased with the progress American Homes 4 Rent is making in purchasing homes across the lower 48 states for use as rental properties,” Michael Burns, CEO at APFC, said in the statement. “We have confidence in the process that they are using, and the Board felt at this time that it made sense to make an additional allocation to the program.”
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