At last some information on this. This was posted by Urban Revival in the Philadelphia Development Thread.
Forest City closes three investment allocations from fund formed with the Arizona State Retirement System
by Stan Bullard | January 08, 2015 | Crain's Business Cleveland
"Forest City Enterprises Inc. (NYSE: FCEA, FCEB) said it has closed three additional investment allocations in its apartment communities and planned developments from a previously announced fund it has formed with the Arizona State Retirement System.
The projects are in Washington, D.C., Philadelphia and Oakland, Calif. The Cleveland-based real estate developer and operator did not disclose specific dollar figures for the fund in the properties and projects of multimillion-dollar scale.
In Philadelphia, the fund closed an investment in the 286-suite Museum Towers, in which Forest City had been the sole owner. The fund is expected to close an additional investment in Philadelphia the first quarter of this year that Forest City said will aid imminent development of Museum Towers II, an adjoining 286-unit apartment project and 400-space parking garage."