The New Bedford Retirement Board has issued a request for proposals to hire value-add real estate managers, according to a recent announcement. The board, which oversees pension funds for city employees, is seeking investment firms with expertise in acquiring and improving commercial properties to generate enhanced returns for its portfolio.

The RFP comes as institutional investors increasingly turn to real estate as a way to diversify holdings and seek stable income streams. Value-add strategies typically involve purchasing properties that need upgrades or operational improvements, then implementing changes to increase rental income and property values over a set holding period.

This move reflects the board's strategy to enhance returns through active property management and market positioning. The selection process will likely focus on firms with proven track records in similar investments and strong local market knowledge. The New Bedford Retirement Board's decision to pursue value-add real estate investments demonstrates growing institutional appetite for strategies that can deliver both income and appreciation in today's challenging investment environment.