The seller, Gary Holding Group, whose background includes development, leasing and operation of class A senior housing facilities, will oversee the operations at Noble Village. The 6.5-acre property includes independent and assisted living units and is 96% leased.

"Our strategy in the senior housing sector is to partner with experienced operating companies," says Kathryn A. Sweeney, an AEW principal and head of the firm's senior housing group. "Senior housing is very much a people business, both in terms of the residents and the people who care for those residents."

AEW began investing in the senior housing sector in 1997 and manages a $1-billion portfolio that encompasses about 5,500 senior housing units throughout the US. Calpers is the nation's largest public pension fund, managing assets of $154 billion.