Search
 

$1B CalPERS Apartment Portfolio Up for Sale

SACRAMENTO-The well-leased Windsor Realty Fund III portfolio comprises 5,275 units in 16 properties in nine eastern states. The fund manager is Boston-based General Investment & Development. CBRE's Atlanta office has the disposition assignment.

By Brian K. Miller | Updated on April 27, 2005

SACRAMENTO-An estimated $1-billion multifamily portfolio owned by the California Public Employees Retirement System is up for sale. Called Windsor Realty Fund III, the portfolio comprises 5,275 units in 16 properties in nine eastern states. The average occupancy of the portfolio is 93.5%, the average unit size is 994 sf and the average rent is $1.08 per sf, according to the electronic flyer on the property. Most of the properties were built between 1988 and 2001. The fund manager is Boston-based General Investment & Development. CB Richard Ellis’ Atlanta office has the disposition assignment. Sources familiar with the disposition tell GlobeSt.com that offering info was sent out this week and that initial bids are due the third week in May. The building should be tied up in June or July, they said.As for the value of the portfolio, it will depend on how many of the buildings are sold at premiums to condo converters. Generally, though, interested observers peg the value of the portfolio at around $1 billion. Malcolm McComb and Kevin Geiger, the CBRE brokers heading up the sale, declined comment on the assignment. GID’s SVP of portfolio management William Roberts and a CalPERS spokesperson did not return phone calls seeking comment.The portfolio includes 1,759 units in five properties in the Southeast [Georgia (3) and Florida (2)]; 2,165 units in six properties in the Midwest [Minnesota (4), Missouri (1) and Michigan (1)], and; 1,351 units in five properties in the Northeast/Mid-Atlantic area [Connecticut (2), Pennsylvania (1), New Jersey (1) and Maryland (1)]. The properties reportedly could either be sold as a single portfolio or be broken up into smaller chunks depending on the bids and the bidders.”The highest bidder doesn’t always win,” says one source. “As important as the price is the buyer and their reputation and how they’ve behaved in the past.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.