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CalPERS Investing $73M in Infill Housing

SAN FRANCISCO-The new fund will acquire, entitle, develop, market and resell attached residential condominiums, detached single-family homes and residential lots in urban and suburban infill locations.

By Brian K. Miller | Updated on June 13, 2006

SAN FRANCISCO-The California Public Employees’ Retirement System is supplying most of the equity for a new $73-million fund that will invest in for-sale housing, primarily in Northern and Central California. The new fund will acquire, entitle, develop, market and resell attached residential condominiums, detached single-family homes and residential lots in urban and suburban infill locations.

The fund will be managed by a partnership of the three firms: New Faze Development, a smart-growth development firm based in Sacramento that will contribute land to the deal; MacFarlane Partners, a Los Angeles-based real estate investment manager with $9 billion of assets under management; and Seattle-based Weyerhaeuser Realty Investors, which has been investing in single-family housing developments since the 1970s.

“We see this investment as important recognition of the rapidly escalating values of infill development across California,” says CalPERS portfolio manager Jose McNeill.

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