SACRAMENTO, CA-The California Public Employees' Retirement System (CalPERS) has selected Pacific Urban Residential as a new manager for its Multifamily Real Estate Program. The partnership, named Pacific Multifamily Investors, will invest in class B multifamily properties, focused in the western U.S. region.
"With years of experience in the multifamily space, Pacific Urban Residential is a natural fit for our program," said Ted Eliopoulos, acting CalPERS chief investment officer. "We're excited to work with them as we identify and acquire multifamily assets with both strong returns and the potential for future appreciation."
The Pacific Multifamily Investors partnership is a multi-year program that will be funded with an initial allocation of $200 million. The partnership will seek to build a stable income-oriented portfolio of institutional-quality core apartment assets focusing on major markets in the western U.S. region.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
