Invesco Real Estate managing director Max Swango tells us that the firms new separate account program with CalPERS--its first partnership--targets large high-quality, core multifamily properties with an initial allocation of $250M. (Legacy Fountain Plaza in San Jose, above, reps the types of assets it plans to pursue.) The partnership,Institutional Core Multifamily Investors, will scour top markets in the Western US--think Seattle, Portland, the Northern California Bay Area, LA, Orange and San Diego counties, and Denver. (And for kicks, it's throwing in Minneapolisgive them a break, geography police, its still west of the Mississippi.) The programs first acquisition is under contract in the Bay Area.