CalPERS has provided Pacific Urban Residential with a $387M equity allocation to invest in apartments. The move fits in with CalPERS’ long-term plans for real estate investment that will see larger but separate account relationships with real estate managers.
Pacific plans to buy Class-B apartment assets that can be improved over time. Most of the focus will be on the West Coast, where Pacific has been active in the past year.
CalPERS and Pacific started their partnership in January 2014 with an allocation of $200M from the pension fund. The market value of the existing portfolio is $375M through Q1 of this year. [TR]
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