CalPERS Commits $387M to Pacific Urban for West Coast Apartment Buys
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.