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."
New partnership will begin with $200 million investment
The Pacific Multifamily Investors partnership is a multiyear 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.
"Adding another partner to the program to bring in high-quality apartment assets will enhance the overall risk and return profile for CalPERS investment portfolio," said Eliopoulos.
CalPERS currently holds approximately $2.5 billion in assets in its multifamily program, with a total of $27 billion in the Real Assets portfolio.
Headquartered in Palo Alto, California, Pacific Urban Residential has four west coast offices and has acquired more than 20,000 apartment homes totaling $3 billion on behalf of its investors.
CalPERS is the largest public pension fund in the U.S., with more than $280 billion in assets. We administer health and retirement benefits on behalf of 3,064 public school, local agency and state employers. Our members number more than 1.6 million in our retirement system and more than 1.3 million in our health plans. For more information about CalPERS visit www.CalPERS.ca.gov.
