The California Public Employees’ Retirement System (CalPERS) is continuing to invest in its real estate partnerships. A recent quarterly investment report from the retirement fund shows that it has committed approximately $3.5 billion to these partnerships. Of these, CalPERS invested approximately $750 million into Pacific Multifamily Investors, LLC, an entity managed by Pacific Urban Investors.
As well as Pacific Urban, the report shows that CalPERS increased investments in Institutional Multifamily Partners, with $600 million committed. The pension fund also approved an additional $600 million for TechCore, which is managed by GI Partners. Additionally, $500 million in commitments were made to both CalEast Solstice and Institutional Logistics Partners, among other investments made.
Based in Palo Alto, Pacific Urban was founded in 1998. Since that time, the firm has grown its multifamily holdings across the country. With a transaction volume valued at $13.7 billion, the firm has invested in 45,000 apartments across 257 communities since it was founded.
Pacific Urban has grown a significant portfolio across various west coast markets, with several transactions made in the last year.
In January of this year, the firm acquired a 100-unit apartment complex in Pleasanton for $35.5 million, or about $355,000 per unit, The Registry previously reported. Prior to that, in July of 2023, Pacific Urban also paid $177.3 million, or approximately $443,250 per unit, for a 400-unit apartment property in La Jolla. The firm is also active in the Puget Sound. Most recently, The Registry reported in February 2023 that the firm acquired a large apartment portfolio across the region. Pacific Urban acquired a nine-property portfolio totaling 2,195 units in both the Seattle and Portland metros for $737.5 million.
