PALO ALTO, CA - Longtime western region multifamily investor Pacific Urban Residential (“PUR”) announced today Pacific Multifamily Investors (“PMI”), a significant new strategic venture with the California Public Employees’ Retirement System (“CalPERS”). The new venture has received an initial discretionary commitment of $200M.
“We are delighted and honored to partner with CalPERS, the largest pension fund in the United States,” stated PUR CEO Alfred Pace. “Together, the venture will seek to acquire existing vintage (i.e., “Class B”) multifamily properties in major western markets. Investments will be held for income and long-term appreciation, augmenting CalPERS’ multifamily core investment objectives. The venture is designed as a multiyear investment program with significant additional discretionary commitments on an annual basis.”
Co-founded in 1998 by multifamily investment veterans George Marcus and Alfred Pace, PUR has acquired and invested in over 110 western region multifamily communities totaling approximately 20,000 apartment homes and $3 billion in consideration. PUR enjoys relationships with several national and regional institutions. The PMI venture with CalPERS represents PUR’s first direct relationship with a pension fund.
The new venture has its first Northern California transaction under contract, which is non-refundable. It is scheduled to close in early February. Its first Southern California transaction is under contract. In addition to California, PMI is targeting investments in Washington and Oregon and is evaluating other major western markets.