CalPERS completed its first major senior housing investment with the...

CalPERS completed its first major senior housing investment with the purchase of a portfolio of seven facilities valued at $115.5 million. The portfolio will be owned and operated in a joint venture between the $158 billion California Public Employees’ Retirement System, Sacramento; AEW Capital Management, its senior housing investment adviser; and Sunrise Assisted Living, a major provider of senior assisted-living facilities. CalPERS invested $29 million in the venture; Fannie Mae provided an $81 million first mortgage loan; and AEW and Sunrise provided the rest of the financing.