CalPERS, through its California Urban Investment Partners joint venture, invested $69 million in the first phase of multifamily housing construction at The Crossing/San Bruno, said Brad Pacheco, CalPERS spokesman. CUIP is a partnership between real estate investment manager MacFarlane Partners and the $132 billion California Public Employees’ Retirement System, Sacramento.
CalPERS has a 90% stake in the mixed-use project, which will include a 300-unit multifamily complex; 20% of the units will be designated as affordable housing.