Newland Communities, La Jolla, Calif., is purchasing the $1.5 billion residential community development portfolio and related management operations of Terrabrook, the land development subsidiary of Westbrook Partners LLC, Dallas, for $600 million in cash. Terrabrook's operations and about 150 employees will become a part of Newland Communities.
Newland National Partners II, a partnership with the California Public Employees' Retirement System, Sacramento, will be the entity owning the properties. The transaction includes land that can be developed into 18,000 single-family residences and 4,000 multifamily residences plus 500 acres of residential parcels, 1,800 commercial acres and three golf courses. The properties are located in Dallas, Denver, Orlando, Fla., and Washington, among other cities.
About $12 billion of CalPERS' $145 billion in assets are invested in real estate.