CalPERS sold its interest in a portfolio of 28 housing communities to Nash-Newland, a joint venture between North America Sekisui House and Newland Real Estate Group, confirmed CalPERS spokesman Wayne Davis.
The communities make up about one-fifth of the $223.1 billion Sacramento-based California Public Employees' Retirement System's residential real estate portfolio.
CalPERS is not discussing the sale price, Mr. Davis said. CalPERS was an investor in the portfolio with Newland.
The system had purchased various properties in the portfolio over the past 17 years, with the first inception date in 1995, according to Mr. Davis.
The 28 master-planned communities are located in 15 markets in 11 states with about 16,300 planned single and multifamily residential units and another 5,778 acres approved for development, according to a news release from Newland Real Estate Group.
CalPERS had 8.7% of its total assets in real estate as of Sept. 30, according to a fact sheet on the system's website.
“CalPERS was a great partner,” Bob McLeod, CEO of Newland, said in a telephone interview with Bloomberg News. “All Sekisui and Newland did is form a partnership to buy out CalPERS. We had to put some money into the new deal. Sekisui was the largest investor.”
Bloomberg contributed to this story.