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Dallas Police & Fire sells off California real estate parcel for $22 million

Dallas Police & Fire Pension System sold a real estate portfolio consisting of 3,100 acres to Alchemy Resorts for $22 million, said Kelly Gottschalk, executive director of the $2.1 billion system.

The portfolio, which includes the Aetna Springs Resort in Pope Valley, Calif., was purchased by the system in 2006. Since then, it has spent nearly $111 million on the portfolio.

The property was one of many highly leveraged direct real estate deals the system made just prior to the global financial crisis. The system has been trying to sell off these acquisitions, but "it's just taking a while to get there," Ms. Gottschalk said.

About 24% of the system's portfolio is allocated to real estate.