CalPERS to Invest $56Mln in Residential Fund

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The California Public Employees' Retirement System will invest $56 million in a fund that will invest in residential properties in Northern and Central California.

The $73 million fund, New Faze Investment Fund I, will acquire and develop residential condominiums, single-family homes, urban residential lots and suburban infill locations.

A partnership between New Faze Development, Sacramento, Calif., residential developer, MacFarlane Partners, a San Francisco real estate investment firm, and Weyerhaeuser Realty Investors of Seattle, will manage the fund.

The three co-managers will contribute a total of $17 million to the fund, which will develop roughly 2,000 housing units and residential lots worth an estimated $600 million.