Printer Friendly

CALPERS FINALIZES AGREEMENTS WITH CALIFORNIA HOUSING PARTNERS

 CALPERS FINALIZES AGREEMENTS WITH CALIFORNIA HOUSING PARTNERS
 SACRAMENTO, Calif., June 22 /PRNewswire/ -- The board of administration of the California Public Employees' Retirement System (CalPERS) has reached final agreement with each of its five partners in the California Housing Program.
 CalPERS has signed a limited partnership agreement with Wells Fargo Realty Advisors, and will enter into agreements with Prudential Home Building Investment Advisers, L.P., AMB/The O'Donnell Group, Bankers Trust/Alex. Brown Kleinwort Benson Partnership, and California Housing Advisors.
 The partnerships will invest in California single-family residential development. CalPERS will commit $75 million to each partnership, along with capital commitments of 10 percent from each partner. The partnerships anticipate project returns of 20-25 percent depending on the financial structure that is used.
 The housing program targets geographically diversified California projects with experienced developers/builders. Actual construction is expected to begin within the next six weeks.
 "We chose experienced and successful partners," stated DeWitt Bowman, CalPERS chief investment officer. "We expect the program to be both profitable to CalPERS and its partners, and to be beneficial to California's struggling economy."
 CalPERS, the largest public pension fund in the country, has been on the leading edge in developing a single-family housing program which focuses on entry-level, affordable housing. The system's California Housing Program was established in January 1992.
 Builders have estimated that the $375 million committed to the program from CalPERS combined with the required capital from the five partners could finance construction of at least 5,000 homes in California.
 For further information regarding individual projects, inquiries may be directed to the following:
 -- J. Michael Johnson, Wells Fargo, 415-396-6222
 -- Michael McCook, Prudential Home Building Investment Advisers,
 L.P., 619-625-2940
 -- John R. Sischo, Bankers Trust/Alex. Brown Kleinwort Benson
 Partnership, 213-620-8255
 -- Douglas C. Neff, AMB/The O'Donnell Group, 714-851-0111
 -- James Z. Pugash, California Housing Advisors, 415-627-2500
 -0- 6/22/92
 /CONTACT: DeWitt Bowman of CalPERS, 916-326-3400/ CO: CalPERS ST: California IN: SU: CON


RM-DG -- SF001 -- 2423 06/22/92 13:03 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 22, 1992
Words:330
Previous Article:CALPERS/WELLS FARGO PARTNERSHIP ANNOUNCES FIRST RESIDENTIAL DEVELOPMENT; 129 DETACHED HOUSES PLANNED FOR RANCHO CUCAMONGA SITE
Next Article:/THIRD ADD -- PH011 -- MERCK'S PROSCAR/
Topics:


Related Articles
CALPERS/WELLS FARGO PARTNERSHIP ANNOUNCES FIRST RESIDENTIAL DEVELOPMENT; 129 DETACHED HOUSES PLANNED FOR RANCHO CUCAMONGA SITE
PacifiCare of California and CalPERS Sign Letter of Intent to Enter Into Three-Year Agreement for Health Care Coverage
PacifiCare Signs Second Long-Term Contract With CalPERS; CalPERS Gives PacifiCare 'Gold Star' For Quality, Flexibility and Commitment.
Lennar and LNR Expand Their Strategic LandSource Partnership to Include MacFarlane Partners' Venture and CalPERS.
NEWHALL PARENT IN FINANCIAL TIGHT SPOT CHAPTER 11: LOCAL PARTNER SAYS PROJECT WILL CONTINUE DESPITE LANDSOURCE'S FILING.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters