APRIL 19, 2013

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CalPERS acquires core apartment portfolio in Manhattan

by Sara Kassabian and Andrea Waitrovich

The $260.4 billion California Public Employees’ Retirement System (CalPERS) with its partner GID has purchased two adjacent residential towers, The Ashley and The Aldyn, in Manhattan. Terms of the transaction were not disclosed; however, the towers were reportedly purchased for approximately $400 million, according to Bloomberg.

The Ashley consists of 209 residential rental units, retail space and garage. The Aldyn consists of 136 residential rental units and retail space.

CalPERS and GID formed in July 2012 a venture, known as Institutional Multifamily Partners, to invest in the acquisition and management of core multifamily assets in the five easte

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