LACERA invests $150m in multifamily fund
The $48 billion Los Angeles County Employees Retirement Association approved a $150 million commitment to CityView Multifamily Fund III during its June 8 meeting. CityView Multifamily Fund III aims to raise $400 million and will invest in the apartment sector, specifically in California; Dallas; Denver; Portland, Ore.; and Seattle. The CityView fund’s strategy is to provide rental housing for affordable and middle-income households, targeting net internal rates of return of between 13 percent and 15 percent. LACREA was an investor in CityView Multifamily Fund II, investing $100 million to become the sole limited partner. The fund developed and redeveloped multifamily rental properties in the San Francisco Bay Area. CityView Bay Area I, an opportunistic fund, closed in 2007 with $150 million. LACERA invested $50 million in the fund.