The San Diego City Employees’ Retirement System (SDCERS) is considering a commitment of $25 million to Sares Regis Multifamily Value-Add Fund IV, according to an investment meeting agenda for Sept. 8.
Sares Regis Multifamily Value-Add Fund IV is a private, noncore real estate fund managed by Sares-Regis Group. The multifamily fund uses a value-add approach to reposition existing apartment communities in the western and southwestern U.S., Â through cosmetic upgrades.
A fundraising target was not disclosed for Fund IV, however, the previous fund in the series completed its final close in November 2019 with $328.2 million in commitments.
SDCERS said its allocation to noncore real estate is underweight, and its exposure to the multifamily sector and the western U.S. Â is also lower than the benchmark. The investment would help to reduce that noncore allocation unde
