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Los Angeles pension fund sells 50% of $500M multifamily real estate portfolio

An institutional investor advised by PGIM Real Estate, Prudential Financial Inc.'s real estate investment arm, purchased half of a $500 million multifamily real estate portfolio from the Los Angeles County Employees Retirement Association, IPE Real Assets reported.

PGIM established a joint venture with a public pension fund to purchase a 50% interest in the five multifamily assets in the San Francisco Bay Area, which includes the 94-unit Arc Light and 196-unit Potrero Launch properties in San Francisco; the 143-unit Berkeley Central asset in Berkeley; the 166-unit One Hundred Grand property in Foster City; and the 146-unit Menlo Park property in Menlo Park.