Calpers and investment advisory services provider AEW expanded an existing joint venture with Sunrise Assisted Living, adding two additional facilities to the JV's portfolio. The facilities, valued at $29.7 million, are located in Troy, MI and Pinehurst, CO. Calpers/AEW holds an 80% interest in the venture while Sunrise holds a 20% interest and manages the venture's properties. With this transaction, the Calpers/AEW/Sunrise venture now holds almost $150 million of properties located in eight states.

Calpers and AEW also formed a new venture with The Ryerson Company, an Arizona-based senior housing development and management company. The JV will develop, own and operate senior-housing facilities in Sun City West, AZ. Sun City West is a master planned seniors community located 14 miles northwest of Phoenix. The venture has acquired an existing $44-million, 228-unit independent-living facility, as well as two land parcels totaling 13.6 acres. Current plans anticipate the construction of a 40-unit, assisted-living rental facility and a 160-unit, independent living condominium building on these parcels.

Calpers is the nation's largest public pension fund with assets totaling approximately $148 billion. AEW currently manages approximately seven billion dollars of capital, which is invested in $11 billion of real estate in the US, Canada and Europe.