Legacy and CalPers say the developments will occur in "California urban settings" that have yet to be named, but a Legacy executive says it's quite likely that some of the development will occur in Southern California. "We're very high on Southern California. It's a primary target market for us," Legacy's Guy Hays tells GlobeSt.com. Hays is a senior vice president and CFO of Legacy Partners Residential, which is based in Foster City, CA, and manages its Southern California developments out of the Irvine office. The company has been an active developer of apartment buildings in Southern California in recent years.
Hays says it's too early to say when the first construction will begin, but the developments likely will occur over the next two to three years through an entity called Legacy Partners Affordable Housing Fund, which calls for the developments to include a minimum of 20% affordable housing. The fund is part of the CalPers California Urban Real Estate Initiatives program, which totals more than $1 billion in investments for urban infill development. Hays said Legacy will work with Calpers to identify infill sites for the investment from the Affordable Housing Fund.
Legacy has a number of other apartment projects either under way or planned on its own in Southern California. The company has developed more than 30,000 apartment units in California, approximately half of them in Southern California.
CalPers is the nation's largest public pension fund, with assets totaling more than $132 billion, and provides retirement and health benefits to more than 1.3 million state and local public employees and their families.
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