Los Angeles County Employees Retirement Association has completed $506m (€412.3m) of real estate investments.
The US pension fund agreed eight separate account purchases in gateway and secondary markets.
Two of the investments, made by Clarion Partners, were in core assets and leveraged at 50%.
LACERA invested $300m in the Palazzo-Westwood apartment complex in Los Angeles, which, over 10 years, is expected to achieve a projected 8.5%. The pension fund took an interest-only, seven-year facility at a fixed 3.4% rate.
Clarion also bought the 138,000sqft Las Cimas IV office building in Austin, Texas for $43m.
LACERA is looking to hold the asset for 10 years, with a projected 8.4% net-of-fee return.
The transaction was funded by a floating rate loan at an interest rate of LIBOR plus 180 basis points.
Deutsche Asset & Wealth Management bought two properties for LACERA.
The $35m all-cash acquisition of the 525,000sqft Ingram Micro Distribution Center in Chicago is projected to achieve a net 8.95% IRR over 11 years.
LACERA expects a 8.25% return over 10 years for the North Clark apartment complex in Chicago, bought for $51.1m.
Stockbridge Capital Group bought two core assets and two non-core properties, investing $62.4m in the 208,705sqft Pinole Vista Shopping Center in Pinole, California and the Junction Business Park in San Jose, bought for $14.2m.
Pinole Vista is projected to achieve an 8.6% net IRR.
Non-core assets in San Diego and Fremont were also bought for a respective $16.4m and $13.4m, with expected net-of-fee returns of 9.25% and 9.5% over five and three year holding periods.
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