Los Angeles County Employees Retirement Association (LACERA) is transferring $915m (€806m) worth of properties from Capri Capital Partners and TA Associates Realty to DWS as part of an asset management plan to boost performance.

LACERA said in a board meeting document that it will move a $534m US apartment portfolio from Capri and 16 assets worth $381m managed by TA Associates.

The four assets in the Capri portfolio are Tower 801 in Seattle, Park Lane Place in Dallas, Esprit in Marina Del Rey, California and Dominion Post Oak in Houston. Details of the TA Associates portfolio were not disclosed.

The $56bn pension fund is replacing under-performing managers as part of asset management changes to enhance performance, it said.

LACERA still remains an investor in Capri Urban Investors, a closed-ended, high-return fund.

Quintin Primo III, chairman of Capri Investment Group, told IPE Real Assets: “We have enjoyed a long-term relationship with LACERA that has spanned core, value-add and opportunistic investments.

“We look forward to continuing to act on behalf of this valued client in the area of multifamily development.”

Primo said Capri has been a large net seller of core multifamily assets in recent years, “given our belief that the luxury segment has limited prospects for price appreciation in these late stages of the cycle”.

He said: “We believe that development targeting diverse, mixed-income communities in supply-constrained urban markets, such as opportunity zones, offers a stronger value proposition for investors, like LACERA, in the near term.”