Western Multifamily LLC (“WMF”), a discretionary equity co-investment joint venture between affiliates of GID and California Public Employees' Retirement System (“CalPERS”), was formed in 2010 through the consolidating acquisition of three existing and separate multifamily investment portfolios. WMF’s objective is to achieve superior risk-adjusted investment returns for its partners through the active portfolio management of its existing apartment communities and the investment and development of apartment communities throughout the United States. The establishment of WMF continues the successful relationship GID has enjoyed with CalPERS since 1998.
As of December 31, 2011, the Western Multifamily LLC portfolio consisted of 45 real estate investments including 43 existing, stabilized multifamily properties totaling 11,695 apartment units and two parcels of undeveloped land. The portfolio consists of 37 wholly-owned properties and 8 joint ventures. In addition, 15 properties have retail and commercial space totaling 263,234 square feet. GID continues to seek acquisition and development opportunities on behalf of WMF that meet its investment objectives.
GID, which made a significant equity co-investment in the consolidated portfolio, serves as portfolio and asset manager, and through Windsor Property Management Company, its property management affiliate, as property manager.