GPI Companies will target multifamily properties, retail conversions with $300M fund commitment

The commitment comes from one of the country's largest state pension funds

Los Angeles /
Aug.August 12, 2019 05:00 PM
From left: GPI Companies co-founders Cliff Goldstein and Drew Planting, and GPI Cos. partner Lee Wagman
From left: GPI Companies co-founders Cliff Goldstein and Drew Planting, and GPI Cos. partner Lee Wagman

UPDATED, Aug. 13, 9:16 a.m.: Investment and development firm GPI Companies has received a $300 million commitment for its real estate fund, and will use the capital for multifamily, office and industrial properties, and retail conversions.

The commitment came from one of the country’s largest state pension funds, according to Los Angeles-based GPI.

The firm now has $500 million from the state retirement system, which previously allocated the fund $200 million. GPI declined to reveal which retirement system made the commitments.

Other state pension funds have also been making big splashes in L.A. real estate.

Last year, the teachers’ pension fund for California launched a $300 million fund into tech oriented properties; it sold a warehouse in April for $27.7 million through the fund. The Los Angeles County Employees Retirement Association announced earlier this year it would spend $250 million on international investment and pull as much $1 billion in local assets.

Meanwhile, GPI is still trying to overcome renewed opposition to its plan to demolish the Amoeba Records store property in Hollywood and replace it with a 200-unit residential tower.

Earlier this year, GPI and LStar Ventures sold a 10-acre property near San Bernardino to AEW Capital Management for $49.2 million. GPI is also one of the firms behind the redevelopment of the former Westside Pavilion mall with Hudson Pacific Properties.

GPI is managing more than $1 billion in assets and more than 2 million square feet of office, mixed-use and residential space, according to its website. The firm is also developing more than 1 million square feet of commercial and residential real estate.

Correction: A previous version of this story incorrectly stated the pension fund was one of the state’s largest.


Related Articles

arrow_forward_ios
Board President Cynthia M. Ruiz
LA pension fund to sink $210M into real estate
LA pension fund to sink $210M into real estate
Irvine Co.'s Donald Bren and The Market Place at 2961 El Camino Real (Irvine Company, Google Maps)
Irvine Co. plans 2,500 lower-rent apartments in OC
Irvine Co. plans 2,500 lower-rent apartments in OC
DTLA office buildings
LA office leasing slows with deals “falling out of contract”
LA office leasing slows with deals “falling out of contract”
Hankey Capital's Don Hankey, Inferno Investment's Julien Rémillard and Nile Niami with The One (Hankey Capital, LinkedIn, Getty)
Creditors for $141M Bel-Air mansion battle for position
Creditors for $141M Bel-Air mansion battle for position
A photo illustration of 1303 North Central Ave in Glendale (Google Maps, iStock)
Developer plans teardown for 131-unit apartment complex in Glendale
Developer plans teardown for 131-unit apartment complex in Glendale
Jeff Bezos and Water Garden at 2450 Colorado Avenue (Getty, Google Maps)
Amazon signs LA’s largest office lease of year
Amazon signs LA’s largest office lease of year
University of Redlands President Krista Newkirk with rendering of proposed University Village (University of Redlands)
Redlands university counters height cap ballot measure that would render project “financially unfeasible”
Redlands university counters height cap ballot measure that would render project “financially unfeasible”
Pasadena Mayor Victor Gordo with the 710 stub (City of Pasadena, Google Maps)
Returned 710 Freeway parcel in Pasadena apt for development
Returned 710 Freeway parcel in Pasadena apt for development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...