Real Estate Firms, CalPERS Buy Genstar

A partnership that includes San Diego-based Newland Communities, Institutional Housing Partners and the California Public Employees Retirement System has acquired Genstar Land Co. for $223 million. Genstar, which was sold by a subsidiary of British American Tobacco, owns 27 major residential projects across the country, including Northlake, a 1,700-acre master-planned community in the Santa Clarita Valley. In addition, Genstar’s holdings include the 4S Ranch, a 1,683-acre residential project in San Diego County. The operations and employees of Genstar will become part of Newland Communities, which will be the co-developer and manager with Institutional Housing Partners of all the acquired properties.