Partnership Purchases Santa Clarita Development

Northlake, a 1,700-acre master planned community project in the Santa Clarita Valley, is one of 27 land development projects purchased by a partnership that includes CalPERS, Newland Communities of San Diego and Institutional Housing Partners of Irvine. Northlake is part of the portfolio of Genstar Land Co. bought by CalPERS and its partners for $223 million. CalPERS provided 90% of the funding. Newland Communities provided 5% and will manage the new development, which includes entitlements for commercial and industrial space, 4,273 single- and multifamily residences and an 18-hole golf course.