The Registry is reporting that the Marin County Pension Fund is planning to bring $129MM to the sale market and if they get the terms they hope for, they plans to sell specific assets. The proceeds will then go into a commingled national fund of real estate assets.
Part of me is not a fan of this. If these assets have been held for 15 years or so as reported, then the current basis for these properties should be low meaning rents should be more than covering the expenses - why sell? What if the commingled funds don't experience the same historical performance?
I know many "buy and hold" owners who never sell anything and they seem to prefer knowing their properties extremely well, knowing their tenants well, and understanding the market fundamentals.
See here for the article and let me know your thoughts.
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