The Land Report

2018.3

The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.

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How could a public pension, tasked with protecting the retirements of those who safeguard the city, throw away so much money on so much vacant land? retirements of those who safeguard the city, throw away so much money on so much vacant land? "It was really shocking," Gottschalk recalls of seeing the land not long after she became director of the Dal- las Police and Fire Pension System in 2015. "I don't know what they were ever thinking." e Idaho investment and a simi- lar land deal in Colorado have cost the pension fund close to $100 million, its attorneys say. ey account for a major portion of the half-billion in losses the fund has endured in recent years because of bad bets on real estate and private equity. e fund spent $25 million just in fees to advisers and managers on the land deals. e deals were also a key focus of legal claims the pension fund made against an investment firm, CDK Realty Advisors, that ended this year in a $2 million settlement. Last year, the FBI raided CDK's headquarters and carted out boxes of pension-related documents. CDK says that overall, the real estate projects it managed were profitable for the pension. "CDK is proud of the many successful investments made for DPFP in the Dallas area," the firm said in a writ- ten response to questions for this story. BAD BET Boise's residential real estate market was poised for growth. Then the Great Recession hit. 87 L ANDREP ORT.COM FALL 20 18 | e LandReport

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