Olson Co. Sells Minority Interest

Privately held Olson Co., a Seal Beach builder of affordable housing, said Thursday that it has sold a minority interest in the company to three major investors for an undisclosed price.

Insurer Allstate Corp., the California Public Employees’ Retirement System and Wells Fargo Co. made a joint stock purchase for their minority stake in Olson. Other details of the transaction were not disclosed.

Olson is building 41 neighborhoods of affordable housing with a combined value of $800 million throughout the state. The company develops the housing in urban areas.

Calpers is the largest U.S. pension fund with about $165 billion in assets. Allstate, based in Northbrook, Ill., is the nation’s second-largest car and home insurer. Wells Fargo is one of the largest banking concerns in the state.