Chicago-based real estate company Waterton recently announced the successful closing of its latest venture, Waterton Residential Property Venture XV, L.P., with a total of $1.73 billion in equity commitments from various global institutional investors. The firm’s own investor relations team led the capital raise, while Kirkland & Ellis LLP provided legal counsel.
According to David Schwartz, chairman and CEO of Waterton, there are promising opportunities in the multifamily sector due to current market disruptions caused by interest rates and oversupply in certain areas with strong long-term fundamentals. He also stated that this fund reflects their confidence in their 30-year track record and strategy for generating alpha during this unique market cycle.
The first round of investments for Venture XV began in December 2022 and continued throughout 2023. This included acquiring a 346-unit property located in Chicago’s Loop area as well as other properties such as a transit-oriented building near midtown Manhattan and a garden-style community near Seattle. Additionally, over $100 million was invested into credit-focused opportunities involving mezzanine debt and securitized debt. Moving forward,Venture XV will focus on both distressed properties as well traditional value-add opportunities.
Overall,Waterton has successfully closed its latest multifamily value-add real estate fund at an impressive amount of $1.7 billion.This news was originally reported by Connect CRE.
