Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Waterton Exceeds $750M Target with Latest Value-Add Fund
Chicago-based Waterton has reached a final close on its latest value-add multifamily fund, Waterton Residential Property Venture XIII, LP. Venture XIII, which launched in fall 2016, closed with $920 million of equity commitments, surpassing its $750-million target.
Venture XIII plans to invest more than $2.5 billion, including debt, in 25 to 30 multifamily assets over the next two years. The fund has already closed or committed to six transactions, totaling about $400 million.
The latest fund will pursue both urban and suburban opportunities in major U.S. markets, with an emphasis on well-located, middle-income housing. Continuing a longstanding strategy, the value-add program will capitalize on cycle-specific opportunities, such as the growing affordability gap between existing class B and newly built class A properties.
“The closing of this fund, our largest to date, speaks to our ability to navigate various market cycles,” said Waterton CEO David Schwartz.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
