Chicago–Multifamily specialist Waterton Residential has closed on Waterton Residential Property Venture XI, a $500 million multifamily investment fund. According to the company, the fund will specialize in seeking value-add multifamily opportunities through repositioning and recapitalization properties.
In targeting owners in need of funding to recapitalize their properties, Venture XI also will focus its efforts on buying debt secured by multifamily properties. According to David Schwartz, co-founder and co-manager of Waterton, the fund will represent $1.5 billion in discretionary real estate buying power and be able to close all cash, and with considerable speed, a distinct advantage in the current market for investment properties.
As the name implies, the fund is the latest in a long series of funds. Waterton closed more than $400 million in multifamily transactions using Waterton Residential Property Fund X, a $222 million multifamily investment vehicle that preceded Venture XI.
Some of the previous fund’s more notable transactions included the acquisition of the construction loan on the Addison, a newly constructed 271-unit project in Brooklyn; Uptown Square Apartments, a 363-unit project adjacent to Lindbergh Center in Atlanta; and the Exchange at Brier Creek, a newly constructed 274-unit project in Raleigh, N.C.
Chicago-based Waterton Residential focuses on the acquisition and management of apartments in various markets for the purpose of repositioning and renovation. Currently the company owns 36 properties in 12 states totaling over 15,000 units.