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Waterton plans $2.5 billion investment in multifamily housing

Announces closing of $920 million investment fund

Waterton, a national real estate investor and operator, is planning to invest more than $2.5 billion in multifamily housing over the next two years after closing its largest-ever investment fund.

Since its founding in 1995, Waterton has invested more than $6.7 billion in 160 multifamily real estate transactions consisting of more than 54,000 apartment units in 23 states.

Now, the firm plans to devote another $2.5 billion to the multifamily market. The company announced Monday that it closed its latest multifamily value-add investment fund, called Waterton Residential Property Venture XIII.

The fund closed on April 18, 2018 with $920 million in equity commitments, surpassing the fund’s $750 million target.

According to the firm, Venture XIII plans to invest more than $2.5 billion, including debt, in 25-30 multifamily assets over the next two years.

The fund has already closed or committed to six transactions to date, with approximately $400 million in total capitalization thus far.

According to David Schwartz, Waterton’s chief executive officer, chairman, and co-founder, the firm has big plans for Venture XIII, which is the firm’s largest fund ever.

“The closing of this fund – our largest to date – speaks to our ability to navigate various market cycles,” Schwartz said. “We’re grateful for our longtime partners who committed to our latest venture and look forward to forging relationships with new investors from a wide variety of institutional communities.”

The firm said the fund will seek to invest in urban and suburban multifamily housing in major markets in the U.S., with a planned emphasis on well-located, middle-income housing.

“The program continues to capitalize on cycle-specific opportunities, such as the growing affordability gap between existing Class B and newly developed Class A properties,” the firm said in a release. “In addition to seeking geographic diversity, Venture XIII will target multifamily assets of varying ages and building types, including garden-style, mid-rise and high-rise communities.”

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