Chicago-based real estate investor and operator Waterton has announced the final close of its most recent multifamily value-add investment fund, Waterton Residential Property Venture XIII. “Venture XIII” closed with $920 million worth of equity commitments, surpassing its $750 million target, the firm reported in a statement.
The fund, which launched in fall 2016, will pursue both urban and suburban middle-income housing across major U.S. markets. Venture XIII plans to invest over $2.5 billion, including debt, in 25 to 30 multifamily assets of varying ages and building types, including garden-style, mid-rise, and high-rise.
To date, the fund has closed or committed to six transactions totaling approximately $400 million in capital. According to Waterton, the program seeks geographic diversity and capitalizes on cycle-specific opportunities, such as the widening affordability gap between Class B and Class A properties.
“The closing of this fund—our largest to date—speaks to our ability to navigate various market cycles,” Waterton CEO, chairman, and co-founder David Schwartz said in a press statement. “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.”
Through funds and individual transactions, Waterton has invested over $6.7 billion in 160 multifamily real estate transactions representing over 54,000 units across 23 states.