CHICAGO, IL - Waterton is pleased to announce the recent closing of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund created to capitalize on opportunities within the multifamily real estate market where potential exists to add value to through repositioning, capitalizing and buying secured debt. Targeting owners in need of funding to recapitalize properties, Venture XI also will focus efforts on buying debt secured by multifamily properties.
Source: Waterton Residential
"Venture XI gives us a leveraged $1.5 billion in discretionary real estate buying power and it enables us to close all cash, quickly and through creative structures and terms," said David Schwartz, Co-Founder and Co-Manager of Waterton. "That's exciting given that with attractive supply and demand opportunities last year, we were one of the most active buyers in the market through our prior vehicle. Venture XI will enable us to pursue more opportunities."
Bullish in the multifamily real estate market in 2010, Waterton closed in excess of $400 million in multifamily transactions using Waterton Residential Property Fund X, a $222 million discretionary multifamily investment vehicle. Some of its 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 Lindbergh Center in Atlanta Georgia; and The Exchange at Brier Creek, a newly constructed 274 unit project located in Raleigh North Carolina. In each of these transactions Waterton was able to structure the transaction to allow the original developer to participate in the potential economic upside of the deal.
"We want the investment community, including investment bankers, brokers, banks and sellers, to be aware that we have funds available," added Schwartz. "That's a popular message today."
Chicago-based Waterton Residential, one of the leading multifamily companies in the nation, is focused on the acquisition and management of apartment communities in multiple markets to which it can add value through repositioning and renovation. Since its inception in 1995, the Waterton Residential team has remained committed to outstanding customer service by providing a community our residents are proud to call home. With over 15,000 apartment homes in 36 communities in 12 states, the Waterton Residential brand signifies exceptional living experiences and a sense of community and home. Waterton employs approximately 450 associates who are committed to achieving the Waterton Residential vision to be the leader in the multifamily industry.