CHICAGO, IL – Waterton, a national real estate investor and operator, announced the final closing of its Waterton Residential Property Venture XIV, LP fund ("Venture XIV") with $ 1.5 billion in capital commitments from a diverse group of global institutional Known to investors. The fund is one of the largest dedicated multi-family value-add funds in the United States. The company stands ready to invest Venture XIV capital at a time of historic disruption.
"We anticipate significant multi-family opportunities across the country due to the disruptive nature of the COVID recession," said David Schwartz, Chairman and CEO of Waterton. "This fund offers a unique opportunity to invest in a strategy that we have followed for 25 years and that is evolving to take advantage of cycle-specific opportunities that should be abundant in the current market environment."
"Venture XIV's fundraising process speaks for our long-term performance and the strong investor relations we have built over the years," said Michelle Wells, director of investor relations at Waterton. "We have a large group of global institutional investors in the fund – both long-term and new partners – and we particularly appreciate the trust they have placed in us at such an unusual time."
Waterton held the first deal for Venture XIV in May 2020 and the final deal in February 2021, virtually closed due to travel restrictions and face-to-face meetings as a result of the global pandemic. The capital increase was managed by Waterton's in-house investor relations team without the use of a placement agent. Kirkland & Ellis LLP served as legal advisor.
Venture XIV's first deployment was a portfolio acquisition of 1,824 units and four properties in the greater Atlanta area that closed on November 5, 2020. Subsequent acquisitions include a portfolio of two properties in Hawaii and three assets in California. Much like the company's $ 920 million predecessor fund launched in 2018, Venture XIV will pursue urban and suburban opportunities in key U.S. markets, with an emphasis on well-located, well-maintained housing for workers in markets with favorable employment growth, employment metrics, and more Transport logistics lies.
Targeting cycle-specific distressed opportunities as well as traditional assets that would benefit from Waterton's vertically integrated planning, construction and operations strategy, Venture XIV plans to invest more than $ 4 billion, including debt, in more than 50 multi-family properties.