Waterton just raised $920M for its latest multifamily fund

The Chicago-based firm will invest $2.5B through the fund, including debt

Presidential Towers with David Schwartz (Credit: Wikimedia Commons, Waterton)
Presidential Towers with David Schwartz (Credit: Wikimedia Commons, Waterton)

Waterton, one of Chicago’s largest multifamily investors, raised $920 million for its latest and largest value-add fund.

Waterton will invest more than $2.5 billion through the fund — counting debt — across 25 to 30 properties over two years, the company reported, according to Crain’s.

The firm has already closed or committed to six transactions through the fund, for a total of about a $400 million investment.

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Waterton’s holdings include the 2,346-unit Presidential Towers in the West Loop and an 81-unit building in the Fulton Market District called the Aberdeen, according to Crain’s.

The company held its final closing on Waterton Residential Property Venture XIII last week, surpassing its $750 million target, according to the Waterton report. The firm launched the fund in Fall 2016.

Waterton said Venture XIII will target urban and suburban opportunities in major U.S. markets, “with an emphasis on well-located, middle-income housing.”