Maryland State commits $100m to residential property fund

The $51.9 billion Maryland State Retirement and Pension System has committed $100 million to Waterton Residential Property Venture XIII, according to Michael Golden, director of external affairs for the pension fund.

Waterton Residential Property Venture XIII is managed by Waterton, a Chicago-based national real estate investor and operator. The value-added real estate fund held a $920 million final close earlier this year, exceeding its $750 million target.

The fund is a continuation of Waterton’s value-add real estate investment program, which has spanned more than two decades. Venture XIII will pursue both urban and suburban opportunities in major U.S. markets, with an 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 apartment properties. 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.
The fund’s predecessor, Waterton Residential Property Venture XII, held a $511 million final close in 2015.

In additional recent news, the Maryland State Retirement and Pension System reported that its portfolio returned 8.06 percent, net of fees, on investments for the fiscal year that ended June 30, 2018 — exceeding the 7.50 percent assumed actuarial return rate.