OCERS commits $100m to residential property fund

The $15 billion Orange County (Calif.) Employees Retirement System has committed $100 million to Waterton Residential Property Venture XIII, according to Robert Kinsler, communications manager for the pension fund.

Waterton Residential Property Venture XIII is managed by Waterton, a real estate investor and property management company with a focus on U.S. multifamily apartments and hospitality properties.

In September 2015, OCERS closed on a $75 million commitment to the fund’s predecessor, Waterton Residential Property Venture XII, and as of Nov. 20, 2017, Waterton has drawn down $71 million of OCERS’ commitment. Fund XII was a $511 million value-added multifamily real estate fund. The manager made 24 investments in Fund XII.

Waterton’s portfolio includes approximately $3.4 billion in real estate assets, including 41 multifamily investments totaling approximately 14,000 units and nine hotels with more than 2,500 rooms, as of June 30, 2017.

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