Texas ERS commits $65m to residential property fund

The $27.5 billion Employees Retirement system of Texas has committed $65 million to Waterton Residential Property Venture XIII, according to Meagan Hoffman, senior operational due diligence analyst for the pension fund’s investments division.

Waterton Residential Property Venture XIII is managed by Waterton, a real estate investor and property management company that focuses on U.S. multifamily apartments and hospitality properties, targeting the top 15 metropolitan areas.

The fund’s predecessor, Waterton Residential Property Venture XII, held a $511 million final target in 2015.

As of June 30, 2017, Waterton’s portfolio included 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.

Texas ERS has a target allocation to real estate of 10 percent and an actual allocation 9.65 percent.