Fundraising - APRIL 23, 2014

Waterton raises $170m for residential fund

by Reg Clodfelter

Waterton Associates has raised $170 million for Waterton Residential Property Venture XII, according to a filing with the SEC.

The value-added fund launched in June 2013 with a fundraising goal of $500 million. A target close date was not disclosed. The fund will invest exclusively in multifamily properties across the United States. It is expected to generate a gross return of 13 percent.

Institutional investors in the fund include the Employees Retirement System of Rhode Island, which reportedly committed $35 million to the fund in December 2013.

Founded in 1995, Waterton has invested $4.8 billion in total capitalization representing $1.7 billion in equity in the multifamily space. Waterton currently oversees 54 investments representing approximately 20,000 units in 14 states, and also controls four debt investments secured by multifamily properties with total principal balances exceeding $1 billion.

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