Kirkland represented national real estate investor and operator Waterton on the close of its Waterton Residential Property Venture XIV, L.P. fund with $1.5 billion of equity commitments, surpassing its $1.25 billion target. The fund is one of the largest dedicated multifamily value-add funds in the United States, and Waterton’s largest fund to date. Similar to Waterton’s $920 million predecessor fund formed in 2018, Venture XIV will pursue urban and suburban opportunities in major U.S. markets, with an emphasis on well-located, well-maintained workforce housing in markets with favorable job growth, employment metrics and transportation logistics. Venture XIV will target cycle-specific distressed opportunities as well as traditional assets. The fund’s final closing took place on February 10, 2021.
The team was led by investment funds partners Brett Saltzman and Kelly Ryan, and associates Arianne Tucker, Mike Rizza and Coty Lee. The team also included investment funds partner Alpa Patel, and tax partner Steve Butler and associate Sean Hamner.