CHICAGO-Waterton Residential has acquired $109.5 million of debt secured by four apartment complexes in North Carolina and California and, after previously buying $179.2 million in debt secured by multifamily assets earlier this year, plans to buy $150 million more in debt and/or properties by the end of 2010. The most recent debt acquisitions include mortgages secured by the Exchange at Brier Creek, a 274-unit property in Raleigh, NC; and three properties in California: the 139-unit Skyline Terrace Apartments in Burlingame, the 628-unit Waterstone Corona Pointe in Corona and the 296-unit Copper Canyon Apartments in Riverside.

All four properties were acquired as part of Waterton Residential Property Fund X, a $222 million discretionary multifamily investment fund. Max Peek, Waterton Residential’s VP of acquisitions, notes that the company’s multifamily debt portfolio has grown dramatically over the past 18 months with mortgage interests secured by over 34,382 units with aggregate loan balances exceeding $2.29 billion. “Waterton has been one of the leading buyers of distressed debt secured by multifamily properties in 2010 because of our discretionary capital and ability to close complex transactions in a timely manner,” Peek said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.