Waterton Associates has closed the Residential Property Venture XI fund, GlobeSt reports. The fund will invest $1.5 billion over three years to acquire multifamily assets and loans.

The Chicago-based firm’s fund will seek opportunities in 14 primary markets, mostly outside the Midwest. Waterton’s Residential Property Venture X raised over $400 million for multifamily transactions, which were mostly purchases of troubled multifamily construction loans.

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