Clearwater Living and Berkshire Realty Ventures, an investment vehicle co-managed by an affiliate of Berkshire Residential Investments and Broadview Real Estate Partners, have partnered on a second private equity real estate fund that will develop and acquire senior living assets.
The partnership’s initial equity commitment is expected to generate over $1 billion in gross asset value.
Berkshire and Clearwater partnered together in 2016 when Berkshire made an entity-level investment to provide support for organizational growth and general partner equity to capitalize Clearwater’s development projects and acquisitions.
Backed by investors including Harrison Street Partners, Goldman Sachs and Virtus, the initial venture has completed five communities with another currently under construction.
“Our longstanding commitment to putting our clients at the center of all we do aligns with Berkshire and Broadview’s investor-centric philosophies and approach to their businesses,” said Tony Ferrero, CEO of Clearwater Living. “Our firms draw on decades of investment and operational experience that are critical to achieving successful outcomes in an ever-changing real estate landscape.”
”With a deep pipeline of available opportunities, the expanded platform will seek additional joint venture partnerships with institutional investors focusing on ground-up development and acquisition of senior living assets including age restricted, independent living, assisted living and memory support,” said Clearwater Living in a press release.
“Investors want exposure to the opportunities available in the senior living sector but are often challenged to access leading managers that invest with discipline and skill,” said Christopher Hilbert, chief investment officer of Clearwater Living. “The partnership more than doubled its initial investment which will enhance our ability to provide institutional partners additional opportunities managed by industry leaders.”
