Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, has acquired a minority ownership stake in Waterton, a real estate investment and property management company with a focus on U.S. multifamily, senior living and hospitality properties.
“The transaction is an exciting development for our organization and we believe that Almanac will be a great strategic partner for Waterton,” said David Schwartz, chief executive officer and chairman at Waterton.
“Almanac’s permanent capital, deep real estate experience and access to a range of global resources through Neuberger Berman, including its private wealth channel, will support the continued growth of Waterton and enhance the business platform over the long–term,” he added.
“Waterton has built a reputation, over the firm’s long history, as a best-in-class real estate investment manager, with particular expertise and operating capability in the multifamily sector,” said Andrew Silberstein, Managing Director and Head of Private Markets at Almanac. “We are proud to be partnering with this impressive team on this next phase of their growth.”