Almanac Realty Investors’ Minority Investment in Waterton

Kirkland & Ellis advised Waterton, while Fried, Frank, Harris, Shriver & Jacobson advised Almanac on the deal.

Waterton, a national real estate investor and operator, closed its agreement with a fund managed by Almanac Realty Investors (Almanac), the private real estate investment arm of Neuberger Berman, to acquire a passive, minority ownership stake in Waterton. The strategic investment will provide additional resources to Waterton while having no impact on the day-to-day management, operations or business decision-making process. Terms of the transaction were not disclosed.

Waterton is a real estate investment and property management company with a focus on U.S. multifamily, senior living and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. 

Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to public and private real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $6.9 billion in capital to 50 real estate companies, both public and private, throughout North America.

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally.

Berkshire Global Advisors advised Waterton on the transaction. 

The Kirkland team was led by corporate partners Michael Reeves (Picture) and John Berger and investment funds associate Steven Robles and included tax partner Stephen Butler and associates Steven Cantor and Katherine Karnosh, investment funds partners Daniel Lavon-Krein, Kelly Ryan and Brett Saltzman, corporate associate Sarah Yang, investment funds regulatory partner Alpa Patel and associate Timothy Nolan and employee benefits of counsel Jack Bernstein.

Involved fees earner: John Berger – Kirkland & Ellis; Jack Bernstein – Kirkland & Ellis; Stephen Butler – Kirkland & Ellis; Steven Cantor – Kirkland & Ellis; Katherine Karnosh – Kirkland & Ellis; Daniel Lavon-Krein – Kirkland & Ellis; Timothy Nolan – Kirkland & Ellis; Alpa Patel – Kirkland & Ellis; Michael Reeves – Kirkland & Ellis; Steven Robles – Kirkland & Ellis; Kelly Ryan – Kirkland & Ellis; Brett Saltzman – Kirkland & Ellis; Sarah Yang – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Waterton Associates;