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Waterton JV to Buy $800M in US Apartments


In a JV, Chicago apartment landlord Waterton Associates (CEO David Schwartz is pictured), Clal Insurance Enterprise Holdings, and Europe's largest insurer, Allianz SE, will buy up to $800M in US apartments in Chicago, New York, Boston, Northern California, Seattle and DC. The venture serves two purposes for Allianz. It not only increases Allianz's presence in the US multifamily market, but it also broadens its network of strategic partners, Crain's Chicago Business reports. Allianz is one of many investors looking at the US economy in today's favorable environment. It is also working with Manulife Financial Corp. on a $1B venture. [CCB]