Clearwater Living and Berkshire Realty Ventures Partner on Second Private Equity Real Estate Fund

Partnership will seek to create $1 billion portfolio of senior living assets

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Aug 18, 2021, 11:59 ET

NEWPORT BEACH, Calif. and BOSTON, Aug. 18, 2021 /PRNewswire/ -- Clearwater Living and Berkshire Realty Ventures, an investment vehicle co-managed by an affiliate of Berkshire Residential Investments and Broadview Real Estate Partners, announced that they are partnering for a second time on a capital fund aimed at developing and strategically acquiring 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.

"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."

About Clearwater Living
Clearwater Living is committed to providing the most superior customer service and living experiences that celebrate individual relevance, from our residents and their families to our family of associates. Clearwater is growing through strategic acquisitions, development and operational management of senior living communities throughout the western United States. Every Clearwater Living community includes cutting-edge technologies and care practices that improve the daily lives of residents. To learn more about Clearwater Living, visit ClearwaterLiving.com.

About Berkshire Residential Investments
Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire's team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge investment strategies, and hands-on development and operational experience. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, Dallas and San Francisco. As of March 31, 2021, Berkshire had approximately $12.1 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshireresi.com.

About Broadview Real Estate Partners
Broadview is a real estate investment company focused on deploying capital through and in partnership with developers and operating companies. The Broadview team is based in Stamford, CT and its executives have been involved in over $10 billion of real estate investments across numerous sectors, markets, and transactions structures including a history of investing in and growing real estate businesses. Broadview targets investments in all asset classes across the real estate sector within the United States. For more information on Broadview, please visit www.broadviewrep.com.

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SOURCE Clearwater Living