Clearwater Living and Berkshire Realty Ventures are partnering on a private-equity real estate fund meant to create a senior housing portfolio with a $1 billion gross asset value.
The two companies will seek additional joint venture partnerships with institutional investors and focus on developing and acquiring age-restricted, independent living, assisted living and memory care communities. Berkshire and Clearwater have a “deep pipeline of available opportunities,” according to a press release issued Wednesday.
A representative for Clearwater did not immediately elaborate on the press release when reached by Senior Housing News.
This is not the first time Clearwater and Berkshire have worked together. The two companies in 2016 struck a joint-venture agreement with the intention of building a senior housing portfolio with over $500 million in gross asset value. That venture, backed by Harrison Street Partners, Goldman Sachs and Virtus, has resulted in five communities with another currently under construction.
“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,” Clearwater Living Chief Investment Officer Christopher Hilbert said in the release. “The partnership more than doubled its initial investment which will enhance our ability to provide institutional partners additional opportunities managed by industry leaders.”
Berkshire Realty Ventures is an investment vehicle that is managed by an affiliate of Berkshire Residential Investments and Broadview Real Estate Partners. As of March, Berkshire had approximately $12.1 billion in real estate assets under management.
Based in Newport Beach, California, Clearwater has five open communities and two more slated to open soon, according to the company’s website. The operator also managed The Wolff Company’s Revel communities until Wolff took its management services for the brand in-house in 2019.
Companies featured in this article:
Berkshire Realty Ventures, Broadview Real Estate Partners, Clearwater Living
