Clearwater Living, Berkshire Realty Partner on $1B Senior Living Fund

Clearwater Living and Berkshire Realty Ventures, an investment vehicle co-managed by an affiliate of Berkshire Residential Investments and Broadview Real Estate Partners, are partnering for a second time on a capital fund aimed at developing and 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 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. 

Now, 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.