Waterton has raised $1.73 billion from its latest funding round and plans to take advantage of a slow multifamily market.

It comes from the property management firm's final closing of Waterton Residential Property Venture XV, L.P. Waterton in a statement referred to the money raked in as "one of the largest dedicated multifamily value-add funds in the United States."

Also, the Chicago-based firm said it plans on investing roughly $5 billion in 30-40 assets across major U.S. markets in both suburban and urban areas, focusing on key fundamentals including favorable employment figures, and transportation logistics. Plus, the new funding will target traditional value-added properties and distressed opportunities.