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Simply put, Waterton had a successful 2023. The real estate investment and property management company focused on multifamily senior living and hospitality properties continued to strengthen its leadership team and is currently worth $10.7 billion in real estate assets.
American Builders Quarterly reflects on how Waterton is standing out from the competition.
Reentering the Seattle market
In March 2023, the company announced it would reenter the Seattle market by acquiring a 123-unit, garden style apartment complex in Kirkland, Washington. Referred to as 128 on State, the property will offer a mix of renovated studio, one-, and two-bedroom apartments.
Kevin Ibasco, vice president of acquisitions at Waterton, said the company was looking forward to replanting its flag in the Seattle metro area. “128 on State will be a great addition to our portfolio,” he said in a statement. “The property is in a core location on the Eastside, walkable to all of the lifestyle amenities in downtown Kirkland, and proximate to the metro’s largest employment centers. The Eastside benefits from favorable apartment fundamentals and we hope to grow our presence in the region in the near future.”
Entering the Philadelphia Market
In addition to reentering the Seattle metro area, Waterton has made strides in breaking into the Philadelphia metro market by acquiring the Point at Glen Mills. Waterton will rebrand the property, which consists of five four-story midrise buildings, and update its residences and common areas. Some of those additions include new construction-quality finishes, mobile kitchen islands in residences that don’t already have them, additional counter space, faux wood blinds, and a technology package. Updates to common areas will include a new pickleball court and refreshed work spaces designed for remote workers.
The Point acquisition came as a way to “expand [Waterton’s] East Coast footprint,” Jeremy Stern, vice president of acquisitions, said in a statement. “We believe the location, in terms of proximity to employment and access to the Garnet Valley School District, made the Point an attractive addition to our portfolio, while the large, open floor plans provide attainable access to rental housing relative to the cost of homeownership.”
Leadership Strength
A key member of Waterton’s leadership team is Roger Remblake, vice president of facility management. In his position, Roger oversees operations, facilities, portfolio management, and risk management. Since joining the organization in April 2022, Remblake has utilized a collaborative, cohesive, and encouraging leadership style with both external and internal partners, a quality that he attributes to much of his success.
Another key member of the leadership team came on board In May 2023. Matt Porath serves as senior vice president of investor relations, bringing nearly a decade of investor relations, housing research, and wealth management experience to the role. He is also responsible for leading the company’s multifamily fundraising strategies in Europe and the Middle East. Prior to joining Waterton, Porath was managing director of investor relations at Citymark Capital.
“We are excited to welcome Matt to the team,” said Michelle Wells, managing partner, investor relations of Waterton, in a statement. “Matt has great energy and integrity—with exceptional multifamily experience and investor and consultant relationships. He will be a great addition to the Waterton team, and we are confident that he will help elevate our robust investor relations practice.”
Expanding Its Footprint
June 2023 saw the national real estate investor and operator acquiring a 321-unit apartment community in Plantation, Florida, called One Plantation. The 12-story apartment tower will undergo upgrades, which include new flooring, countertops, and appliances in its residential units. Waterton also plans to enhance the property’s existing clubhouse with a variety of meeting spaces, upgrades to fixtures, furniture, equipment, and to Wi-Fi connectivity.
In a press release, Julie Heigel, senior vice president of acquisitions for Waterton, said the property upgrades will help attract professionals and families in the area, which is an access to several employment nodes.
“One Plantation offers residents an expansive amenity package as well as a variety of well-thought-out floor plans,” Heigel in a statement. “The on-site clubhouse and parking garage are also attractive to a variety of renters who are increasingly priced out of more expensive markets such as Miami and West Palm Beach. It’s a great opportunity to add a high-density product to our Florida portfolio.”
