What Waterton does

Waterton Residential, LLC is a privately held, vertically integrated U.S. real estate investment and property management firm founded in 1995 by David Schwartz and Peter Vilim in Chicago, Illinois. The company executes value-add strategies on multifamily apartment assets on behalf of institutional investors, family offices, and financial institutions, while also operating a national portfolio of 71 multifamily properties spanning garden, mid-rise, and high-rise communities across more than 25 U.S. markets. As of March 31, 2026, the firm's portfolio encompasses approximately $10.1 billion in real estate assets.

The firm's core platform consists of Investment Management, Property and Construction Management, and a hospitality arm (Outbound Hotels) featuring lifestyle hotels in outdoor destinations including Yosemite, Jackson Hole, Mammoth, Stowe, and the upcoming Sedona property. Property operations are delivered through the proprietary Resitality® hospitality-inspired service model, supported by in-house construction and capital project management, revenue management, and risk management functions. The technology stack is built on industry-standard RentCafe (Yardi Systems) for online leasing, resident portals, billing, utilities, vendor management, and cloud-based reporting across 71 individual property websites. Waterton also offers third-party property management services to like-minded institutional owners and maintains an SEC-registered investment adviser affiliate.

Revenue mechanics combine management fees on roughly $10.1B of AUM, consolidated rental income across 71 owned multifamily properties (with rents ranging from approximately $898 to $27,955 per month depending on unit and market), and lodging revenue from Outbound Hotels. Customer segments include institutional LPs (primary capital providers), individual renters (operating revenue source), and leisure hospitality guests. The firm employs a relationship-driven go-to-market for institutional capital raising alongside a direct-to-consumer rental marketing motion through property websites and online leasing.

Name

Waterton

Legal name

Waterton Residential, LLC

Website

https://waterton.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Waterton is a privately held Chicago-based real estate investment and property management firm managing approximately $10.1 billion in multifamily assets across 71 properties in 25+ U.S. markets on behalf of institutional investors, family offices, and financial institutions, with an Outbound Hotels lifestyle hospitality arm.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Investment & Property Management

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131), Portfolio Management and Investment Advice (52394)

SIC

Operators Of Apartment Buildings (6513), Real Estate Agents & Managers (For Others) (6531), Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Multifamily real estate
• Investment management
• Property management
• Value-add investing
• Hospitality hotels

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Investment Management Fees: Waterton generates revenue through investment management fees charged to institutional investors, family offices, and financial institutions for managing their multifamily and hospitality property investments. The firm executes value-add strategies on behalf of clients.
2. Property Rental Income: As owner and operator of 71 multifamily properties across 25+ U.S. markets, Waterton earns rental income from residential tenants. Properties range from garden-style to high-rise apartments with rents ranging from approximately $898 to $27,955 per month.
3. Hospitality Operations: Through Outbound Hotels, Waterton operates lifestyle hotels and experiences in outdoor destinations including Yosemite, Jackson Hole, Mammoth, Stowe, and Sedona, generating hospitality revenue from lodging and experiences.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Waterton is a real estate investment and property management company that acquires, owns, and operates a vertically integrated portfolio of multifamily apartment communities and lifestyle hotels across the U.S. on behalf of institutional investors, family offices, and financial institutions. The firm manages 71 multifamily properties spanning 25+ U.S. markets with approximately $10.1 billion in real estate assets as of March 31, 2026, and operates the Outbound Hotels lifestyle collection in outdoor destinations including Yosemite, Jackson Hole, Mammoth, Stowe, and Sedona. Core services include value-add investment management, full-service property and construction management delivered through the proprietary Resitality® hospitality-inspired service model, and third-party property management for like-minded institutional owners.

Product overview

Waterton is a real estate investment and property management company operating a vertically integrated platform centered on U.S. multifamily apartments and hospitality. The core offering comprises Investment Management (acquiring and managing multifamily assets for institutional investors since 1995) and Property & Construction Management (full-service management combining hospitality and residential practices via the proprietary Resitality model). Waterton manages 71 multifamily properties across 25+ U.S. markets representing approximately $10.1 billion in assets as of March 2026. The hospitality arm, Outbound Hotels, is a lifestyle hotel collection featuring five outdoor-adventure properties in Yosemite, Jackson Hole, Mammoth, Stowe, and Sedona. Services include in-house construction and capital project management, third-party property management, and investor relations via secure portal.

Differentiator

Problem solved

Functional benefit

Brands

• Resitality®: Waterton's hospitality-inspired service approach that brings hotel-like experience to apartment communities, providing higher level of hospitality and service to residents.
• Outbound Hotels

Products and services

• Investment Management Real estate investment management services for multifamily assets on behalf of institutional investors, family offices, and financial institutions, executing value-add strategies with a cycle-tested approach since 1995.
• Multifamily Property Management Full-service property management for multifamily apartment communities including garden, mid-rise, and high-rise properties, combining hospitality and residential best practices under the Resitality® service model.
• Third-Party Property Management Property management services offered to institutional, like-minded owners in Waterton's existing or target markets to provide operational stability and scale efficiencies.
• Multifamily Apartment Portfolio (71 Communities) National portfolio of 71 multifamily apartment communities across 25+ U.S. markets, available for rent to individual residents through property-specific websites with online leasing. Rents range from approximately $898 (studio at Element Deer Valley) to $27,955 per month (3-bedroom at The Belden Stratford).
• Outbound Hotels Lifestyle hotel collection featuring outdoor adventure destinations including properties in Yosemite (CA), Jackson Hole (WY), Mammoth (CA), Stowe (VT), and the upcoming Sedona (AZ) location, offering lodging and curated outdoor experiences.

Quantifiable outcome

• 26 properties received Grace Hill/Kingsley Excellence in Resident Satisfaction Awards (2023-2025)
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• The NRP GroupcoreStrategic or Co-development Partner · 23 October 2025Waterton partnered with The NRP Group, a vertically integrated developer, builder, and manager of multifamily housing, to acquire an 8.5-acre development site on South Las Vegas Boulevard for the development of the 368-unit South Valley Apartments in suburban Las Vegas, NV.
• RentCafe (Yardi Systems)coreTechnology or IntegrationWaterton's property websites and online leasing platform are powered by RentCafe technology, owned and operated by Yardi Systems, Inc. This platform provides online leasing, resident portal, billing, utilities, vendor management and cloud-based reporting capabilities.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Knightvest Capital: Knightvest Capital is a multifamily investment and management firm operating a vertically integrated platform across Texas, the Southeast, and other Sunbelt markets that overlap with Waterton's footprint. Both firms pursue value-add acquisitions and operate owned assets with institutional capital partners.
• BH Management Services: BH Management Services is a large national multifamily property management company with a focus on institutional and third-party management. It directly competes with Waterton's third-party management offering and operates a similar vertically integrated platform across many of the same U.S. markets.
• Bozzuto: Bozzuto is a privately held multifamily property management, development, and investment firm operating across the U.S. with a hospitality-inspired service culture similar to Waterton's Resitality® model. Both firms compete for institutional third-party management mandates and value-add investment opportunities.
• RangeWater Real Estate: RangeWater is a multifamily investment, development, and management firm focused on Sunbelt and growth markets. It directly competes with Waterton for value-add acquisitions and third-party management mandates across similar geographies.
• AMLI Residential: AMLI is a multifamily owner/operator with national scale and a value-add investment focus, owned by Morgan Stanley Real Estate. Waterton co-founders David Schwartz and Peter Vilim both previously held roles at AMLI Realty Co., and Waterton acquired AMLI Warner Center (522 units) in 2025, evidencing deep operational and competitive overlap.
• Carmel Partners: Carmel Partners is a U.S. multifamily investment and management firm focused on value-add and core-plus strategies in major markets. It runs a similar investment-management-plus-operating model to Waterton and competes for institutional capital and value-add acquisition targets.
• Greystar Real Estate Partners: Greystar is the largest U.S. multifamily property manager and investment operator, managing hundreds of thousands of units. Stephanie Brock, Waterton's Managing Partner of Property Management, previously served as Senior Managing Director at Greystar, indicating direct overlap in operating model and talent pool. Both firms run vertically integrated investment + property management platforms.
• Lincoln Property Company: Lincoln Property Company is one of the largest multifamily property managers and developers in the U.S., with vertically integrated residential services and institutional relationships. Both firms offer third-party management at scale across multiple markets, competing directly for mandates from institutional owners.

Broad incumbents

• AvalonBay Communities: AvalonBay is a large publicly traded multifamily REIT operating high-quality apartment communities across major U.S. markets that overlap with Waterton's footprint. It is a broad incumbent competitor for institutional capital and a benchmark for value-add strategy performance.
• Equity Residential: Equity Residential is one of the largest publicly traded apartment REITs in the U.S. Waterton co-founder David Schwartz was VP of Acquisitions at Equity Residential prior to founding Waterton, evidencing deep cultural and operating lineage. Although a public REIT rather than a private operator, it is a major benchmark and competitor for institutional multifamily capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/WatertonCareers
• Facebookfacebook.com/watertonrealestate
• LinkedInlinkedin.com/company/waterton

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waterton