Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, is investing in Waterton.

Waterton will leverage the capital for investment in new business initiatives and its family rental strategies.

“Waterton has built a reputation, over the firm’s long history, as a best-in-class real estate investment manager, with particular expertise and operating capability in the multifamily sector,” said Andrew Silberstein, managing director at Almanac. “We are proud to be partnering with this impressive team on this next phase of their growth.”

Berkshire Global Advisors advised Waterton on the transaction. Kirkland & Ellis LLP served as legal counsel to Waterton. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Almanac.