In 2026, John Gray, the managing partner and chief investment officer at Waterton, believes the multifamily market will improve.

“We have seen new construction dropping sharply after the 2023-2024 building wave, which we expect to push the market from oversupply toward a more balanced market by the end of 2026,” Gray said in December, after Waterton made two major purchases in the latter half of the month.

The Chicago-based real estate investment and property management company has positioned itself to capitalize on the recovering market with an active year of acquisitions in 2025. According to Gray, over the past 12 months, Waterton has invested in over $1.1 billion of multifamily acquisition and development assets.

Here are Waterton’s two acquisitions from the end of the year.

Country Club Lakes

On Dec. 18, Waterton acquired the 555-unit garden-style Country Club Lakes property in Jacksonville, Florida, according to a press release. The community includes 45 buildings set on 48 acres in the Upper Southside submarket in the southeast part of the city. 

Built between 1995 and 1997, Country Club Lakes offers one-, two- and three-bedroom floor plans, many with private screened-in patios or balconies. The community features a mix of classic, partially renovated and renovated units. 

The upgraded residences include stainless steel appliances, white shaker cabinets and upgraded lighting and plumbing fixtures. Waterton will upgrade the classic units to a modern finish level and complete a light refresh in the common areas.

“The property presents a compelling opportunity to acquire a well-located suburban asset in a high-barrier-to-entry submarket with significant value-add potential,” Maddison Leske, assistant vice president of acquisitions at Waterton, said in the release. 

Country Club Lakes offers convenient access to major employment hubs, restaurants, beaches and other lifestyle amenities and is within a 10-minute drive of both the University of North Florida and the Mayo Clinic, two of the area’s economic anchors. It is also close to St. Johns Town Center and 20 minutes from downtown Jacksonville. 

“Although Jacksonville has experienced elevated supply in recent years, the construction pipeline is slowing, and strong economic growth in the region continues to drive demand for quality rental housing,” Jeremy Stern, senior vice president of acquisitions at Waterton, said in the release.

Motif

On Dec. 19, Waterton announced it acquired the 395-unit Motif apartment community in Woodland Hills, California, according to a press release. 

The property sits near the Warner Center master-planned community and is less than 5 minutes south of a Waterton community acquired earlier last year, The Kitt at Warner Center. The company will rebrand the Motif, built in 2015, as Sorrel at Warner Center.

“Motif stands out in a market where new development is limited,” said Kol Rath, vice president of acquisitions at Waterton, in the release

The property’s amenities include two resort-style pools; a spa; grilling stations; a bocce ball court; an indoor fitness space with free weights, yoga and spin rooms; an outdoor fitness center; a dog park; and covered parking. 

Waterton plans to update and modernize the common areas with new exterior paint, improve landscaping and upgrade building systems. The firm also intends to renovate the units, which come in one-, two- and three-bedroom configurations, with new quartz countertops, lighting and plumbing fixtures as well as general cosmetic updates.

Sorrel at Warner Center is close to amenities, including Topanga Village and the Westfield Topanga mall. The 1.1 million-square-foot Warner Center Business Park, the 1.8 million-square-foot Warner Center Plaza office complex and Kaiser Permanente Hospital are also nearby. 

“The location in Warner Center provides convenient access to neighborhood amenities and employment nodes throughout the San Fernando Valley, and we look forward to updating the residences and common areas to a scope that will better compete with newer product in the area and enhance the resident experience,” Rath said in the release.

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