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CHICAGO — Chicago-based Waterton Residential has closed its Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund. The fund was created to capitalize on opportunities within the multifamily real estate market where potential exists to add value to properties through repositioning, capitalizing and buying secured debt. While the fund will target owners in need of funding to recapitalize properties, Venture XI will also focus efforts on buying debt secured by multifamily properties.