Chicago-based Waterton announced that after more than 40 years in real estate investment and 12 years of service to Watertron, Rick Hurd will retire from his role as Managing Partner, Investment Management. Industry veteran John Gray has been hired to succeed Hurd as Managing Partner, Chief Investment Officer.
Gray, with nearly two decades of multifamily investment and development experience, most recently served as CEO of Blackstone’s portfolio company Fabric Housing, which he launched in 2022.
During his tenure, Hurd has been instrumental in shaping Waterton’s investment strategy, leading the firm’s acquisitions and capital markets teams in the acquisition of approximately $10 billion in multifamily transactions and more than $1 billion in debt investments – including securities from Freddie Mac and Fannie Mae and various mezzanine and preferred equity investments. Hurd has also helped lead Waterton’s portfolio management team, overseeing $5 billion in multifamily dispositions.
In anticipation of this transition, Waterton launched a search to identify the right leader to carry forward the firm’s investment strategy and culture. After a comprehensive evaluation of highly qualified candidates, Gray was selected to succeed Hurd for his extensive business experience, strong market reputation, and deep industry relationships.
Gray brings over 18 years of experience in real estate investment and development to Waterton. Most recently serving as CEO of Fabric Housing – a Blackstone portfolio company, where he led national multifamily development initiatives. Prior to that, he spent over a decade at Lennar, where he held several leadership roles, including President of LMC Investments, joining as the firm’s second employee and subsequently forming LennarSFR, where he served as President. During his tenure, he helped grow LMC into a national platform with over 25,000 units developed and $8 billion in assets under management, managing multiple large-scale equity funds and overseeing capital markets, acquisitions, and asset management functions.
Prior to Lennar, Gray launched his career with positions at Grandbridge Real Estate Capital and Crescent Communities. He is a graduate of the University of North Carolina, where he earned a Bachelor of Science in Economics.
