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Overview
WREI is an opportunistic, fundamentals-driven real estate investor and developer with a broad investment mandate and flat organizational structure that allows us to act quickly and enhances deal flow. WREI targets opportunities that are either “cheap” on a relative basis or “special”, and is intently focused on the value-creating business plan for each investment to drive capital appreciation. Our strategies center on secular themes and targeted geographies that exhibit long-term economic tailwinds, strong demographics and often high barriers to entry. For most strategies, we leverage strategic partnerships with exceptional local operators and/or service providers to execute the day-to-day business plan of each investment.
Philosophy
Unlike many traditional institutional advisors, WREI through its principals and employees invests a significant portion of the equity required for each investment. We are diligent stewards of invested capital and behave like owners because we are owners. We expect the same from our operating partners, who often have significant “skin in the game”.
WREI prides itself on independent data-driven research that drives our macro-orientation around high conviction themes and geographic selection. Within this framework, we invest opportunistically, reacting to changing economic conditions to take advantage of market dislocations and discrete opportunities, often at perceived contrarian times.
At the core of each investment decision we assess the opportunity for active value creation and the prospect for long term appreciation. We believe true wealth in real estate is generated by holding the best assets over the long term, and thus have an affinity to high quality real estate.
WREI fosters a highly entrepreneurial and collaborative culture, yet each investment must undergo WREI’s rigorous diligence process. We are intently focused on risk vs. reward.
Our decision in this regard is solely governed by which strategy we believe will yield the highest risk adjusted return.
Sector Focus
Our multifamily portfolio includes garden, mid-rise, and high-rise assets in growth markets across the southeast and southwest U.S. With each investment we seek differentiating characteristics from both a physical product and value perspective. All of our multifamily transactions are underwritten on an “un-trended” basis and must be supported by stabilized asset prices in the competitive area. Our condominium projects are located in affluent high barrier to entry markets with distinguished locations, and attention to design and detail.
We invest in market-leading senior housing assets in locations where we have identified a disconnect between wealthy, aging demographics and deficient, outdated inventory. We seek to partner with best-in-class operators who have extensive experience developing and managing senior assets. Our operating partners typically invest significant capital into each of these deals further aligning our interests.
We invest in value-add “Main and Main” street retail and office in high-barrier markets with outsized long term appreciation potential attributable to strong historical fundamentals and anticipated continued growth. These assets can often be characterized as “special”, “generational” long term holds. Our current portfolio includes investments in Aspen, CO, Charleston, SC, and Tempe, AZ.
Our hotel strategy targets special sites and or locations in high-barrier and growth markets predominantly within the select-service segment. We have a tendency to invest in ground-up developments over acquisitions so that we can construct a high-quality, differentiated physical asset superior to the subject’s competitive set. Our goal is to achieve durable double-digit cash yields with moderate leverage over a long-term hold period.
We seek opportunities to acquire covered land plays with redevelopment potential, fee land positions encumbered with ground-leases, and vacant land that needs to be entitled or rezoned. This strategy often provides us with a pipeline of vertical development opportunities that can be executed on an opportunistic timeline.
We take advantage of our deep understating of corporate credit, bankruptcy / distress, and our ability to provide creative solutions to complex transactions and situations. Examples include foreclosure acquisitions, note purchases, build-to-suits, sale leasebacks, etc.
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Legal Disclosure
The information contained in this website does not constitute an offering of interests in any investment vehicle managed by WREI (each, an “Investment Vehicle”) and any offering in an Investment Vehicle may be made only by the private offering memorandum for that Investment Vehicle. This website is qualified in its entirety by the private offering memorandum for each Investment Vehicle, which contains, among other things, a description of the risks of an investment in such Investment Vehicle as well as fees and expenses in connection therewith. Capitalized terms used, but not otherwise defined herein, have the meanings set forth in each Investment Vehicle’s private offering memorandum.
Past performance is no guarantee of future performance. An investment in any Investment Vehicle involves a high degree of risk, the performance of each Investment Vehicle may be highly volatile, and each Investment Vehicle may have limited or no liquidity. There is no guarantee that any Investment Vehicle will achieve its investment objective. Each Investment Vehicle may use leverage and may lack diversification, which can increase the risk of loss to that Investment Vehicle. Each Investment Vehicle is a speculative investment and entails significant risks. The interests of WREI and/or the general partner of an Investment Vehicle may conflict with the interests of such Investment Vehicle as further detailed in the private offering memorandum for such Investment Vehicle. WREI and its affiliates may also provide discretionary investment management services to managed accounts and other funds, some of which may have investment programs substantially similar to that of the Investment Vehicle(s).
Please see “Risk Factors” in each Investment Vehicle’s private offering memorandum. Risk factors include but are not limited to risk of adverse or unanticipated market developments, risk of counterparty or issuer default, risk of illiquidity, use of leverage, foreign investments, low credit quality securities, derivatives, concentration, illiquid investments, short selling, option transactions, foreign exchange risk exposure, foreign exchange speculation, swaps, stock index options, lending portfolio securities, valuation, business cycles, high yield securities, troubled company investments, non-performing nature of debt, uncertain exit strategies, bank loans and participations, bankruptcy claims, litigation, investment in ventures and other equities, non-U.S. securities, risks of industry focus, highly volatile markets, commodity futures contracts, limited liquidity, control position, lack of operating history and investment strategy risk factors.
The foregoing does not describe all of the risks inherent in or presented by an investment in any Investment Vehicle. Prospective investors for an Investment Vehicle should carefully read such Investment Vehicle’s private offering memorandum and ensure that they fully understand all risk factors and any legal, tax and accounting considerations applicable to them prior to investing.
This material may not be reproduced, distributed or transmitted to any other person or incorporated in any way into another document or other material without the prior written consent of WREI.