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Westminster Capital News Articles

6025 Park Drive, Rocklin (Sacramento), CA

On February 28th the Park Drive Self-Storage development was sold to an affiliate of Prime Group Holdings, generating a 17.1% IRR and Equity Multiple of 1.9 to 1 to Westminster Realty Partners IV LP (WRP IV). This 1,067 unit development opened for occupancy June 2021. At disposition, the facility was 78% leased. In January 2020, WRP IV acquired a 90% joint-venture interest in this development alongside an affiliate of Banner Real Estate (10%). WRP IV committed $4,562,000 of equity, with financing provided by Fifth Third Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Residential, Medical Office and Self-Storage properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

10242 State Route 43, Streetsboro, OH

The Streetsboro Industrial Development has executed a lease with FNS, Inc., a third-party logistics firm servicing the GM/LG Electronics Lithium-ion battery plant nearby. The 434,000 SF, full-building lease is for a 7 ½ year term. Tenant improvements are underway for an October 1st occupancy.

This Class A, state-of-the-art industrial building development is located in Streetsboro, Ohio, a southeast suburb of Cleveland. The building was designed and built by GEIS Companies. The building has 32’ clear heights, LED high-bay lighting, and ESFR sprinklers. In September 2020, Westminster Realty Partners IV LP acquired a 50% joint-venture interest in this development alongside GEIS (50%). GEIS is an Ohio-based development and construction firm. Lake Forest Bank & Trust Company provides the mortgage financing.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Residential, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

2939 Pilot Knob Road, Mendota Heights, MN, 9501 Louisiana Avenue, Brooklyn Park, MN, and 620 Yankee Doodle Road, Eagan, MN

On August 14th this Minneapolis Industrial development was sold to a private investor, generating a 20.6% IRR and Equity Multiple of 1.6x to Westminster Realty Partners IV LP (WRP IV). The portfolio consists of three, Class A, medium scale, infill, 100% leased, industrial buildings totaling 262,500 SF that opened for occupancy December 2021. In December 2020, WRP IV acquired an 85% joint-venture interest in this development alongside Endeavor Development (15%), a Minneapolis-based development firm that concentrates on industrial facilities throughout the Midwest. WRP IV committed $8,145,000 of equity, with construction financing provided by Bridgewater Bank and Crown Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Residential, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

440 Green Bay Road, Highwood (Chicago's North Shore), IL

On May 19th Station 440 Apartments was sold to HP Ventures Group, generating a 28.7% IRR and Equity Multiple of 1.8x to Westminster Realty Partners IV LP (WRP IV). This 48-unit development was constructed in Highwood, Illinois a North Shore suburb of Chicago. The property opened for occupancy June 2022. At disposition the community was 86% leased. The property features garage parking, a rooftop common area patio, and easy access to the Metra Rail Station and numerous local restaurants. The development benefited from a TIF Agreement with the City of Highwood. In October 2020, WRP IV acquired a 90% joint-venture interest in this development alongside Benchmark Development (10%), a local real estate developer based in Arlington Heights, Illinois. WRP IV committed $3,955,000 of equity, with construction financing provided by Hinsdale Bank & Trust.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Residential, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

3680 Paramount Drive, West Lafayette, IN

Wabash Lofts apartment development is a 240 Unit garden-style development on ±9 acres in West Lafayette, IN, 3 miles north of Purdue University. The investment provides a rare opportunity to invest in a well-conceived ground-up development that is well underway. Site work is completed, as well as the majority of foundation construction. The site benefits from proximity to Purdue’s Discovery Park, a nearby $2.5 billion enterprise development that has created hundreds of high-tech jobs, cutting-edge research facilities, and commercial development anchored by companies such as Rolls-Royce and Schweitzer Engineering. Wabash Lofts will help meet the residential demand of employees, as well as post-graduate students working at or around Discovery Park, which is 8 years into a 30-year master plan. Projected to open Spring 2024, Wabash Lofts will be in prime position for the peak leasing season of Spring & Summer 2024. The investment is a joint-venture of Westminster Realty Partners V LP (WRP V) and The Ridge Group of Muncie, IN. WRP V has committed $10.5 million of equity capital to the development.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Lake Forest, IL

During the year, four properties were sold or refinanced totaling $491,000,000 in value, producing $116,094,000 of distributions with weighted average 34.9% IRR, and 2.8 Equity Multiple. Equity investments of $45,700,000 were placed into apartment, medical office, and build-to-rent single-family residential investments. Mortgage placements and refinancings totaled $455,000,000 for the year.

Entering 2023, Westminster Capital’s portfolios under management total 28 properties that are on target to meet or exceed their established business plans. Demand by tenants and buyers for Westminster Realty Partners property types has slowed but not stopped as interest rates rise and capital markets adjust to the current economic environment. Additional WRP property sales are anticipated to close by the end of 2023 as commercial real estate activity resumes, assuming the Fed achieves its Peak Rate and capital markets adjust and stabilize accordingly. WRP’s targeted metro areas for investment continue to experience strong population growth and low vacancies.

Above: Aventon Annapolis – Annapolis, Maryland – Westminster Realty Partners V LP joint-venture investment to develop a 250 unit Class A apartment building on 3.85 acres in central Annapolis. The community is expected to open for occupancy Spring 2023.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

13621 Lyndhurst Street, Austin, TX

Lakeline Lyndhurst Medical Office Building (MOB) Development is in the final stage of site development approvals. The final scale of the MOB will be determined once pre-leasing discussions with potential tenants are completed and development approvals thereby go final between 45,000 SF to 75,000 SF. Construction is anticipated to commence QII 2023. The site is located next to Austin’s Lakeline Light Rail station which is about 2 miles from Apple’s new regional HQ with 5,000+ employees and less than 5 miles from three hospitals: Texas Children’s Hospital, Dell Children’s Hospital and Seton Ascension Hospital. The investment is owned 80% by Westminster Realty Partners V LP (WRP V) and 20% by The Burt Group.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

355 N. Rosalind Avenue, Orlando, FL

On October 21st Radius Apartments was sold to a California-based, private family office. The property has generated a 38.8% IRR and Equity Multiple of 3.2x to Westminster Realty Partners III LP (WRP III). This 13-story, 389 unit apartment development was constructed on ±1.77 acres in Orlando, Florida opening for occupancy October 2021. At disposition the community was 66% leased. The property features a walk-score of 94, views of Lake Eola, and is near Creative Village, a $1 billion mixed-use, transit-oriented development including the new University of Central Florida medical school. In December 2018, WRP III acquired an 80% joint-venture interest in this development alongside Banner Real Estate Group (20%), a real estate operating company based in Northbrook, Illinois. WRP III committed $15.8 million of equity, with construction financing provided by PNC Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
847-234-2115

40th & Walnut Streets, Denver, CO

River North Art District (“RiNo”) Apartment Development is a 16-story, 359 unit apartment development in Denver, CO. The RiNo submarket is one of the fastest growing areas of Denver and has gained national attention as a top urban neighborhood in the U.S. The submarket is home to more than 70 local and national restaurants, 15 breweries and distilleries, and a 60,000 SF concert hall managed by Live Nation that opened in 2019. The investment is owned by Westminster Realty Partners V LP (WRP V), Uplands Real Estate Partners, and Wynne Yasmer Real Estate. WRP V has committed $5.5 million of equity capital to the development. Construction is anticipated to commence late summer 2023.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
847-234-2115

3191 SW 39th Avenue, Miami, FL

Merrick Parc Apartment Development is a 19-story, 443 unit apartment development with 10,000 SF of retail space for a total of 753,000 GSF in Miami bordering Coral Gables, FL. The development is adjacent to Shops at Merrick Park, a high-end retail center, and 0.3 miles from the Douglas Road Metrorail Station servicing Miami-Dade County. The site is proximate to Miami International Airport, Port of Miami, Miami Beach, and Downtown Miami. Apartment amenities are to include a pool deck and 494 space parking garage. The investment is owned by Westminster Realty Partners V LP (WRP V) with Baron Property Group and MG Developer LLC. WRP V has committed $5.5 million of equity capital to the development. The development is anticipated to commence construction of Phase I Spring 2023.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

8807 Big Bend Road, Riverview (Tampa), FL

Opal Riverview Apartments is a 211 Unit, Class A apartment development consisting of three 4-story, garden-style buildings on ±12.35 acres in Riverview, FL. The development is located 20 miles southeast of downtown Tampa just east of the I-75 and Big Bend Road Interchange adjacent to a large regional medical center. There will be high-end unit finishes with property amenities including a community clubhouse, lounge, pool, grilling hubs, expansive fitness center, 1.2 acre dog park, and a package concierge system. The investment is owned by Westminster Realty Partners V LP (WRP V) in joint-venture with Wingspan Development Group and ABC Capital Corp. WRP V committed $15 million of equity capital to the development. The development is completing pre-development activities and should commence construction QIII 2022.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

3900 Dacoma Street, Houston, TX

On May 18th, Dacoma Apartments was sold to a private buyer. The property generated a 21.7% IRR and an Equity Multiple of 2.0 to Westminster Realty Partners III LP (WRP III). This 4-story, 263 unit apartment development was constructed on ±7 acres in Houston, Texas opening for occupancy May 2020. At disposition the community was 96% leased. Located north of the Highway 290 and Interstate 610 intersection, Dacoma benefits from a 7-year highway widening project improving connectivity throughout the city. In September 2018, WRP III acquired a 90% joint-venture interest in this development alongside Allen Harrison Company (10%), an experienced multifamily developer with projects throughout Texas. WRP III committed $13.7 million of equity, with construction financing provided by Bank of Texas.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

16500 SE 18th, Vancouver, WA

On March 29th, Vancouver Self-Storage was sold for $25 million to an affiliate of SmartStop Self Storage REIT, Inc. The property generated a 43% IRR and an Equity Multiple of 2.7 to Westminster Realty Partners III LP (WRP III). This 4-story, 133,650 SF, 1,134 unit self-storage development constructed on ±1.14 acres in Vancouver, WA, northeast of downtown Portland, OR, was completed March 2020 and was approximately 87% leased at the time of sale. In April 2019, WRP III acquired a 90% joint-venture interest in this development alongside Banner Real Estate Group (10%), an experienced self-storage developer. WRP III committed $4.2 million of equity, with construction financing provided by TCF Bank. Extra Space Storage operated the facility on behalf of the Partnership.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Arlington Heights, IL

Westminster Realty Partners V LP has commenced development of 4North Apartments in Arlington Heights, Illinois. 4North Apartments is a 76-unit, transit-oriented development (TOD), located just blocks from the Arlington Heights Metra train stop. 4North benefits from very few apartments delivered in central Arlington Heights in 20+ years, and next to no new planned supply in the market due to high barriers to obtain approvals for new apartment development. Foundation work is underway, targeting late QI 2023 delivery for occupancy. This is Westminster’s second joint-venture with Benchmark Developers, a Chicago North Shore based developer with more than 30 years of experience and strong record developing TOD specific apartment communities.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

2021 Year in Review

A remarkably productive year for Westminster Capital, from many perspectives: Seven properties were sold totaling $376,000,000 in value, producing $165,000,000 of distributions with weighted average 47.8% IRR, and 3.2 Equity Multiple.  Equity investments of $61.5 million were placed into apartment, industrial/distribution, and self-storage investments. Mortgage placements and refinancings totaled $566 million for the year. On December 31, 2021, Westminster Realty Partners V LP closed for Capital Commitments at $135,000,000.

Entering 2022, the Westminster Capital portfolios under management total 25 properties with an expected value of ±$745,000,000 at maturity. Sustained demand by tenants and buyers for Westminster Realty Partners property types provides excellent, risk-adjusted return investment opportunities, as well as excellent sales prospects for the 10 WRP properties projected for sale in 2022.  WRP’s targeted metro areas for investment continue to experience strong population and job growth, low vacancies, and rising rents.

Above: Aventon Annapolis – Annapolis, Maryland – Westminster Realty Partners V LP joint-venture investment to develop a 250 unit Class A apartment building on 3.85 acres in central Annapolis.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

New Berlin, WI

On December 17th, New Berlin II was sold to STAG Industrial Holdings for $23.98 million, or $124/SF. The property generated a 119.8% IRR and an Equity Multiple of 3.0 to Westminster Realty Partners III LP (WRP III) over 20 months. The development consists of one mid-scale industrial/distribution building totaling 192,800 SF. The building is 100% leased to three tenants. Built by Briohn Building Corporation, the building has a 32-foot clear height, ESFR sprinklers, trailer storage, composite pre-cast walls, and high-quality finishes. It was owned 100% by WRP III. Associated Bank provided construction financing.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Plymouth, MN

On December 10th, Trillium Woods Life Plan Community was sold to an affiliate of LCS. This community consists of 209 Independent Living Units on 45.7 acres in Plymouth (Northwest suburban Minneapolis), Minnesota. Trillium Woods offers a continuum of life care and resort-like amenities focused on active lifestyles and the overall well-being of seniors. Amenities include a clubhouse, a fitness center, spa and massage therapy services, and an indoor pool. The Independent Living Units range from apartments to duplex-style garden homes. The Birches at Trillium Woods Health Center provides long-term health care, skilled nursing, memory care, and a rehabilitation center. The LPC was owned by a joint-venture partnership of Westminster Fund VII LP (29.75%), Westminster CCRC Investors LP (55.25%), and Life Care Companies LLC (15%). For additional information about the community please visit:  www.TrilliumWoodsLCS.com.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Raleigh-Durham, NC

On September 28th, Patriot Park II was sold to LaSalle Investment Management for $66.75 million, or $178/SF. The property generated a 92% IRR and an Equity Multiple of 2.8 to Westminster Realty Partners III LP (WRP III) over 24 months. The development consists of two Class A, mid-scale industrial/distribution buildings totaling 375,000 RSF owned in joint-venture between WRP III and Strategic Capital Partners (SCP). The buildings include quality finishes, 30 foot clear heights, LED high-bay lighting, and ESFR sprinklers. The buildings are leased to pharmaceutical manufacturers for 15 years. Patriot Park II is in close proximity to Research Triangle Park in a new industrial park alongside IBM’s and Toshiba’s regional offices. Westminster and SCP oversaw the development process, leasing and marketing efforts, and the sale of the asset. Construction financing provided by First Horizon Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

2939 Pilot Knob Road, Mendota Heights, MN - 9501 Louisiana Avenue, Brooklyn Park, MN - Highway 149 & Yankee Doodle Road, Eagan, MN

The Minneapolis Industrial portfolio consists of three Class A, medium scale, infill industrial buildings totaling 262,500 SF being developed by a joint-venture between Westminster Realty Partners IV LP and Endeavor Development, a Minneapolis-based development firm that concentrates on industrial product throughout the Midwest. Construction on all three buildings commenced in early 2021 and is on time and on budget. Completion of Louisiana Avenue and Pilot Knob are scheduled in late-September/early-October and Yankee Doodle in December. Tenant demand has been strong, as the portfolio is 51% pre-leased and brokerage is in discussions with prospects interested for all of the remaining space. Construction financing is being provided by Bridgewater Bank & Crown Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

2555 Riva Drive, Annapolis, MD

Aventon Annapolis is a 250 Unit, Class A apartment development on ±3.85 acres in Annapolis, Maryland. Demolition of existing office buildings begins this month, and construction is scheduled to commence QIII 2021. Completion is expected QIV 2022/QI 2023. The property is located minutes from downtown Annapolis, the U.S. Naval Academy, and access to Chesapeake Bay waterfront. There are high barriers to entry with no other projects under development in the immediate area. The investment is owned by Westminster Realty Partners V LP in joint-venture with Aventon Companies LLC, Westminster’s second joint-venture with Aventon. The Annapolis joint-venture commenced operations June 2nd.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

7655 Kit Creek Road, Cary (Raleigh), NC

Aventon Kit Creek is a 300 Unit, Class A apartment development on 16 acres in Suburban Raleigh, North Carolina. The joint-venture was closed May 6th and construction is scheduled to commence QIII 2021 with completion anticipated QIII 2022. The site is located adjacent to Research Triangle Park and is less than 2.0 miles from where Apple plans to build an East Coast Software Engineering campus expected to employ approximately 3,000 engineers and support personnel.  The investment is owned by Westminster Realty Partners IV LP in joint-venture with Aventon Companies LLC. First Citizens will provide construction financing.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1 billion of investor capital.  Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns.  Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties.  Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

728 East Pleasant Street, Milwaukee, WI

St. Rita Square is a 6-story, 118 unit Senior Living Community developed on 1.1 acres in downtown Milwaukee, Wisconsin that opened in 2020. The property is owned by Westminster Realty Partners III LP in joint-venture with Capri Communities. Capri is an experienced senior living owner/operator in Wisconsin with whom Westminster has joint ventured other senior living communities. Recently, St. Rita’s won Best New Healthcare Development at the Milwaukee Business Journal’s 2021 Real Estate Awards. Earlier this year, the property received Argentum’s 2020 senior living design award. The property has been embraced by the Milwaukee community, in part through the joint venture’s reconstruction of St. Rita’s Catholic Church on a corner of the building site as part of the transaction for site acquisition. Pepper Construction served as the General Contractor, with AG Architecture as Project Architect.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1 billion of investor capital.  Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office, Self-Storage, and Senior Living properties offering Value-Add to Opportunistic risk-reward returns.  Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular growth in their needs for such properties.  Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Commenced Operations February 9, 2021 - $81,000,000 of Capital Commitments to Date - Final Closing for Commitments Mid-March 2021

Westminster Realty Partners V LP (WRP V) continues the productive “Secular Rivers” investment strategy building properties needed by the growing, evolving American economy, including:

  • Industrial/Distribution buildings required by accelerating growth of E-Commerce/Logistics
  • Apartments needed in cities experiencing population and job growth
  • Medical office buildings, senior living, and self-storage facilities in thriving metropolitan areas.

WRP V seeks to generate an IRR net to investors of 14% or greater, after costs and GP incentive compensation. Final Closing of the Fund for Capital Commitments March 2021. WRP V is the fifteenth commingled fund sponsored by Westminster Capital, deploying more than $1.0 billion of private investor equity into diversified, risk-managed commercial real estate portfolios.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1 billion of investor capital.  Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns.  Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties.  Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

16500 SE 18th Street, Vancouver, WA

Vancouver Self-Storage is a 4-story, 133,650 SF, 1,132 unit self-storage development constructed on ±1.13 acres in Vancouver, WA, northeast of downtown Portland, OR that commenced leasing March 2020 and was 38.5% leased by early December. The property is the only climate-controlled storage facility in the submarket. Westminster Realty Partners III LP acquired a 90% joint-venture interest in this development alongside Banner Real Estate Group (10%), an experienced self-storage developer. Westminster Realty Partners III LP committed $4.2 million of equity, with construction financing provided by TCF Bank. Extra Space Storage operates the facility.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Northeast Corner of I-94 and Hwy 16, Pewaukee, WI

Pewaukee Industrial is a 218,000 SF, Class A industrial building development on 42.7 acres in West Suburban Milwaukee. The property was acquired November 2nd and construction is scheduled to commence Spring 2021 with completion anticipated QIV 2021. The state-of-the-art industrial building will consist of high-quality finishes, 32-foot clear heights, ESFR sprinklers, and ample car & trailer parking. The property is located in the Waukesha County submarket with a 1.8% vacancy rate. Westminster Realty Partners IV LP owns 100% of the development. Briohn Building Corporation has been contracted to design and construct the building. Cushman & Wakefield/Boerke is engaged as the leasing agent.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Glenwillow, Ohio

On October 9th, Victory Commerce Center was sold to Investcorp, a global alternative investments manager, for $50.05 million, or $115/SF. The property generated a 59% IRR and an Equity Multiple of 2.8 to Westminster Realty Partners II LP over 28 months. The 434,000 SF industrial/distribution building was developed by Westminster and constructed by GEIS, a premier design/build company headquartered in Cleveland. Lake Forest Bank & Trust Company provided the construction financing. Victory Commerce Center is 100% leased to Amazon as a mission-critical delivery station.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

3900 Dacoma Street, Houston, TX

Dacoma Apartments is a 4-story, 263 unit apartment development constructed on ±7 acres in Houston, Texas.  Initial units were opened for occupancy May 16th. As of mid-September community lease-up was on pace with 106 units, 40% leased.  Located north of the Highway 290 and Interstate 610 intersection, the property benefits from a 7-year highway widening project improving connectivity throughout the city. Westminster Realty Partners III LP acquired a 90% joint-venture interest in this development alongside Allen Harrison Company (10%), an experienced multifamily developer with projects throughout Texas. Westminster Realty Partners III LP committed $13.7 million of equity, with construction financing provided by Bank of Texas. For additional information about the community visit www.TheDacoma.com.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

7110 Tree Lane, Madison, WI

Vista West is a 5-story, 174 unit Senior Living infill development now under construction on 3 acres in Madison, Wisconsin. Located in the West Side neighborhood about 7 miles West of downtown Madison, Vista West is part of a master-planned redevelopment directly north of West Towne Mall, a notable regional shopping and lifestyle center. Construction completion is expected QIII 2021. Westminster Realty Partners IV LP acquired a 60% joint-venture interest in this development alongside Capri Communities (40%), a prior JV partner and an experienced senior living owner/operator in Wisconsin. Westminster Realty Partners IV LP committed $6.0 million of equity, with construction financing provided by Johnson Bank. Stevens Construction Company is serving as General Contractor.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

4032 Patriot Drive, Durham, NC

Patriot Park II executed a 15-year lease for 100% of Building 3 to a pharmaceutical manufacturer. The development consists of two Class A, mid-scale industrial/distribution buildings totaling 375,000 RSF. It is a joint-venture between Westminster Realty Partners III LP and Strategic Capital Partners (SCP). The buildings include quality finishes, 30 foot clear heights, LED high-bay lighting, and ESFR sprinklers. The site is in close proximity to Research Triangle Park in a new industrial park alongside IBM’s and Toshiba’s regional offices. Phase II is a follow on to Westminster Realty Partners II LP’s joint-venture with SCP to develop Patriot Park I which consisted of two buildings sold September 2019. Westminster and SCP oversee the development process, leasing and marketing efforts, and the sale of the asset. Construction financing provided by First Horizon Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

By Sean Ryan – Reporter, Milwaukee Business Journal June 7, 2020, 7:00pm EDT

Westminster Capital will break ground this month on its second speculative development in New Berlin after securing a $10.5 million construction loan from Associated Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

National Health Investors and Life Care Services

On January 31st, the Timber Ridge Life Plan Community sold for $133.0 million, or $403,000/Independent Living Unit (ILU), to a joint-venture between National Health Investors Inc. (NYSE: NHI) and Life Care Services (LCS). The investment generated a 13% IRR and an Equity Multiple of 5.2 to 1 to Westminster over 16 years which included the Great Recession. The 330 ILU Life Plan Community was a joint-venture partnership among Westminster Fund V LP (68%), Westminster Fund VI LP (17%), and LCS (15%). Constructed in two phases, Timber Ridge is located 17 miles east of downtown Seattle in the foothills of the Cascades. Timber Ridge is over 95% occupied and has 401 units including 330 independent living apartments, 14 assisted living apartments, 12 memory care apartments and 45 skilled nursing beds.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Westminster Capital 2019 Year in Review

Westminster Capital distributed $127.3 million to investors during 2019 across all investment platforms and raised $89.0 million of equity capital for Westminster Realty Partners IV LP (WRP IV) with final closing December 2019. The productive year was highlighted by sales of eleven properties consisting of 540 apartment units, 515,600 SF industrial, 64,000 SF medical office, 2,238 self-storage units, 199,616 SF office and 286 hotel rooms. The weighted average returns for the sale transactions were 26.7% IRR, and 2.1 Equity Multiple, net to the Funds. The acquisitions team closed on the purchase of a portfolio of 4 existing apartment buildings to rehab and 4 development properties consisting of, in total, 527 apartment units, 375,000 SF industrial, 1,132 self-storage units, and 112 senior living units.

Institutional capital appetite remains strong as we enter 2020. Westminster expects several portfolio property sales in 2020 driven by institutional demand for yield. It is also anticipated that creating value will remain manageable, particularly in the Westminster Realty Partners platform focused on the three long-term secular changes that drive occupant demand of Demography/Lifestyles (Work-Live-Play), Technology/E-Commerce/Logistics, and Increasing Urbanization.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

400 Echelon Way, Louisville, Kentucky

On October 24th, Echelon at Middletown apartment development was sold for $38.0 million ($180,900/Unit), generating an 18% IRR and an Equity Multiple of 1.8 to 1 over the 3½ year hold period. This Big House-style, 210 Unit apartment development was constructed on 12.6 acres commencing February 2016 at a total cost of $29.8 million ($142,000/Unit) by a joint-venture partnership of Westminster Realty Partners LP and The Garrett Companies. At disposition the property was 91% leased.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Company Release - 1/7/2020 6:00 AM ET

MURFREESBORO, Tenn.-(BUSINESS WIRE)- National Health Investors, Inc. (NYSE:NHI) announced today that it has signed a definitive agreement with an affiliate of Life Care Services (“LCS”) to form a joint-venture (“NHI-LCS JV”) to own and operate the Timber Ridge at Talus (“Timber Ridge”) continuing care retirement community (“CCRC”). NHI-LCS JV is acquiring Timber Ridge from a joint venture between Westminster Capital and LCS for a purchase price of $133 million exclusive of closing costs which are estimated to be approximately $2.0 million. Timber Ridge is a Type A CCRC in Issaquah, WA and serves the greater Seattle area. The existing campus was originally built in 2008 and an extensive expansion project was completed in 2017 with financing provided by NHI. The community is over 95% occupied and has 401 units including 330 independent living apartments, 14 assisted living apartments, 12 memory care apartments and 45 skilled nursing beds. NHI’s total investment in the NHI-LCS JV is $125 million and will be partially funded with an $81 million first mortgage from NHI representing approximately 60% of the cost. The timing of the closing is contingent on finalizing transaction documents but is expected to close on or around January 31, 2020.

Under the Agreement:

The NHI-LCS JV has agreed to purchase Timber Ridge from the current owner which is a joint-venture between Westminster Capital and LCS. The purchase price is $133 million which excludes $2.0 million in estimated transaction costs;
The NHI-LCS JV consists of two parts including a property company (“PropCo”) and an operating company (“OpCo”). The OpCo will be capitalized with $3.2 million initially;
NHI will own an 80% ownership interest in PropCo and LCS will own a 20% ownership interest;
NHI will own a 25% ownership interest in OpCo and LCS will own a 75% ownership interest;
NHI is contributing $43.2 million to PropCo and $800,000 to OpCo for working capital. NHI has also agreed to provide financing to PropCo in an amount equal to 60% of the purchase price, or $81 million, at an interest rate of 5.75%. This financing includes the $60 million note NHI originally funded in 2015;
LCS is contributing $10.8 million to PropCo and $2.4 million to OpCo for working capital;
PropCo will lease the community to OpCo under a triple net lease with an initial cash yield of 6.75%. The lease has a 7-year initial term with two 5-year renewal options. The escalators will be CPI-based with a floor of 1.75% and a ceiling of 2.25%;
NHI is providing a $5 million line of credit to OpCo for working capital needs.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

4050 Patriot Drive, Durham, North Carolina

Patriot Park Phase I industrial buildings were sold September 16th to Blackstone’s Link Industrial Properties for $31.2 million, generating a 38.6% IRR and an Equity Multiple of 1.8 gross to Westminster Realty Partners II LP. These state-of-the-art industrial buildings complement other portfolio industrial buildings owned by Link in the Raleigh-Durham market. Built in joint-venture with Strategic Capital Partners, the certificates of occupancy were received in January 2019 and became 82% leased by two tenants: 103,000 SF to National Tire Wholesale (Carroll Tire) and 160,000 SF to PBM Graphics (RR Donnelly).

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D.Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Sale of Maple Grove Office Building

On August 29th, the Maple Grove Office Building was sold to Syndicated Equities, generating a gross 20.4% IRR and an Equity Multiple of 1.9. This highly functional property with state-of-the-art building systems and frontage on I-494 was acquired by Westminster Realty Partners LP in an off-market transaction as a vacant building in April 2015, well below replacement cost. In early 2019, St. Jude Medical, LLC leased the entire building for an eleven-year term guaranteed by Abbott Laboratories (NYSE: ABT). Completion of tenant improvement construction is anticipated November 2019. Avery Ticer of Cushman & Wakefield and David Marschinke of CBRE led the marketing efforts for the building.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Sale of Newport Heights Medical Center

On August 5th, the Newport Heights Medical Center development was sold for $50.5 million ($789/SF), generating gross to the Fund a 24% IRR and an Equity Multiple of 2.6 over the four-year development period. Shell construction of these two medical office buildings totaling 64,000 SF on 3.05 acres in Newport Beach was completed in 2017. Both 2-story buildings are 100% leased in this desirable Orange County infill location. University of California Irvine Health is the anchor tenant for the property leasing all of Building One. The investment was owned by a joint-venture partnership of Westminster Realty Partners LP and Real Estate Development Associates.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest ,IL 60045
847-234-1123
Fax 847-234-2115

Sale of Caliber at Cornerstar Apartments

On July 10th, the Caliber at Cornerstar apartment development was sold for $40.75 million ($291,000/unit), generating a 49% IRR and an Equity Multiple of 2.2 to 1 over the two-year hold period. Construction of this 140 unit apartment development on 4.55 acres in Cherry Hills School District in suburban Denver began June 2017 and was completed January 2019. It consists of three 4-story apartment buildings that were 57% leased at the end of QI 2019. It was owned by a joint-venture partnership of Westminster Realty Partners II LP and The Garrett Companies.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $973 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Valeo Groupe Americas & Westminster Capital Announce Vineyard Senior Living 112-bed Community

(CHARLOTTE, NC JULY 8, 2019) Valeo Groupe Americas (Valeo) and Westminster Capital (Westminster) announced today that they are breaking ground on Vineyard Johns Creek located at 10565 Medlock Bridge Road in Johns Creek, Georgia. The 112 unit personalized living residence servicing the senior community of Johns Creek will open in the fall of 2020. “The residents of Johns Creek and their families will now have access to the latest in personalized living for senior housing,” said Kevin Suite, the President and Chief Operating Officer of Valeo Senior.

This unique new property not only boasts larger personalized living spaces designed for today’s modern senior, but will contain a spa, wellness area, courtyard, several dining areas as well as integrating industry-leading advanced smart technology throughout the building as a part of Valeo’s focus to evolve the senior living experience.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

2121 Central St., 1601 Walnut St. & 1004 Baltimore Ave., Kansas City, Missouri

KC Loft Apartments is a portfolio of three existing, value-add historic apartment buildings totaling 335 units to be renovated in Kansas City, Missouri. Two buildings are located in Central Kansas City in the Crossroads District and one in the Library District with all three in close proximity of Kansas City Streetcar line stops, providing train service to the greater Kansas City area, as well as ease of access to major roadways including I-670 and I-35. The buildings were constructed between 1899 and 1923 and converted to loft style apartments in the early 2000s. Common area renovations will include upgraded fitness centers, lobbies, foyers, and the addition of package lockers. Individual unit updates will include upgraded kitchens, appliances, cabinets, flooring and lighting. Westminster Realty Partners III LP acquired a joint-venture interest in this portfolio alongside Artisan Capital Group, a Chicago-based apartment owner-operator.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D.Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Maple Grove Office Building 100% Leased

The Maple Grove Office Building has been 100% leased to St. Jude Medical, LLC for an eleven-year term. The lease is guaranteed by St. Jude Medical’s parent, Abbott Laboratories (NYSE: ABT), and will commence January 2020. St. Jude will take possession of the building to begin tenant improvement work in May 2019.

This Class A, state-of-the-art 97,388 SF suburban office building in Maple Grove, MN, a northwest suburb of Minneapolis, contains a rare combination of high-demand amenities such as building signage along Interstate 494, ten-foot ceilings, backup and uninterruptable power systems, on-site cafeteria, outdoor patio, twin truck-high loading docks, locker rooms & showers, data center facilities, and abundant parking. Developed by the Ryan Companies in 2005 as a build-to-suit for The Hartford Fire Insurance Company, the property was acquired by Westminster Realty Partners LP in April 2015 below replacement cost. MB Financial provides the mortgage financing.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

16250 West Woods Edge Road, New Berlin, Wisconsin

The New Berlin Industrial Development has been 100% leased to ECM Industries LLC, a local manufacturer and distributor of electrical supplies for the construction, maintenance and landscaping industries. Tenant improvements are being completed for a mid-February 2019 occupancy. The building will serve as a mission-critical facility for ECM with its executive offices and primary distribution center to be housed under one roof.

This Class A, state-of-the-art, 192,800 SF industrial building development in New Berlin, Wisconsin, a southwestern suburb of Milwaukee, was designed and built by Briohn Building Corporation. The building has 30 foot clear heights, ESFR sprinklers, trailer storage, and high-quality finishes. It is owned by Westminster Realty Partners II LP. CIBC provided construction financing.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com.
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Phoenix, Arizona

On December 21st, Sagewood Life Plan Community closed on a $180 million construction financing for Phase 2 as well as refinancing of the entire community provided by National Health Investors (NYSE: NHI). Serving the greater Phoenix/Scottsdale area, Sagewood currently consists of 316 Independent Living Units, 44 Assisted Living Units, 28 Memory Care Units and 78 Skilled Nursing Beds. The existing Independent Units approached 100% occupancy in 2018. The loan provided by NHI will fund the construction of Phase 2 expansion consisting of 101 Independent Living Units that are 96% pre-sold. Groundbreaking is planned for January 2019.

Sagewood LPC is a joint-venture partnership among Westminster Fund VI LP (11.5%), Westminster CCRC Investors LP (39.5%), Westminster CCRC Investors II LP (34%), and Life Care Services LLC (15%). The community is located at 4555 East Mayo Boulevard, Phoenix, Arizona just west of Scottsdale, 2 miles from Mayo Clinic Arizona. For additional information about the community visit www.SagewoodLCS.com.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Radius Apartments Development

Radius Apartments is a 13-story, 389 unit apartment development in the north side of the central business district of Orlando, Florida. The site features a walk-score of 94, views of Lake Eola, and is near Creative Village, a $1 billion mixed-use, transit-oriented development including the new University of Central Florida medical school. Westminster Realty Partners III LP acquired a joint-venture interest in this development alongside Banner Real Estate Group, a fully integrated real estate operating company based in Northbrook, Illinois. The construction financing is being provided by PNC Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@westminstercapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

1701 Ball Park Road, Kissimmee (Orlando), Florida

Sage Park consists of a 3-story Class A assisted living and memory care building containing 128 senior living units developed on 3.36 acres in Kissimmee, Florida. The property is located off John Young Parkway with easy access to Florida Turnpike, FL-417, and Interstate 4. Within a 1-mile radius is 1.0+ million SF of retail and 2,000 apartment units. Westminster Realty Partners II LP owns a joint-venture interest in this development alongside Providence One, an experienced regional senior living developer, and Watercrest Senior Living, a Florida based operator. Westminster Realty Partners II LP committed $8.6 million of equity, with construction financing provided by Renasant Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Northeast Corner of Van Buren & Pleasant Streets Milwaukee, Wisconsin

St. Rita Square is a 6-story, 118 unit Senior Living development on 1.1 acres in downtown Milwaukee, Wisconsin. This location is in the immediate vicinity of grocery, retail, restaurants, public transportation and health care facilities. The property will benefit from limited competition as the only new Class A rental Independent Living, Assisted Living, and Memory Care facility in the submarket. Westminster Realty Partners III LP acquired a 49.7% joint-venture interest in this development alongside Capri Communities (50.3%), a prior JV partner and an experienced senior living owner/operator in Wisconsin. Westminster Realty Partners III LP committed $4.9 million of equity, with construction financing provided by Park Bank. Pepper Construction, of Barrington, Illinois, is serving as the General Contractor.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

16775 West Lake Houston Parkway, Humble (Houston), Texas

On July 30th, the Echelon at West Lake Houston apartment development was sold for $44.8 million ($160,000/unit), generating a 19.3% IRR and an Equity Multiple of 1.7 to 1 over the three-year hold period. The purchaser was a private equity firm based in Kansas City. Construction of this 280 unit apartment development on 16.8 acres in northeast Houston began June 2015 and was completed May 2017. At the end of QII 2018 the property was 94% leased. It was owned by a joint-venture partnership of Westminster Realty Partners LP and The Garrett Companies.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

43500 Victory Parkway, Glenwillow (Cleveland), Ohio

Westminster Realty Partners II LP has acquired a 29.9 acre parcel in Glenwillow, OH and commenced development of a 434,000 SF Class A, multi-tenant industrial distribution/manufacturing building. Glenwillow is a southeastern suburb of Cleveland with industrial vacancy below 2%. The building will have 32’ clear heights, LED high-bay lighting, and ESFR sprinklers. GEIS construction company will assist in city approvals, architectural services, and construct the building. JLL will act as leasing agent. Westminster Realty Partners II LP committed $9.3 million of equity, with construction financing provided by Lake Forest Bank & Trust Company.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

6051 South Moorland Road, New Berlin, Wisconsin

Westminster Realty Partners II LP has commenced development of a 192,800 SF Class A, state-of-the-art industrial building in New Berlin, Wisconsin, a southwestern suburb of Milwaukee. The building will have 30 foot clear heights, ESFR sprinklers, trailer storage, and quality finishes. The land was acquired May 15th and a formal groundbreaking ceremony was held June 5th. Briohn Building Corporation has been engaged to design and construct the building. Cushman & Wakefield will act as leasing agent. Westminster Realty Partners II LP has committed $3.9 million of equity, with construction financing provided by CIBC.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

$80,000,000 of Capital Commitments Spring 2018

Westminster Realty Partners III LP (WRP III) continues the investment strategy and portfolio diversifications of Westminster Realty Partners LP and Westminster Realty Partners II LP through investing in three long-term, secular trends driving demand for new apartments, industrial/distribution, senior living, and medical office buildings. These societal trends are typically referred to as: Demography/Lifestyles (Work-Live-Play), E-Commerce/Logistics, and increasing Urbanization. The Fund Managers seek to generate a Net IRR to investors of 15% or greater, after fees, costs, and GP incentive compensation.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $828 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com.
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Sale of Williams-Sonoma Furniture Facility

In December 2017, this property housing Williams-Sonoma’s principal furniture assembly and distribution in the Southeast U.S. was sold for $22.4 million, generating a 20.3% IRR and an Equity Multiple of 2.4 to 1 over the six year hold. Upon acquisition August 2011, on favorable terms during the economic recession, the 411,714 SF “Big-box” distribution and light manufacturing building was 100% leased to Williams-Sonoma. A lease extension to October 2025 was executed in 2017 by this high-credit quality tenant. The property was owned 100% by Westminster Fund VIII LP.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of initial investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

1051 West Rand Road, Arlington Heights, Illinois

In December 2017, Westminster Realty Partners II LP closed on the acquisition of 1051 West Rand Road, Arlington Heights, Illinois, a 100% leased, 32,244 SF, Class A medical office building and an adjacent land parcel entitled for a new, 32,244 SF medical office building development. A majority of the existing building is leased to Northwest Community Hospital (NCH), the leading healthcare provider in this market. In February 2018, NCH executed a 10-year lease for 50% of the new building. Arlington Heights is located 25 miles northwest of Chicago’s downtown. The lack of quality, Class A medical office space, and barriers to entry, coupled with significant demand drivers in healthcare provide a positive environment for this new medical office development. Construction of the new building will commence QII 2018.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

West Bend, Wisconsin

In August 2017, Roundy’s West Bend retail building was sold for $18,187,000. The investment generated a 16.0% IRR and an Equity Multiple of 2.3 to 1 over the seven year hold. Upon acquisition December 2010, the 63,160 SF property was 100% leased for 20 years to Roundy’s Supermarkets, Inc., which was acquired by Kroger (NYSE: KR) in December 2015 enhancing the investment’s credit quality. In QI 2017, the store was remodeled and rearranged to bring it in line with Kroger’s corporate model. Later, Kroger executed a full guaranty of the lease in exchange for landlord contributing 25% to their $2 million of leasehold improvements. The property was owned 50% by Westminster Fund VII LP and 50% by Westminster Fund VIII LP.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Raleigh-Durham, North Carolina

Westminster Realty Partners II LP has committed $6.3 million of equity capital to develop two Class A, mid-scale industrial/distribution buildings in joint-venture with Strategic Capital Partners. The portfolio will consist of 322,800 RSF, with quality finishes, 30 foot clear heights, LED high-bay lighting, and ESFR sprinklers. The site is in close proximity to Research Triangle Park in a new industrial park alongside IBM’s and Toshiba’s regional offices. Local industrial/distribution Class A submarket vacancy is below 3.2% and the unemployment rate is 3.8%. Westminster Capital and Strategic Capital Partners will oversee the development process, leasing and marketing efforts, and the sale of the asset. This is the second collaboration between the two firms. Construction financing to be provided by First Tennessee Bank.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

16775 West Lake Houston Parkway, Houston, Texas

Construction of Echelon at West Lake Houston apartments was completed May 2017. Consisting of 280 units on 16.8 acres in Houston, Texas, the property has a total of 139 units, or 50%, already leased. The community offers extensive amenities including: resident lounge and business center, resort-inspired pool and spa with cabanas, fitness center with yoga studio, gaming and recreation room, coffee bar, barbecue grilling stations, and an off-leash pet park. The individual apartments are The Big House® design of Humphreys & Partners Architects with upscale amenities including: stainless steel appliances, granite countertops, tile backsplashes, wood-style plank flooring, expansive walk-in closets, oversized soaking tubs, personal balconies and patios, 9’ ceilings, in-home washers and dryers, and attached garages. The property is owned by a joint-venture partnership of Westminster Realty Partners LP and The Garrett Companies. For additional information about the community please visit: www.EchelonatWestLake.com.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

South Suburban Charleston, South Carolina

Westminster Realty Partners II LP has committed $5.5 million to develop three Class A, climate controlled self-storage facilities in joint-venture with Miller-Valentine and Coldwell Banker Commercial Atlantic (CBCA). Each self-storage building will consist of 66,750 RSF, with institutional quality finishes, state-of-the-art security systems, commercial-grade climate control systems, and elevators with 4,500 lb. capacity. The first building is ideally located in fast growing Goose Creek, South Carolina lying between a Wal-Mart and two apartment complexes. Moreover, there are 11 apartment complexes within a 3 mile radius. Westminster Capital, Miller-Valentine, and CBCA will work together throughout the development and stabilization of the property to optimize construction time, costs, and profits. Extra Space Storage will oversee lease-up and property management. Construction financing will be provided by Bank of North Carolina.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

9800 South Meridian Boulevard, Englewood, Colorado

In December 2016, Gateway Plaza at Meridian was sold for $21,550,000 to Felton Properties of Portland, Oregon. The investment generated a 16.1% IRR and an Equity Multiple of 1.8 to 1 over the six year hold. At acquisition the four-story, Class A office building was 50% leased. Common area enhancements were made to the building which, combined with active leasing, increased the occupancy to 96% at sale. Englewood is located in the Southeast submarket of Denver and for 2016 recorded the highest annual investment sales volume post-recession. This submarket has vacancy rates near historic lows due to steady demand from both large and small users. The property was 100% owned by LW Fund A LP.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Phoenix, Arizona

On November 23rd, Sagewood Life Plan Community closed on a $107,652,000 refinancing of the existing mortgage and construction financing for community expansion provided by Bank of America as lead lender. The expansion of Sagewood consists of 24 higher-end casita and townhome Independent Living Units, 44 Assisted Living Units, and an auditorium. To date, 15 of the 24 casitas have been presold. Construction began in December. Sagewood is currently 96% occupied.

Sagewood LPC is a joint-venture partnership among Westminster Fund VI LP (11.5%), Westminster CCRC Investors LP (39.5%), Westminster CCRC Investors II LP (34%), and Life Care Services LLC (15%). The community is located at 4555 East Mayo Boulevard, Phoenix, Arizona just west of Scottsdale, 1.25 miles from Mayo Clinic Arizona. For additional information about the community visit www.SagewoodLCS.com.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

Issaquah, Washington

In October, the Timber Ridge Life Plan Community of 329 Independent Living Units (ILUs) opened Phase II for resident move-ins. Phase II consists of 145 ILUs, 26 Assisted Living Units, and 9 Skilled Nursing Facility Beds. Prior to opening, 122 of the 145 ILUs, or 84%, were presold. Phase I consisting of 184 ILUs and 36 Skilled Nursing Facility Beds is 98% occupied.

Timber Ridge LPC is a joint-venture partnership among Westminster Fund V LP (68%), Westminster Fund VI LP (17%), and Life Care Services LLC (15%). The community is located 17 miles east of downtown Seattle.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling approximately $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115

9250 Red Rock Road, Reno, Nevada

Red Rock 200 industrial/distribution building located in Reno, Nevada is now 83% leased to two tenants. Alltrade Tools, a designer and manufacturer of automotive shop tools and equipment, leased 93,500 SF for a ten-year lease term. Cimpress N.V., a manufacturer of high volume, customized printed materials and apparel, leased 72,750 SF for a seven-year lease term. Tenant improvements are underway and both leases are expected to commence in late-November/early-December. Jones Lang LaSalle has been engaged to market the property for sale with a disposition anticipated in early QI 2017. With a location allowing overnight delivery to 11 western states and 62 million people, the Reno industrial market has experienced record-setting growth in recent years, bolstered in no small way by the Tesla Motors Gigafactory, which when fully built will exceed 10 million SF. Red Rock 200 is owned by Westminster Realty Partners LP.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling approximately $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

For additional information, please contact Stuart D. Lansing at
SLansing@WestminsterCapitalLLC.com
Westminster Capital
270 Westminster - Suite 300
Lake Forest, IL 60045
847-234-1123
Fax 847-234-2115