BACKGROUND AND RECORD


The Westminster Funds background and record reflects a productive history of value-oriented real estate investing. Please view the Summary of Funds for specifics.

  • Organized 1995 - Investing in 1996

  • Purpose: Lower cost, better risk-adjusted real estate investing for private portfolio and private foundation investors

  • Targeting: 10% to 15% cash yields over life-of-Fund and 14% to 20% IRRs over 4 to 8 years

  • Ten year limited partnership life
  • Employee members of each Fund's GP LLC

  • The general partners and their families have more than $42,000,000 invested in 10 Funds

  • Commitments funded typically over 24 to 36 months with 48 month limit.

  • Fees 50% to 70% of typical real estate funds

  • General partner compensation principally tied to Fund performance


Summary of Funds

Details of the Westminster Funds may be obtained by clicking a Fund heading, below:


Westminster Fund LP
Westminster Fund II LP
Westminster Fund III LP
Westminster Fund IV LP
Westminster Fund V LP
Westminster Fund VI LP
Westminster CCRC Investors LP
Westminster Fund VII LP
Westminster CCRC Investors II LP
Westminster Fund VIII LP 		Start Date
May 1997
August 1998
January 1999
April 2001
February 2003
July 2004
December 2005
November 2006
December 2008
April 2009 		Investor Capital
$17,750,000
$26,775,000
$49,300,000
$40,975,000
$56,740,000
$75,000,000
$104,000,000
$81,250,000
$104,350,000
$43,965,000

Total Investor Equity Capital
 $600,105,000



Summary of Fund Investments

Westminster Fund LP
  • REALIZED: Montgomery Square - Montgomeryville, Pennsylvania - 394,000 SF Power shopping center and 24 acres of land for residential and commercial development. Sold August 2002

  • REALIZED: CCMC Center - Colorado Springs, Colorado - 120,090 SF Class-A, build-to-suit office building 100% net-leased to California Casualty Management Company (CCMC), a privately-owned insurance company of investment grade credit stature.
    • Sold June 2008

  • Canyon Springs - Riverside, California - A ±7.5 acre site, for development into multi-family housing. The site is adjacent to the growing University of California at Riverside.

  • REALIZED: Manufactured Housing Portfolio I - West and Southwest U.S. - Five communities comprising 838 sites in Colorado, Missouri, and Texas, in co-investment with Fund II - 30% Fund I, 70% Fund II. Sold September 2006 thru December 2008
↑ Return to Summary of Funds


Westminster Fund II LP
  • REALIZED: Texas Office Portfolio - Twenty percent ownership of three institutional quality, multi-tenant office buildings in Texas comprising 674,000 SF in co-investment with Fund III. Over the approximately 40 month life of the investment, total cash distributions generated 173% of Fund II's equity investment in the buildings for an IRR of 18%.
    • Sold March 2003

  • Riverside Plaza - Riverside, California - 481,233 SF, 35 acre shopping center.

  • REALIZED: Manufactured Housing Portfolio I - West and Southwest U.S. - Five communities comprising 838 sites in Colorado, Missouri, and Texas, in co-investment with Fund I - 70% Fund II, 30% Fund I.
    • Sold September 2006 thru December 2008

  • Vicinia Development - Austin, Texas - Single-family residential housing community development for the construction and sale of approximately 700 affordable single-family homes.
↑ Return to Summary of Funds


Westminster Fund III LP
  • REALIZED: Texas Office Portfolio - One O'Connor Plaza, Victoria, Texas, a 12-story, 167,000 SF, multi-tenant office building. Wells Fargo Plaza, El Paso, Texas, a 22-story, 315,000 SF, multi-tenant office building. 1500 City West Boulevard, Houston, a 10-story, 192,000 SF office building.
    • Sold March 2005 thru December 2011

  • REALIZED: The Palladium - Orlando, Florida - Three-story, 72,278 SF, suburban office building.
    • Sold November 2007

  • REALIZED: 4300 Centerview - San Antonio, Texas - Four-story, 93,299 SF, office building in San Antonio, Texas, 100% leased to Providian Bancorp Services. This single tenant facility was sold July 2005 for $9.8 million generating an IRR of 26.5%.

  • REALIZED: Self-Storage Portfolio - 76 self-storage centers, primarily located in the states of Colorado, Georgia, North Carolina, and Texas, comprising 20,930 units totaling 2,427,019 SF owned in co-investment with Fund IV - 60% Fund III, 40% Fund IV.
    • Sold September 2007

  • REALIZED: Manufactured Housing Portfolio II - Southwest U.S. - Three communities comprising 330 sites in Texas and Colorado.
    • Sold November 2007 thru October 2008

  • REALIZED: Medical Office Building Portfolio - Nine buildings comprising 117,109 SF in Michigan, Ohio, California, Texas, Florida and Illinois, owned in co-investment with Fund IV - 50% Fund III, 50% Fund IV. The six renal centers in the portfolio were sold December 2007, the MOB located in Illinois was sold December 2009, the MOB located in California was sold July 2010, and the surgical center in Texas was sold in June 2011.

  • Continuing Care Retirement Community Portfolio - StoneRidge CCRC, a 270 Independent Living Unit CCRC in Stonington/Mystic, Connecticut with all three Phases completed. And The Heritage at Brentwood CCRC, a 338 Independent Living Unit CCRC development with Phases I and II completed and occupied in Brentwood (Nashville), Tennessee, owned in co-investment with Fund IV - 55% Fund III, 45% Fund IV.
↑ Return to Summary of Funds


Westminster Fund IV LP
  • 3000 Corporate Exchange - Columbus, Ohio - 160,181 SF multi-tenant office building in northeast suburban Columbus.

  • REALIZED: Self-Storage Portfolio - 76 self-storage centers, primarily located in the states of Colorado, Georgia, North Carolina, and Texas, comprised of 20,930 units totaling 2,427,019 SF owned in co-investment with Fund III - 60% Fund III, 40% Fund IV.
    • Sold September 2007

  • REALIZED: Medical Office Building Portfolio - Nine buildings comprising 117,109 SF in Michigan, Ohio, California, Texas, Florida and Illinois, owned in co-investment with Fund III - 50% Fund III, 50% Fund IV. The six renal centers in the portfolio were sold December 2007, the MOB located in Illinois was sold December 2009, the MOB located in California was sold July 2010, and the surgical center in Texas was sold in June 2011.

  • Continuing Care Retirement Community Portfolio - StoneRidge CCRC, a 270 Independent Living Unit CCRC in Stonington/Mystic, Connecticut with all three Phases completed. And The Heritage at Brentwood CCRC, a 338 Independent Living Unit CCRC development with Phases I and II completed and occupied in Brentwood (Nashville), Tennessee, owned in co-investment with Fund III - 45% Fund IV, 55% Fund III.

  • Westchase Place - Houston, Texas - Six-story, 151,461 SF office building owned in co-investment with Fund V - 60% Fund IV, 40% Fund V.

  • REALIZED: Landmark Center - Indianapolis, Indiana - 300,280 SF office building owned in co-investment with Fund V - 60% Fund IV, 40% Fund V.
    • Sold October 2007

  • REALIZED: Midwest Airlines Corporate Headquarters - Oak Creek (Milwaukee), Wisconsin - Two Class A office buildings comprising 120,883 SF, 100% leased to Midwest Airlines, owned in co-investment with Fund V - 50% Fund IV, 50% Fund V.
    • Sold May 2010

  • Mt. Clemens Medical Office Portfolio - NE Suburban Detroit, Michigan - Three medical office buildings located in northeast suburban Detroit comprising 98,165 SF.
↑ Return to Summary of Funds


Westminster Fund V LP
  • Westchase Place - Houston, Texas - Six-story, 151,461 SF office building owned in co-investment with Fund IV - 60% Fund IV, 40% Fund V.

  • REALIZED: Landmark Center - Indianapolis, Indiana - 300,280 SF office building owned in co-investment with Fund IV - 60% Fund IV, 40% Fund V.
    • Sold October 2007

  • Timber Ridge Continuing Care Retirement Community - Issaquah (east suburban Seattle), Washington - A 329 Independent Living Unit CCRC development with Phase I completed and occupied, owned in co-investment with Fund VI - 80% Fund V, 20% Fund VI.

  • REALIZED: Roll & Hold Industrial Buildings - Macedonia (Cleveland), Ohio - 140,300 SF industrial/distribution facility sold July 2010 and Indianapolis, Indiana industrial/distribution facility of 139,200 SF sold December 2006.  Both properties were on long-term net leases to Roll & Hold.

  • REALIZED: Midwest Airlines Corporate Headquarters - Oak Creek (Milwaukee), Wisconsin - Two Class A office buildings comprising 120,883 SF, 100% leased to Midwest Airlines, owned in co-investment with Fund IV - 50% Fund IV, 50% Fund V. Sold May 2010

  • Tech Center II - Colorado Springs, Colorado - A four-story, Class A, 146,200 SF office building in north suburban Colorado Springs.

  • REALIZED: Self-Storage Portfolio II - Seven self-storage centers, located in Tulsa, Oklahoma & Marietta (northwest suburban Atlanta), Georgia comprising 3,311 units totaling 394,748 SF.
    • Sold September 2007

  • Campau Square Plaza - Grand Rapids, Michigan - Twelve-story, Class A, 177,040 SF office building located downtown, owned in co-investment with Fund VI - 60% Fund V, 40% Fund VI.

  • Standard Federal Building - South Bend, Indiana - Four-story, Class A, 63,880 SF office building located downtown.

  • Northeast Business Center - Indianapolis, Indiana - 522,358 SF commercial park comprised of nine one-story office/warehouse buildings located on I-69 corridor owned in co-investment with Fund VI - 30% Fund V, 70% Fund VI.

  • REALIZED (1 of 2 Properties): Knoxville Office Portfolio - Knoxville, Tennessee - 136,417 SF portfolio consisting of Regency Business Center a 95,724 SF office-flex park comprised of four single-story buildings, and Advantage Place a 40,693 SF Class A suburban office building, owned in co-investment with Fund VI - 50% Fund V, 50% Fund VI. Advantage Place was sold January 2012.

  • Arlington - Highway 91 Development - Riverside, California - 5.56 acre retail development for LA Fitness and in-line retail.
↑ Return to Summary of Funds


Westminster Fund VI LP
  • Campau Square Plaza - Grand Rapids, Michigan - Twelve-story, Class A, 177,040 SF office building located downtown, owned in co-investment with Fund V - 60% Fund V, 40% Fund VI.

  • Northeast Business Center - Indianapolis, Indiana - 522,358 SF commercial park comprised of nine one-story office/warehouse buildings located on I-69 corridor owned in co-investment with Fund V - 30% Fund V, 70% Fund VI.

  • REALIZED (1 of 2 Properties): Knoxville Office Portfolio - Knoxville, Tennessee - 136,417 SF portfolio consisting of Regency Business Center a 95,724 SF office-flex park comprised of four single-story buildings, and Advantage Place a 40,693 SF Class A suburban office building, owned in co-investment with Fund V - 50% Fund V, 50% Fund VI. Advantage Place was sold January 2012.

  • Sagewood at Desert Ridge Continuing Care Retirement Community - Phoenix, Arizona - A 950 Independent Living Unit CCRC development on Mayo Boulevard, owned in co-investment with CCRC Fund I and CCRC Fund II - 15% Fund VI, 52.5% CCRC Fund I, 32.5% CCRC Fund II.

  • Timber Ridge Continuing Care Retirement Community - Issaquah (east suburban Seattle), Washington - A 329 Independent Living Unit CCRC development with Phase I completed and occupied, owned in co-investment with Fund V - 80% Fund V, 20% Fund VI.

  • One & Two Penn Mark Plaza - Carmel, Indiana - 239,546 SF portfolio of adjoining buildings consisting of One Penn Mark, a 145,041 SF, Class A, eight-story suburban office building and Two Penn Mark, a 94,505 SF, Class A, five-story suburban office building.

  • Gateway Business Center - Brookfield (Milwaukee), Wisconsin - 72,510 SF portfolio of two single-story office/flex buildings located in the best submarket in Milwaukee.

  • REALIZED: Rider Trail South Office Building - St. Louis, Missouri - 96,495 SF, Class A, single-tenant office building.
    • Disposed July 2011

  • REALIZED: Two Centre Square and Parking Garage - Knoxville, Tennessee - 91,426 SF, Class A office building and a four-and-a-half story parking garage known as the Hilton Parking Garage located downtown.
    • Sold January 2012

  • Metro Milwaukee Office Portfolio - Metropolitan Milwaukee, Wisconsin - 329,214 SF portfolio of seven office and office/flex properties owned in co-investment with Fund VII - 50% Fund VI, 50% Fund VII.

  • Palmer-Donavin Building - Columbus, Ohio - 250,000 SF, single-tenant, state-of-the-art bulk warehouse/distribution building.

  • Nassau Bay Town Square - Nassau Bay (south suburban Houston), Texas - A 27 acre mixed-use development in Nassau Bay, Texas across from the main entrance to NASA's Johnson Space Center. 60% owned by The Westminster Funds - 50% Fund VI, 50% Fund VII - and 40% by Griffin Partners, Inc., Houston, TX.

  • Northchase Parkway - Marietta, Georgia - 85,037 SF multi-tenant office building located in northwest suburban Atlanta.

  • PrimeCenter at Northridge - Westminster, Colorado - 124,945 SF, Class A office building located in close proximity to Westminster Center, owned in co-investment with Fund VII - 70% Fund VI, 30% Fund VII.

  • 150 Stephenson Highway - Troy, Michigan - 103,253 SF, Class A single-tenant office building leased to Valeo, Inc., owned in co-investment with Fund VII - 60% Fund VI, 40% Fund VII.
↑ Return to Summary of Funds


Westminster Fund VII LP
  • Metro Milwaukee Office Portfolio - Metropolitan Milwaukee, Wisconsin - 329,214 SF portfolio of seven office and office/flex properties owned in co-investment with Fund VI - 50% Fund VI, 50% Fund VII.

  • Trillium Woods Continuing Care Retirement Community - Plymouth (west suburban Minneapolis), Minnesota - A ±341 Independent Living Unit CCRC in pre-development on 45.7 acres, owned in co-investment with CCRC Fund I - 35% Fund VII, 65% CCRC Fund I.

  • Westminster Center - Westminster, Colorado - 65,707 SF, single-story, office building located 15 miles north of downtown Denver. The facility was built in 2001 and is 100% leased to Alliance Data Systems.

  • Nassau Bay Town Square - Nassau Bay (south suburban Houston), Texas - A 27 acre mixed-use development in Nassau Bay, Texas across from the main entrance to NASA's Johnson Space Center. 60% owned by The Westminster Funds - 50% Fund VI, 50% Fund VII - and 40% by Griffin Partners, Inc., Houston, TX.

  • PrimeCenter at Northridge - Westminster, Colorado - 124,945 SF, Class A office building located in close proximity to Westminster Center, owned in co-investment with Fund VI - 70% Fund VI, 30% Fund VII.

  • 150 Stephenson Highway - Troy, Michigan - 103,253 SF, Class A single-tenant office building leased to Valeo, Inc., owned in co-investment with Fund VI - 60% Fund VI, 40% Fund VII.

  • 1431 Centerpoint Boulevard - Knoxville, Tennessee - 71,660 SF, Class A office building

  • 4410 North 132nd Street - Butler, Wisconsin - 99,416 SF, bulk warehouse/distribution building built 1998, 100% leased to three tenants.

  • 600 & 650 Perry Road - Plainfield (southwest Indianapolis), Indiana - Two modern bulk distribution facilities totaling 1,133,566 SF, built in 2005 and 2006.

  • 4700 Ironwood Drive - Franklin (Milwaukee), Wisconsin - 123,200 SF industrial building, built 1998, 100% leased to General ThermoDynamics.

  • 225 Transfer Drive - Indianapolis, Indiana - 177,600 SF, medium-scale distribution/industrial building completed in 2007 on a build-to-suit basis for Genco, Inc.

  • Holiday Inn Downtown - Knoxville, Tennessee - 286 room Holiday Inn Hotel with attached 400 space parking garage, owned in co-investment with Fund VIII - 50% Fund VII, 50% Fund VIII.

  • Ventura Westside Renaissance - Ventura, California - 27.5 acre, entitled land parcel with a vested, tentative tract map allowing for construction of apartments and homes. 24% owned by The Westminster Funds - 50% Fund VII, 50% Fund VIII - and 76% by a joint-venture partner.

  • Tallus Ranch - Bakersfield, California - 175 finished lots in the gated community of Tallus Ranch, 24% owned by The Westminster Funds - 50% Fund VII, 50% Fund VIII - and 76% by a joint-venture partner.

  • 3775-3779 Trueman Court - Hilliard (Columbus), Ohio - 24,836 SF, modern medical office building 100% leased to two users.

  • Brandywine Professional Building - Fayetteville (Atlanta), Georgia - 30,023 SF, two-story office building, built in 2007 and 100% leased to William Carter Company, owned in co-investment with Fund VIII - 50% Fund VII, 50% Fund VIII.

  • Roundy's West Bend - West Bend (north suburban Milwaukee), Wisconsin - 63,160 SF grocery store 100% leased to Roundy's Supermarkets, Inc. on a 20-year lease expiring in 2030, owned in co-investment with Fund VIII - 50% Fund VII, 50% Fund VIII.
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Westminster Fund VIII LP
  • Holiday Inn Downtown - Knoxville, Tennessee - 286 room Holiday Inn Hotel with attached 400 space parking garage, owned in co-investment with Fund VII - 50% Fund VII, 50% Fund VIII.

  • Ventura Westside Renaissance - Ventura, California - 27.5 acre, entitled land parcel with a vested, tentative tract map allowing for construction of apartments and homes. 24% owned by The Westminster Funds - 50% Fund VII, 50% Fund VIII - and 76% by a joint-venture partner.

  • Tallus Ranch - Bakersfield, California - 175 finished lots in the gated community of Tallus Ranch, 24% owned by The Westminster Funds - 50% Fund VII, 50% Fund VIII - and 76% by a joint-venture partner.

  • Brandywine Professional Building - Fayetteville (Atlanta), Georgia - 30,023 SF, two-story office building, built in 2007 and 100% leased to William Carter Company, owned in co-investment with Fund VII - 50% Fund VII, 50% Fund VIII.

  • Roundy's West Bend - West Bend (north suburban Milwaukee), Wisconsin - 63,160 SF grocery store 100% leased to Roundy's Supermarkets, Inc. on a 20-year lease expiring in 2030, owned in co-investment with Fund VII - 50% Fund VII, 50% Fund VIII.

  • One Lytle Place - Cincinnati, Ohio - 25-story high rise apartment project consisting of 231 units, owned 75% Fund VIII and 25% by a joint-venture partner.

  • Williams-Sonoma Industrial Facility - Claremont, North Carolina - 411,714 SF, institutional-grade, distribution and light manufacturing facility 100% leased to Williams-Sonoma.
↑ Return to Summary of Funds


Westminster CCRC Investors LP
  • Sagewood at Desert Ridge Continuing Care Retirement Community - Phoenix, Arizona - A 950 Independent Living Unit CCRC development on Mayo Boulevard, owned in co-investment with Fund VI and CCRC Fund II - 15% Fund VI, 52.5% CCRC Fund I, 32.5% CCRC Fund II.

  • Trillium Woods Continuing Care Retirement Community - Plymouth (west suburban Minneapolis), Minnesota - A ±341 Independent Living Unit CCRC in pre-development on 45.7 acres, owned in co-investment with Fund VII - 35% Fund VII, 65% CCRC Fund I.

  • Siena Lakes Continuing Care Retirement Community - Naples, Florida - A ±340 Independent Living Unit CCRC in pre-development on 29 acres, owned in co-investment with CCRC Fund II - 45% CCRC Fund I, 55% CCRC Fund II.

  • REALIZED: Persimmon Hill Continuing Care Retirement Community - Roseville (north suburban Sacramento), California - A ±420 Independent Living Unit CCRC in pre-development, owned in co-investment with CCRC Fund II - 20% CCRC Fund I, 80% CCRC Fund II.
    • Disposed December 2011

  • Wyndemere Continuing Care Retirement Community - Wheaton (suburban Chicago), Illinois - A 238 Independent Living Unit CCRC, owned in co-investment with CCRC Fund II - 60% CCRC Fund I, 40% CCRC Fund II.

  • Life Care Companies LLC Private Placement - A 6.8% equity placement into Life Care Companies LLC, the Funds' joint-venture partner for CCRC development and operation, completed June 2010 for financial and strategic purposes in view of the substantial activities of LCS-Westminster. Owned in co-investment with CCRC Fund II - 50% CCRC Fund I, 50% CCRC Fund II.

  • St. Catherine Commons - Kenosha, Wisconsin - Senior housing community comprised of 184 existing Independent Living Units (ILU), with 60 Assisted Living Units (ALU) under development. Owned through a joint-venture 48.5% CCRC Fund I, 48.5% Capri Communities, and 3% Hebron House.
↑ Return to Summary of Funds


Westminster CCRC Investors II LP
  • Sagewood at Desert Ridge Continuing Care Retirement Community - Phoenix, Arizona - A 950 Independent Living Unit CCRC development on Mayo Boulevard, owned in co-investment with Fund VI and CCRC Fund I - 15% Fund VI, 52.5% CCRC Fund I, 32.5% Fund II.

  • Siena Lakes Continuing Care Retirement Community - Naples, Florida - A ±340 Independent Living Unit CCRC in pre-development on 29 acres, owned in co-investment with CCRC Fund I - 45% CCRC Fund I, 55% CCRC Fund II.

  • REALIZED: Persimmon Hill Continuing Care Retirement Community - Roseville (north suburban Sacramento), California - A ±420 Independent Living Unit CCRC in pre-development, owned in co-investment with CCRC Fund I - 20% CCRC Fund I, 80% CCRC Fund II.
    • Disposed December 2011

  • Wyndemere Continuing Care Retirement Community - Wheaton (suburban Chicago), Illinois - A 238 Independent Living Unit CCRC, owned in co-investment with CCRC Fund I - 60% CCRC Fund I, 40% CCRC Fund II.

  • Life Care Companies LLC Private Placement - A 6.8% equity placement into Life Care Companies LLC, the Funds' joint-venture partner for CCRC development and operation, completed June 2010 for financial and strategic purposes in view of the substantial activities of LCS-Westminster. Owned in co-investment with CCRC Fund I - 50% CCRC Fund I, 50% CCRC Fund II.

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