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

  • 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 15% to 20% IRRs over 7 to 10 years

  • Same objectives, structure, and criteria for all eight Westminster Funds

  • Ten year LP life - 25 years for CCRCs
  • 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. 8 to 10 years for CCRCs

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

  • General partner compensation 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
  • SOLD: Montgomery Square - Montgomeryville, Pennsylvania - 394,000 SF Power shopping center and 24 acres of land for residential and commercial development. The Fund's interest in these assets was sold August 3, 2002 to the project's joint-venture partner for $53,000,000, generating $12,409,000 to the Fund, net of project debt. During the 70 months it was owned by the Fund, Montgomery Square generated distributable cash flow equal to 215% of the Fund's invested equity in the property and 119% of the Fund's total equity capital.

  • SOLD: 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.

  • 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.

  • SOLD: 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.
↑ Return to Summary of Funds


Westminster Fund II LP
  • SOLD: 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%.

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

  • SOLD: 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.

  • Vicinia Development - Austin, Texas - Single-family residential housing community development for the construction and sale of approximately 700 affordable single-family homes.
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Westminster Fund III LP
  • SOLD: 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: The Palladium - Orlando, Florida - Three-story, 72,278 SF, suburban office building.

  • SOLD: 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%.

  • SOLD: 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: Manufactured Housing Portfolio II - Southwest U.S. - Three communities comprising 330 sites in Texas and Colorado.

  • SOLD (7 of 9 Properties): 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, and the MOB located in Illinois was sold December 2009.

  • 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.
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Westminster Fund IV LP
  • 3000 Corporate Exchange - Columbus, Ohio - 157,687 SF multi-tenant office building in northeast suburban Columbus.

  • SOLD: 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 (7 of 9 Properties): 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, and the MOB located in Illinois was sold December 2009.

  • 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.

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

  • 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.

  • 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.

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

  • Timber Ridge Continuing Care Retirement Community - Issaquah (east suburban Seattle), Washington - A 301 Independent Living Unit CCRC development with Phase I completed and occupied, owned in co-investment with Fund VI - 80% Fund V, 20% Fund VI.

  • Roll & Hold Industrial Buildings - Macedonia (Cleveland), Ohio - 140,300 SF industrial/distribution facility SOLD: Indianapolis, Indiana industrial/distribution facility of 139,200 SF on long-term net lease to Roll & Hold, acquired July 2003 and sold December 2006 for $6.1 million generating a return of 107% of the equity in both buildings, and an IRR of 35% from the Indiana property.

  • 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.

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

  • SOLD: 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.

  • 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.

  • Knoxville Office Portfolio - Knoxville, Tennessee - 136,417 SF portfolio consisting of a 40,693 SF Class A suburban office building and a 95,724 SF office-flex park comprised of four single-story buildings, owned in co-investment with Fund VI - 50% Fund V, 50% Fund VI.

  • 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.

  • Knoxville Office Portfolio - Knoxville, Tennessee - 136,417 SF, portfolio consisting of 40,693 SF Class A suburban office building and a 95,724 SF office-flex park comprised of four single-story buildings, owned in co-investment with Fund V - 50% Fund V, 50% Fund VI.

  • Sagewood at Desert Ridge Continuing Care Retirement Community - Phoenix, Arizona - A 950 Independent Living Unit CCRC under construction 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 301 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.

  • Rider Trail South Office Building - St. Louis, Missouri - 96,495 SF, Class A, single-tenant office building, 100% leased to Sara Lee Corporation.

  • 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.

  • Metro Milwaukee Office Portfolio - Metropolitan Milwaukee, Wisconsin - 328,719 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.

  • NASA Town Center - 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 - 328,719 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.

  • 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 - 25% Fund VII, 75% CCRC Fund I.

  • 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% Fund VII, 80% 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.

  • NASA Town Center - 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 100% leased to three tenants.

  • 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 Select Hotel with attached 400 space parking garage, owned in co-investment with Fund VIII - 50% Fund VII, 50% Fund VIII.
↑ Return to Summary of Funds


Westminster Fund VIII LP
  • Holiday Inn Downtown - Knoxville, Tennessee - 286 room Holiday Inn Select Hotel with attached 400 space parking garage, owned in co-investment with Fund VII - 50% Fund VII, 50% Fund VIII.
↑ 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 under construction on Mayo Boulevard, owned in co-investment with Fund VI and CCRC Fund II - 15% Fund VI, 52.5% CCRC Fund I, 32.5% 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 Fund VII - 25% Fund VII, 75% CCRC Fund I.

  • 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 Fund VII - 20% Fund VII, 80% CCRC Fund I.

  • 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.
↑ 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 under construction 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.

  • 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.

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