Whitman Peterson is a private equity real estate firm specializing in opportunistic investments on behalf of institutional investors. Established in 2010, the company focuses on achieving top-tier returns while maintaining a wide margin of safety against underperformance or loss. Their investment strategy emphasizes identifying market opportunities with strong demand-supply fundamentals, investing at attractive valuations, and forming proprietary partnerships with best-in-class real estate operating companies. Since its inception, Whitman Peterson has raised five institutional funds and, through its GP-aligned platform partnerships, invested in acquiring or developing more than 283 properties with an aggregate capitalization exceeding $23 billion. Their portfolio spans major markets in the U.S., the U.K., and Latin America, covering sectors such as multifamily rental housing, industrial/logistics, select-service lodging, outdoor hospitality, and seniors housing.
Key Strategic Focus
Whitman Peterson's strategic focus centers on:
- Sector Selection: Targeting sectors with robust demand fundamentals, including multifamily rental housing (conventional apartments, active adult, student housing, short-term rentals), industrial/logistics, select-service lodging, outdoor hospitality/experiential travel, and seniors housing (independent living, assisted living, memory care).
- Investment Approach: Pursuing investments at various points in the value chain, such as acquisitions versus development, assets versus operating companies, and primary versus secondary markets, depending on market conditions.
- Partnerships: Establishing proprietary platform partnerships with top operating companies in target sectors to leverage their capabilities and create value at the property level.
- Capital Structure: Investing at least a portion of the funds' capital in the GP position of property, portfolio, or fund-level ventures to align interests and enhance returns.
Financials and Funding
As of May 3, 2024, Whitman Peterson managed approximately $1.7 billion in assets under management (AUM) across six private real estate funds. In November 2021, the firm closed its fourth-series real estate fund, Whitman/Peterson Partners IV, LP, with $692 million in commitments, targeting investments in the hospitality, residential, and student housing sectors across the U.S. The firm's funding history reflects a consistent ability to raise substantial capital, demonstrating strong investor confidence and a solid track record in the real estate investment sector.
Pipeline Development
Whitman Peterson's investment pipeline includes:
- Multifamily Rental Housing: Investments in conventional apartments, active adult communities, student housing, and short-term rentals.
- Industrial/Logistics: Development and acquisition of industrial and logistics properties to capitalize on the growing demand for e-commerce and supply chain infrastructure.
- Select-Service Lodging: Investments in select-service hotels to leverage the recovery and growth in the hospitality sector.
- Outdoor Hospitality/Experiential Travel: Development of properties catering to the increasing demand for unique travel experiences and outdoor accommodations.
- Seniors Housing: Development of independent living, assisted living, and memory care communities to address the needs of an aging population.
The firm collaborates with its operating partners to establish disciplined investment processes, oversee operational and capital project execution, and maximize value through strategic capital markets strategies.
Technological Platform and Innovation
Whitman Peterson differentiates itself through:
- Proprietary Partnerships: Forming GP-aligned partnerships with operating platforms that have proven sourcing, repositioning, financing, capital markets, and management capabilities.
- Investment Strategy: Implementing a disciplined investment process that includes identifying target deals, evaluating and executing transactions, and overseeing operational and capital project execution.
- Capital Markets Strategies: Maximizing value through smart capital markets strategies, including strategic financing and disposition decisions.
Leadership Team
Whitman Peterson's leadership team comprises experienced professionals with diverse backgrounds:
- Bob Whitman: Co-Founder & Co-Managing Partner. Bob also serves as the Executive Chair and Chairman of the Board of Directors of FranklinCovey. He has extensive experience in private equity investment and real estate development.
- Wes Whitman: Co-Founder & Co-Managing Partner. Prior to Whitman Peterson, Wes was a Managing Director and Principal at Greystar, where he was responsible for acquisitions, asset management, and leading a large operating team.
- Joel Peterson: Co-Founder. Joel is also the founder of Peterson Partners Inc. and has been on the faculty at the Graduate School of Business at Stanford University since 1992. He has served on numerous public and private boards, including JetBlue Airways.
- Paul Novak: Partner. Paul has over 40 years of experience in hotel development and acquisitions, having worked with companies such as Marriott and the Hampstead Group.
- Jason Johnson: Partner. Jason joined Whitman Peterson in 2012 and has experience in commercial real estate acquisitions, asset management, and portfolio management.
- Vaib Vijayakumar: Partner. Vaib joined the investment team in 2013 and has experience in endowment portfolio management and real estate investments.
- Steve Nunez: Senior Managing Director. Steve is responsible for oversight of the multifamily development, self-storage, and outdoor lodging sectors. He joined Whitman Peterson in 2017.
- Jeff Holmes: Senior Managing Director. Jeff joined Whitman Peterson in 2024 and was previously a Managing Director at GEM Realty Capital, overseeing sourcing and acquisition efforts on the East Coast.
Leadership Changes
In 2024, Jeff Holmes joined Whitman Peterson as a Senior Managing Director. Prior to this, he served as a Managing Director at GEM Realty Capital, where he was responsible for the firm's sourcing and acquisition efforts on the East Coast, as well as overseeing the firm's student housing, manufactured housing, and alternative lodging verticals.
Competitor Profile
Whitman Peterson operates in the competitive private equity real estate sector, focusing on opportunistic investments across various property types. Key competitors include:
- SteeleHarbour Capital Partners: A private equity firm specializing in real estate investments, with a focus on value-add and opportunistic strategies.
- Bayrock Financial and Development: Engages in real estate development and investment, targeting various property sectors.
- HGC Investments Management: Focuses on real estate investment management, offering services across multiple property types.
- Glenmont Capital Management: A private equity firm specializing in real estate investments, with a focus on opportunistic and value-add strategies.
- Emet Capital Management: Engages in real estate investment and development, targeting various property sectors.
These competitors operate in similar markets and may target overlapping investment opportunities, making the competitive landscape dynamic and challenging.
Strategic Collaborations and Partnerships
Whitman Peterson has established several significant partnerships to strengthen its market position and expand capabilities:
- Multifamily, Student Housing, Active Adult: Programmatic global investment partnership, including over 100 property GP investments and an investment in the operating company.
- Experiential Hospitality: Programmatic GP and LP equity partnership for expanding AutoCamp's property footprint globally and an investment in the operating company.
- Select-Service Hotels and Short-Term Rental Housing: Programmatic LP and GP partnership for opportunistic hotel acquisitions and development nationally.
- Student Housing: Programmatic GP and LP capital partnership for national student housing investment and an investment in the operating company.
- Self-Storage: Programmatic GP and LP capital partnership for the development of a national, class-A, institutional-grade portfolio.
- Traditional Seniors Housing: Programmatic GP partnership for the opportunistic development of independent living, assisted living, and memory care communities nationally.
- Industrial/Logistics: Programmatic GP capital partnership for national property expansion and an investment in the operating company.
