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Wheelock Street Capital

a real estate

investment firm.

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About Us

Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes and a desire to get back to hands-on investing. Wheelock has assembled a premier investment and asset management team and produced an over 10-year track record of demonstrated and consistent outperformance over industry benchmarks.  Wheelock’s hybrid investment model has allowed us to create an enhanced strategy built around two overriding philosophies, which have differentiated our firm from mainstream opportunity funds – high selectivity and vertical integration. The Firm was organized to accommodate a varying investment pace based on the prevailing market environment and strictly abides by our philosophy to invest only when opportunities are sufficiently attractive, without any pressure to “get investments on the board.” This structure has also allowed Wheelock to be extremely disciplined around AUM, setting and sticking to self-imposed hard caps for our funds despite consistent excess investor demand.  Since inception, Wheelock has raised seven funds, representing over $4 billion in capital commitments and deployed over $5 billion in total value on behalf of well-known institutional investors.

Wheelock’s Flagship Funds (Funds I-VI) pursue an opportunistic and value-add strategy and target investments in all major property types, across markets where Wheelock can generate above-market risk adjusted returns by investing selectively. In 2019, the Firm held its first close on a new, complementary strategy, the Long Term Value Fund, which will invest in a broad range of high-quality, cash-flowing real estate assets in major domestic markets and submarkets with particularly strong potential for long-term income growth. Our in-house asset level expertise in retail, multifamily, office, hospitality and residential land effectively provide an existing foundation for direct opportunistic and long-term value investing.

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Our Philosophy

Wheelock’s primary goal is the protection and growth of its limited partners’ capital. We seek to achieve this through a disciplined investment approach and thoughtful underwriting. We are a focused firm; our goal is to do fewer things, better. We won’t take on more than we can handle well, despite the promise of greater firm profitability. This allows us to give each investment the attention it requires and to remain accessible to our important relationships at every level of the organization. We invest in asset types and locations we understand through experience, and in situations where the firm’s expertise and relationships provide it a competitive advantage.

Wheelock seeks to align its interests with those of its investors and partners through careful structuring and the co-investment of meaningful amounts of employee capital. In the marketplace, Wheelock looks for likeminded partners who share our investment philosophy and our commitment to integrity. Once identified, we welcome repeat business with trusted partners and intermediaries.

Wheelock invests a significant amount of time and energy in the front end of every investment process. The goal is to significantly reduce the chances that unforeseen events arise during the formal due diligence process. We believe this makes Wheelock a better and more reliable buyer and partner.

Wheelock has recruited a strong team of investment professionals and created an organizational structure which encourages and rewards performance. The absence of rigid hierarchies and a collaborative approach to decision making promote internal debate, foster intellectual honesty and ensure the best ideas are identified, regardless of where they originate. A true partnership structure ties a significant share of compensation to the long term success of the firm and gives employees at all levels a vested interest in Wheelock’s performance.

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Our Strategy

Hybrid model continues to be a competitive advantage

Wheelock’s investment success is predicated on our ability to move among asset classes, and we will continue to build on this structure as the nature of market opportunities evolve and the Firm expands into different investment strategies. The Firm has organized itself to ensure both flexibility and efficiency in our investment process, which combines a hands-on, vertically-integrated approach of investing with the broad experience and structuring skills of our investment team.  Over the last 10 years, we have made a series of adjustments to our investment strategy, all with safety and preservation of capital in mind. When established in 2008, our hospitality and residential vertical were the foundation of our Firm. As the environment changed, we were proactive in diversifying the portfolio and introducing new areas of in-house expertise, while continuing to invest only where we felt we had a competitive advantage.

The Firm has continued to seek alpha through focus, high selectivity, and deeper investment knowledge and through our select internal platforms (or “Verticals”) which are designed to provide the Funds with specialized asset experience and operating capabilities. Wheelock believes that this model provides a competitive advantage in sourcing opportunities, identifying value, and driving operating performance, while allowing the Firm to deploy capital in a targeted, disciplined manner in our two distinct strategies, the Opportunistic/Value-Add Flagship Fund Series and Long Term Value Fund. Wheelock expects to continue to explore the development of new Verticals to target asset classes or markets which we believe have a large and scalable opportunity set, a compelling thesis, and which offer the potential to realize a competitive advantage through vertical integration.

Current verticals include:

Hospitality: Wheelock’s hospitality vertical has been a cornerstone of Wheelock’s investment strategy since the Firm’s inception in 2008.  The vertical is overseen by Patrick Campbell, who previously ran Acquisitions and Asset Management for Highland Hospitality Corporation and has extensive hotel operating experience from his time at Crestline and Bristol Hotels and Resorts.  Wheelock’s success within this vertical includes the direct acquisition of 45 hotels (including two ground-up developments), the execution over $250M in renovations and repositionings across the portfolio, and 10+ years of experience in identifying inefficiencies and undervalued assets during each point of the cycle. Drawing on these achievements, Wheelock’s investment team will continue to pursue selective hospitality investments where we can leverage our expertise and value-add skillset.

Residential Land: Wheelock’s residential land vertical is overseen by Dan Green, who joined the Firm in 2008 after leaving his role as the Head of Land and Acquisitions for the eastern United States at one of the country’s largest homebuilders, KB Homes. Dan and his team have since invested over $400 million in the asset class, mostly during 2009- 2012, when liquidity and market sentiment for land was low and Wheelock was able to capitalize on these conditions, compiling a portfolio of assets with significant discount to sellers’ basis price.  Wheelock has subsequently returned over double this invested capital and attributes this success to adherence to Wheelock’s core principals, including focusing on high quality assets in quality markets, mitigating risk by keeping leverage low, pursuing investments with low carrying costs, and exhaustively seeking opportunities with hidden upside. Despite our past success, excellent access to deal flow and best-in-class team, Wheelock has been less active in the residential land market as our target investments have become scarcer and harder to justify. We will continue to leverage Dan’s experience and relationships into other attractive asset classes until his niche becomes more appealing.

Retail and Office: In late 2016, Wheelock added retail veteran Claude Chandonnet to the investment team. Claude has been in the business of commercial real estate for nearly 26 years with experience in all aspects of retail, office and multi-family acquisitions, operations and development.  Claude previously served as President and CEO of Marx Realty and Improvement Co, where he oversaw and successfully drove value across a diverse portfolio of 70 properties in 18 states. As the retail industry continues to evolve, we have leveraged Claude’s broad retail experience into other mixed-use assets, where an eye for design and strong skillset in lease negotiation have proven to be valuable.  Wheelock’s organizational structure supports this flexibility to move between asset classes, allowing the team to closely navigate disruptions in the retail industry, including the rise in demand for e-commerce and the rapidly changing consumer behavior, and accordingly customize our exposure in the asset class.

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Meet the Team

Wheelock has recruited a strong team of investment professionals.

Click a team member below to view bio:

Merrick “Rick” Kleeman Managing Partner
Jonathan H. Paul Managing Partner
Jeffrey S. Laliberte Partner & Head of Acquisitions
Patrick W. Campbell Principal
Claude T. Chandonnet Principal - Director Retail
Daniel B. Green Principal
James B. Eberhart Principal
Timothy R. Hodes Principal
Lawrence D. Settanni Principal/CFO
Gary Kamin Director/Asset Management
Al Hatfield Director/Asset Management
Evelyn Makarewicz Director/Finance
Hunter Jones Vice President
Elizabeth DeVito Vice President/Finance
Chris Mejia Vice President
Ryan Patton Vice President
Travis Erdman Vice President
Andrew Kelly Associate
Max Heiden Associate
Jack Rogers Associate
Brandon Silver Associate
Lena Duffield Associate
Arabelle Chafé Associate
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In the News

Wheelock Street Capital Acquires Hotel Contessa, a 265 room, all-suite and AAA Four-Diamond luxury hotel located in San Antonio, TX
― November 2020
Wheelock Street Capital Acquire an 86,300 SF Industrial building in Lithia Springs, GA
― September 2020
Wheelock Street Capital and Seyon Group Acquire a 215,000 SF Industrial Portfolio at 10-20 Dan Road in Canton, Massachusetts
― November 2019
Wheelock Street Capital and Mitchell Property Realty partnership acquired a fully leased 250,000 sf. ft. warehouse building in Hialeah, Miami Dade, Florida
― November 2019
Wheelock Street Capital and Sterling Bay partnership successfully refinances the new Hyatt House hotel in the Fulton Market submarket of Chicago
― September 2019
Chateau Elan Winery & Resort Announces Plans for $25 Million Renovation
― April 2019
Trinity Capital Advisors, SLI Capital, and Wheelock Street Capital acquire 1.76 acres in downtown Durham following their recent acquisition of Venable Center
― August 2018
Joint Venture Partnership Closes on 14.7 Acre Industrial Property in Houston, TX
― July 2018
Joint Venture Partnership Closes on 38 Acres in Boca Raton, Florida. New Mixed-Use Development to Break Ground June 2018
― June 2018
Wheelock Street Capital, in partnership with Griffin Partners, acquires Loop Central office complex in Houston, TX
― April 2018
The Seyon Group and Wheelock Street Capital Acquire a 430,000 SF Vacant Warehouse Property in Infill Boston
― March 2018
WHEELOCK STREET CAPITAL ACQUIRES CHARTER OAK APARTMENT COMMUNITY
― February 7, 2018
North Georgia’s Renowned Château Élan Winery & Resort Announces New Owner & Management
― January 2018
Yotel Boston Opens in the City’s Seaport District
― June 2017
Wheelock Street Capital and The Seyon Group form Venture Targeting $300 Million of Industrial Acquisitions
― March 2017
Hudson Valley Property Group, Red Stone and Wheelock Street Capital acquire and preserve 1,009 units of New Jersey affordable housing
― February 2017
Wheelock Street Capital reinvests in the Broomfield, Colorado market with the acquisition of the Westin Westminster Hotel
― February 2017
The Ronto Group and Wheelock Street Capital Buys Prime Downtown Naples Land
― February 2017
Wheelock Street Capital sells Devonshire community in Forney, Texas  
― February 2017
Wheelock Street Capital Acquires 251,060 square foot River East retail and entertainment complex in Chicago’s Streeterville submarket
― June 2016
Wheelock Street Capital and Novaya Real Estate Ventures Purchase Fourteen Property Portfolio
― March 2016
Wheelock sells John Wieland Homes to PulteGroup
― January 2016
WHEELOCK STREET CAPITAL sells select Colorado and Texas land assets to NORTH AMERICA SEKISUI HOUSE
― 2015
NASH AND NEWLAND LAND AN MPC MEGA DEAL
― March 2014
Wheelock Street Capital acquires second master-planned community in Raleigh-Durham metro
― August 2014
Wheelock Street Capital acquires second master‐planned community in Dallas‐Fort Worth metro
― January 2014
Wheelock Street Capital Acquires 547-key Dallas/Addison Marriott Quorum by the Galleria
― December 2013
Wheelock Street Capital Acquires Six Hotel 703-Room Select Service Portfolio
― July 2013
Wheelock Street Capital Buys Prime Downtown Naples Land
― March 2013
Wheelock Street Capital Acquires California and Florida Properties
― January 2013
Wheelock Street Capital acquires 297-room Hilton Houston Westchase
― January 2013
PERE ranks Wheelock Street Capital amongst the top emerging managers
― December 2012
John Wieland Homes and Neighborhoods Announces Transaction with Wheelock Street Capital
― November 2012
Wheelock Street Capital acquires 15 hotels in two separate transactions for an aggregate purchase price of $221million
― September 2012
Wheelock Street Capital Acquires Marriott Pleasanton Hotel in Pleasanton, CA
― August 2012
Wheelock Street Capital Acquires Canyon Falls in Dallas-Fort Worth
― July 2012
Wheelock Streeth Capital holds final closing on first $525 million Commingled Fund
― July 2012
Wheelock Street Capital acquires DoubleTree Suites by Hilton Hotel Houston by the Galleria
― Houston, TX, February 2012
Wheelock Street Capital Acquires Remaining Lots at Anthem Highlands and Anthem Ranch Communities
― Anthem, Colorado, January 2012
Pulte Offloads a Denver Tract to End 2011
Wheelock Capital’s Colorado Buyout Accentuates Larger Strategy
Wheelock Street Capital Acquires Traditions at Heritage in Wake Forest, NC
― Wake Forest, NC, November 2011
Wheelock Street Capital completes acquisition and conversation of the former Renaissance Agoura Hills into the Sheraton Agoura Hills Hotel in Agoura Hills, CA
― Agoura Hills, CA, July 2011
Sheraton Debuts in Agoura Hills, California
Wheelock Street Capital Acquires Terrace View Apartments
― Blacksburg, VA, July 2011
Wheelock Street Capital Acquires Stillwater Ranch in San Antonio, TX
― San Antonio, TX, May 2011
Wheelock Street Capital Acquires Hyatt Westlake Plaza in Thousand Oaks, CA and Courtyard Sand Diego Downtown in San Diego, CA
― CA, May 2011
Wheelock Street Capital Acquires Residential Portion of Randal Park in Orlando, FL
― Greenwich, CT, November 2010
Wheelock Street Capital Acquires the Canyons of Sweetwater, in Austin, TX
― Greenwich, CT, November 2010
(Reuters) Homebuilders hover as Wheelock buys Austin land
― Austin, TX, November 2010
Wheelock Street Capital partners with McGuyer Homebuilders
― Houston, TX, April 2010
Wheelock Street Capital teams up with Houston-based McGuyer Homebuilders
― Houston, TX, April 2011
Wheelock Street Capital Acquires Radisson Hotel next to Mall of America
― Bloomington, MN, April 2010
Wheelock Street Capital provides financing for Ashford Hospitality hotel portfolio
― Dallas, TX, November 2009
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Contact Us

Headquarters

Greenwich Office
660 Steamboat Road, 3rd Floor
Greenwich, CT 06830
P: 203.413.7700

Boston Office
500 Boylston Street 16th Floor
Boston, MA 02116
P: 617.619.3100

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