The Firm’s hands-on, active portfolio management post-acquisition has served to differentiate our investment performance since inception. Our Investment team focuses on high selectivity and leveraging the deep knowledge of our internal verticals in evaluating new acquisitions and remains deeply involved in the execution of the underwritten business plans and asset management through disposition, which informs our decision making and allows us to react quickly to changing market conditions.
Wheelock has an extensive track record of delivering on our principles of an intellectually honest investment process, selectivity, hands-on management, and capital preservation. Below are select examples of our realized investments across asset classes which highlight our deep operational and management capabilities and our proven ability to drive outperformance.
In Early 2015, Wheelock completed the sale of 3,400 acres of residential land across four master planned communities that were acquired individually between 2010 and 2013. The communities benefited from award-winning marketing plans under our direction and were substantially improved during Wheelock’s holding period. The rolled-up sale was a validation of Wheelock’s residential land thesis and development expertise.
In January 2016, Wheelock completed the sale of substantially all of the assets from the John Wieland Homes investment to affiliates of Pulte Group, Inc. The company’s assets were acquired by Fund III in 2012 from the founder of the company in a discounted payoff of the corporate debt. The transaction highlighted both: (i) Wheelock’s expertise in land assets (the transaction included ~5,500 lots) and vertical homebuilding industry ability (Wheelock implemented numerous operational improvements to the company during its ownership), and (ii) its ability to execute a complex, corporate transaction (portions of the company’s debt were in the hands of hedge funds and the company was on the steps of bankruptcy at the time of the acquisition).
In early 2018, Wheelock completed the sale of the Renaissance Las Vegas, a 548-key, non-gaming hotel located adjacent to the 3.2 million SF Las Vegas Convention Center that was acquired in July 2015. During Wheelock’s ownership, the property benefited from a $6.6 million ($12K/key) renovation. A combination of more efficient management and optimizing the hotel’s segmentation allowed Wheelock to increase the NOI by over 120% (>$8.7 million) and increase the NOI margin from ~21% to approximately 38%. The sale was a validation of Wheelock’s ability to create value through its in-house hotel expertise in partnership with its hotel management partners.
In Q4 2020 Wheelock completed the sale of a 1.9 million SF Industrial portfolio that was acquired through multiple off-market transactions from 2016 to 2019. During its ownership, Wheelock executed on over 1.0 million SF of leasing and $30.0 million in capital improvements to re-position and stabilize the properties. The successful execution highlighted the value of Wheelock’s regional coverage, and ability to seed and grow platforms through which to execute select and focused strategies.