About the Firm
West End is a privately held real estate investment firm headquartered in Washington, D.C. The firm was founded in 2013 by managing partners Jimmy Barter and Jeff Wainwright. Our primary focus is delivering superior risk-adjusted returns for our investors by applying a long-term, value-oriented approach to real estate investing. Since inception, West End has acquired over $500 million of real estate, including over 4,000 apartment units and nearly 1 million square feet of commercial space.
Preservation of Capital
Our primary goal of maintaining and growing our investors’ long-term wealth necessitates a supreme focus on capital preservation. Using a baseball analogy, we would much rather consistently “hit doubles,” allowing the positive returns to compound over time, than to “swing for the fences” by attempting to generate outsized returns through risky investments that are more susceptible to losses. In doing so, we aim to participate in the upside when things go well, but more importantly, we aim to successfully weather any downturns as the real estate and capital market cycles naturally ebb and flow. Further, we utilize modest leverage and are intently focused on structuring all transactions with ample downside protection.
A “Value Investing” Mindset
We are firm believers in a value-oriented approach to investing, as conceived by Benjamin Graham and later popularized by notable investors such as Warren Buffett (Berkshire Hathaway), Howard Marks (Oaktree), and Seth Klarman (Baupost). As such, we prefer to generate returns by buying below replacement cost, collecting stable recurring cash flow, and directly adding value at the property level. We are highly selective with our investments, enabling us to generate opportunistic returns through an attractive basis, streamlined operational expenses, and strategic renovations. These variables are all largely within our control, as opposed to market forecasts which are impossible to consistently predict.
We are wary of “group think” and prefer to make investments in areas that are out-of-favor, with less competition, and that offer better pricing. Though changes in cycles and investor preferences are impossible to predict, this approach oftentimes results in a more favorable cost basis, with greater upside potential, and added downside protection. Our expertise across several different product types and geographic regions allows us to take advantage of current market conditions, which are continually shifting and presenting new opportunities.
Honesty, Integrity, Transparency
Above all else, we strive to build and maintain good working relationships with our investors, lenders, and third-party partners. These invaluable long-term, mutually beneficial relationships are built upon three intangible qualities: honesty, integrity, and transparency. These three qualities serve as the foundation upon which our firm operates.
West End opportunistically targets a variety of product types, with a current primary focus on older vintage, heavy value-add multifamily communities.
Primarily secondary and tertiary markets throughout the eastern United States, to avoid institutional competition and take advantage of better pricing.
Our target properties typically generate stable, in-place cash flow, offer opportunities to directly add value at the property level, and possess additional long-term upside potential.
We specifically target off-market assets or those that exhibit characteristics making them undesirable for institutional competition.
Typical purchase price ranges from $10 million to $50 million.
Opportunistic return expectations, buffered by conservative leverage and attractive in-place cash flow to mitigate risk.
West End Capital Group is led by managing partners Jimmy Barter and Jeff Wainwright, who founded the company together in 2013. Prior to founding West End, the partners worked together on the acquisition team at Starwood Capital Group, one of the largest real estate private equity firms in the world. Over the course of their careers, Jeff and Jimmy have acquired over 20,000 apartment units and approximately 5.0 million square feet of commercial property, representing over $2.6 billion in transaction volume and approximately $1.0 billion in equity invested. At West End, both Jeff and Jimmy are responsible for all aspects of the business including fundraising, deal sourcing, executing transactions, asset management, and disposition.
James F. Barter, Jr.
Jimmy is a co-founder and Managing Partner of West End Capital Group, involved in all aspects of company leadership including deal sourcing, capitalization, asset management, and other strategic initiatives. Previously, Jimmy was a member of the Starwood Capital Group acquisitions team and also spent several years at Holliday Fenoglio Fowler on the transactional side of the industry. Jimmy received his B.S. in Finance and Marketing from UVA’s McIntire School of Commerce and his MBA from the Darden Graduate School of Business Administration. Jimmy was also a member of the NCAA National Champion Men’s Lacrosse Team at UVA.
Jeff S. Wainwright
Jeff is a co-founder and Managing Partner of West End Capital Group, involved in all aspects of company leadership including deal sourcing, capitalization, asset management, and other strategic initiatives. Previously, Jeff was a Vice President and partner with Starwood Capital Group’s acquisitions team. Prior to Starwood, Jeff worked with Gladstone Capital in its private equity and mezzanine debt group, and began his career as an investment banking analyst in Wells Fargo’s leveraged finance group. Jeff earned an MBA from Columbia Business School and a B.S. in Finance from Virginia Tech.
For more information, please contact West End Capital Group.
© 2021 West End Capital Group. All Rights Reserved.