The funds management team is comprised of experienced professionals with unique insight, knowledge and expertise in LIHTC funds management, institutional reporting requirements, investment return, and benefits analysis and tax planning for LIHTC related issues.
Our long history of strategic, deep value investing and expertise in property operations and partnership restructuring provides a strong basis for us to create value, and is central to our investment management approach.
Funds management services include:
- Investor reporting and analysis conforming to all generally accepted LIHTC industry standards
- Annual tax benefits analyses, forecasting and investment return analysis
- Ad-hoc reporting of fund and property performance tailored to individual investor’s needs
Our asset managers specialize in affordable multifamily real estate asset management. Our history, track record, and focus on LIHTC properties, and our position within the LIHTC industry, aligns our interests with those of our investors and allows us to address our clients’ needs while minimizing risks and maximizing their returns.
Our asset managers are seasoned multifamily real estate professionals who have experience with all facets of multifamily operations, including property operations, property restructurings and repositioning, underwriting and due diligence, investor reporting and asset dispositions.
Aggressive oversight, extensive analysis and planning, combined with seasoned operational expertise, provide industry defining results on our properties, and for our investors.
Our services include:
- In depth property performance analysis
- Critical data review and partnership monitoring
- Financial, audit, tax and compliance reporting
- Risk management and insurance compliance
- Strategy and market analysis
- Property workout and recapitalization
- Disposition analysis and execution
We only manage properties that we own, or that are affiliated with our institutional funds. Through our wholly owned affiliate, Westlake Housing, we take a hands on approach to managing properties. We employ state of the art technology and exceptional people to improve operating performance, maintain the asset, and ensure compliance with all lender, regulatory and LIHTC agreements. Staffed by professionals with years of LIHTC experience, Westlake monitors and audits compliance with all aspects of Section 42 of the Internal Revenue Code, as well as HUD, state and federal housing guidelines, and many other housing programs.
We specialize in repositioning underperforming LIHTC properties as a replacement general partner; a multi-step process that begins with thorough due diligence in order to develop a customized strategy for each property. Westlake identifies trends and sensitivities in the rental market to maximize rents in accordance with LIHTC restrictions, aggressively manages operating expenses, conducts comprehensive compliance reviews, and develops and implements capital improvement plans to address physical issues. Westlake also employs a comprehensive review of management and operations to identify inefficiencies and opportunities to enhance NOI, and, when feasible, will work with lenders to restructure debt. Once stabilized, Westlake asset managers provide proactive oversight in order to maximize performance for the remainder of the investment period. Westlake also has relationships with nonprofit organizations, and on many occasions has successfully inserted a nonprofit entity into the ownership structure in order to obtain a real estate tax exemption.
We can provide oversight of LIHTC portfolios that we do not manage through our direct representation of institutional tax credit investors. By aligning our interests with those of our investors, we are well positioned to advocate for long term, return based results that LIHTC syndicators are not structured, incentivized, or staffed to provide. We strive to differentiate ourselves by providing an alternative approach to ongoing tax credit portfolio management. Because we do not syndicate tax credits, we are solely focused on the long term management of tax credit equity investments for our investors. Having been an owner and manager of affordable properties since 1992, Wentwood has deep roots in effective real estate investment. Given its long history in affordable property operations, Wentwood is accustomed to making the hard choices required to restructure distressed or at risk properties to preserve investor benefits; and we are prepared to have difficult discussions with other fund managers regarding their funds’ performance.
Our services include:
|Investor Agent||We take on the responsibility for all limited partner contact with the various syndicators, monitoring delivery of and providing analysis of standardized reports, tax returns and audits.|
Limited Partner Rights
|We research and enforce the terms of the various funds’ Limited Partnership Agreements (LPAs), which includes collection and database posting of historical property and partnership data, financial and audit review of partnership and property financials, in depth analysis of all lower tier partnership documents, analysis of all limited partner consent requests, site due diligence, and tax credit compliance reviews. We have collected millions of dollars in receivables and/or settlement funds for our investor clients, and have protected them against significant recapture or loss of tax credits.|
and Valuation Analysis
|Wentwood constantly monitors the value and performance of its clients’ LIHTC funds and the underlying properties. We provide analysis of property funding requests, make funding decisions and review syndicator proposed property sales, so our clients can make informed decisions for lower tier asset activities that will favorably impact fund performance.|
Property and Fund Investing
Wentwood has acquired managing interests in 47 tax credit funds which own affordable multifamily properties with capitalization in excess of $7 billion. In addition, Wentwood affiliates have acquired over 50 individual LIHTC properties nationwide since 2001. Westlake Housing is also an active buyer of affordable multifamily properties throughout the country. Westlake has discretionary equity capital and strong relationships with various lenders that allow for competitive pricing and quick closing of acceptable acquisitions. Our team has the practical underwriting and acquisitions experience both to acquire individual tax credit properties as well as tax credit funds. Wentwood has the track record and resources to close LIHTC transactions, large and small.
Wentwood is actively seeking acquisition or representation opportunities in the following areas:
- LIHTC fund portfolios / General Partner interests in LIHTC funds
- Limited partnership interests in LIHTC funds
- General partner interests in LIHTC properties
- Limited partner interests in LIHTC properties
- Fee simple interests in post compliance LIHTC properties
- General partner interests in troubled or at risk LIHTC properties during the credit period
- Distressed or at risk first mortgage debt secured by LIHTC properties
- Third party asset and funds management contracts
- Corporate LIHTC investor representation and portfolio management