In this episode of The Distribution by Juniper Square, Brandon Sedloff sat down with Wes Whitman, Co-Founder and Co-Managing Partner of Whitman Peterson. Since 2010, Whitman has overseen the firm’s investment in more than 200 transactions involving 300+ assets, representing more than $25 billion of total capitalization. Prior to the formation of Whitman Peterson, Wes was a Managing Director and Principal at Greystar.

The two discussed many things, including Whitman’s definition of a GP-aligned investment model, what makes a real estate operator valuable, and which sectors Whitman Peterson currently targets.

In many real estate deals, Whitman explains that as much as 90% of the capital comes from large JV equity sources (e.g., insurance companies or institutional investors), while 10% is required from the operating partner as GP capital. For operators scaling rapidly, that 10% can be a limiting factor, as the same capital is also needed to invest in infrastructure, technology, and talent to sustain growth.

Whitman Peterson’s GP-aligned investment mode provides GP capital at the asset level, allowing for deal-by-deal flexibility while ensuring operational control for the partners. As Whitman says, “The reason why we call it GP-aligned investing is that our model has never been about just providing GP capital. If we can form strategic GP partnerships, we can leverage the full ecosystem of opportunities.” This approach supports scalability and operational independence, giving operators flexibility and Whitman Peterson deal-by-deal oversight, ensuring strategic alignment and long-term growth potential.

According to Whitman, enterprise value is defined by several core components: diversified revenue streams, substantial technology investments, and operational scale. As he says, the platforms that “are establishing that broad base, not only geographically, but by business line—those become very, very valuable businesses.”

Whitman also notes that mid-sized operators face unique challenges in achieving profitability at scale, and may require consolidation or partnerships to remain competitive. As the industry consolidates, he predicts that larger platforms with the resources to invest in technology and operations infrastructure will gain an edge, enhancing both their enterprise value and profitability in the long run. “You're seeing some of the biggest global private equity funds try to vertically integrate—either establishing their own operating platforms or buying operating platforms and rolling them in. I think you'll continue to see that because of the value it not only creates at the opco level, but the value that those businesses can create in real estate, both in the scale of the pipelines and the profitability of the assets themselves.”

Whitman Peterson’s alternative living sector strategies are designed to meet specific, underserved housing needs across different stages of life. Whitman explains, “if you think about the life cycle of the renter, your first apartment is maybe a student apartment, right? Once you graduate from college and you're finding those first apartments, a lot of multifamily was built at the luxury end of the range. The price points have gotten so high that people are paying such a big part of their overall paycheck to live in an apartment that it's becoming unsustainable…” With the current housing shortage, Whitman is committed to building product that the “fat part of the bell curve needs.” To supports renters as they age, Whitman Peterson has also developed a partnership with Greystar and Carlisle to build the largest “active adult” platform in the country.

As an extension of affordable rental housing, Whitman Peterson also targets short-stay apartments that cater to contract professionals and travelers who need flexible, high-quality accommodations for 60–90-day stays. This sector fills the gap between traditional hotels and long-term leases, offering a unique solution for traveling nurses, consultants, and other professionals in temporary assignments.