Minnesota Student Housing Sidecar webinar - october 2025
On this webinar, Wellings Capital Founder Paul Moore is joined by Managing Partner Benjamin Kahle, Managing Director, Investments Troy Zsofka, and Director of Investor Relations Matt Epstein.
The Q&A portion begins at 31:04.
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Timestamps
00:00 – Welcome, Introduction, and Disclaimer
00:43 – Meet the Leadership Team
01:37 – Wellings Capital at a Glance
01:48 – November 1963 Story
03:02 – Buffett’s Contrarian Move
03:48 – Howard Marks Quote
04:25 – What Did Warren Do?
05:06 – Why Add JV Hybrid Equity?
06:12 – Why a Sidecar?
07:00 – Minnesota Student Housing Investment Opportunity
07:52 – Why Invest in Student Housing Now?
08:27 – Total Raise for This Investment
08:41 – Investment Overview
09:06 – Operator Team Track Record
09:35 – Investment Highlights
10:11 – Sidecar Terms
10:45 – Capital Stack
12:48 – Student Housing Oversupply
13:41 – University of Minnesota Overview
14:26 – Prior Owner Exiting at a Large Loss
15:41 – Opportunistic “Off-Market” Acquisition
18:00 – Highly Desirable Location
18:14 – UMN Student Housing Portfolio
18:27 – Rent Comps
19:07 – Value-Add Opportunities
19:43 – List of Amenities
19:54 – CapEx Budget
20:02 – Exit Cap Rate Analysis
20:21 – Downside Protection
21:24 – Reasons to Invest in UMN Sidecar
24:29 – Sidecar Terms
25:29 – Preferred Return Terms
25:51 – Our Disciplined Due Diligence Process
26:35 – Asset Management
26:45 – Our Pref/JV Hybrid Equity Deals
26:54 – Our Full-Cycle Investments Snapshot
27:36 – What People Are Saying About Wellings Capital
28:09 – Reasons Not to Invest
28:42 – Next Steps
29:18 – Process and Funding Options
29:40 – Our Mission to Fight Human Trafficking
31:04 – Live Questions & Answers