LightWell Real Estate Partners is a real estate private equity firm and asset manager focused on undermanaged, sub-institutional real estate assets in growth markets across California.
Overview
LightWell’s team combines 50+ years of institutional real estate, private equity, investment banking, brokerage, asset and property management experience from leading firms including CIM Group, JLL, CBRE, Bank of America Merrill Lynch and Ares Management.
LightWell’s integrated investment and property management platform gives us a unique level of data and visibility into the markets and asset types we target. Our in-house property management infrastructure allows us to drive operational efficiencies relative to traditional 3rd party property managers, and aligns incentives with our capital partners.
Our institutional execution capabilities, capital markets and brokerage relationships provide a meaningful competitive advantage with respect to underwriting, sourcing, and capitalizing off-market, opportunistic transactions.
Capabilities
- Acquisitions
- Development
- Asset Management
- Restructuring
- Asset & Portfolio Management
- Property Management
- Leasing
Product Types
- Multifamily
- Mixed-Use
- Retail
- Traditional, Creative & Flexible Office
Investment Approach
Investment Thesis
LightWell’s investment team leverages broad and longstanding institutional relationships to source unique, proprietary deal flow. Our platform allows us to realize operating and capital structure efficiencies across product types in markets where we seek to build concentrated positions. We leverage our team’s tenure, track record and institutional execution capabilities to transact quickly.
Acquisition Criteria
Value-Add and Core+ opportunities in primary California markets, between $5-$25mm in transaction value. We underwrite to gross returns between 16-20%+ in our Value-Add strategy, and 11-13%+ in our Core+ strategy, with target distributions between 5-10%. We target sub-institutional assets with a clear path to controllable value creation through operational improvements, renovations, re-leasing, and opportunities to add density.
Core Principles
Strategic Asset Repositioning: We target undermanaged assets and employ multiple levers to create value through tenant optimization, operational improvements, value-add renovations, and ADU development.
Operational Efficiencies: Our hands-on approach focuses on driving operational efficiency and process, generating savings by in-housing property management responsibilities and driving NOI growth.
Team
Andrew Altman
Co-Founder & Principal
As Co-Founder and Principal, Andrew spearheads the day-to-day operations and direction of the firm, fostering new partnerships and assignments with our partners, clients and investors.
Andrew is a 20+ year commercial real estate executive and entrepreneur with multi-product expertise across value add development, leasing and property management. Prior to co-founding LightWell he managed a 500,000 square foot portfolio of mixed collateral in prime West Los Angeles locations for the Ruth Group. Before joining the Ruth Group, Andrew spearheaded asset management and leasing across the West Coast at CIM Group from 2010 to 2020, overseeing a portfolio encompassing more than 25 million square feet of office, retail and industrial properties alongside ventures in Colorado, Illinois and Texas. Andrew began his professional career two decades ago in sales and leasing brokerage at Cushman & Wakefield. Andrew graduated from the University of Pennsylvania.
Andrew is a 20+ year commercial real estate executive and entrepreneur with multi-product expertise across value add development, leasing and property management. Prior to co-founding LightWell he managed a 500,000 square foot portfolio of mixed collateral in prime West Los Angeles locations for the Ruth Group. Before joining the Ruth Group, Andrew spearheaded asset management and leasing across the West Coast at CIM Group from 2010 to 2020, overseeing a portfolio encompassing more than 25 million square feet of office, retail and industrial properties alongside ventures in Colorado, Illinois and Texas. Andrew began his professional career two decades ago in sales and leasing brokerage at Cushman & Wakefield. Andrew graduated from the University of Pennsylvania.
Matt Osborn
Co-Founder & Principal
As Co-Founder and Principal, Matt creates forward thinking re-positioning strategies and operational excellence for our projects and partners.
Matt brings 20+ years of expertise across executive leadership, operations, restructuring, portfolio optimization and capital markets brokerage. His diverse transaction experience includes over seven million square feet with $2.5+ billion in consideration. Prior to co-founding LightWell Matt was the senior west coast executive for WeWork, leading leasing and restructuring efforts for the company’s five million square foot California and Las Vegas portfolio. Previously, Matt served a Managing Director at CBRE within its Advisory and Transaction Services practice and with JLL’s Capital Markets group working on behalf of institutional investors, corporates and public institutions globally. Matt graduated from the University of Colorado at Boulder with B.S. in Business Administration with a Finance emphasis.
Matt brings 20+ years of expertise across executive leadership, operations, restructuring, portfolio optimization and capital markets brokerage. His diverse transaction experience includes over seven million square feet with $2.5+ billion in consideration. Prior to co-founding LightWell Matt was the senior west coast executive for WeWork, leading leasing and restructuring efforts for the company’s five million square foot California and Las Vegas portfolio. Previously, Matt served a Managing Director at CBRE within its Advisory and Transaction Services practice and with JLL’s Capital Markets group working on behalf of institutional investors, corporates and public institutions globally. Matt graduated from the University of Colorado at Boulder with B.S. in Business Administration with a Finance emphasis.
Matt Carney
Director of Acquisitions
Matt is a Founding Member of LightWell Real Estate Partners, and Co-Founder & Partner of LWK, LightWell’s dedicated multifamily roll-up vehicle. Matt has 10+ years of real estate private equity, corporate private equity and investment banking experience. Prior to LightWell, Matt was Director of Acquisitions at Aries Capital, a Miami-based family office with ~$500 million of real estate assets under management, where he founded and led the firm’s net lease industrial strategy and and other opportunistic co-investments.
Prior thereto, Matt was a Private Equity Associate at Ares Management (NYSE: ARES), a leading global alternative asset manager with over $450 billion under management. While at Ares, Matt evaluated acquisitions, divestitures, and special situations investments across industries and across the capital structure. Matt also served as a Board Observer for Ares portfolio companies including CHG Healthcare, Jacuzzi Brands, Verdad Resources and Cureton Midstream.
Matt began his career as an investment banking analyst in the Mergers & Acquisitions Group at Bank of America Merrill Lynch in New York, where he worked on mergers, acquisitions and restructurings across industries. Matt graduated with Honors from the University of Pennsylvania, where he majored in Philosophy, Politics and Economics.
Prior thereto, Matt was a Private Equity Associate at Ares Management (NYSE: ARES), a leading global alternative asset manager with over $450 billion under management. While at Ares, Matt evaluated acquisitions, divestitures, and special situations investments across industries and across the capital structure. Matt also served as a Board Observer for Ares portfolio companies including CHG Healthcare, Jacuzzi Brands, Verdad Resources and Cureton Midstream.
Matt began his career as an investment banking analyst in the Mergers & Acquisitions Group at Bank of America Merrill Lynch in New York, where he worked on mergers, acquisitions and restructurings across industries. Matt graduated with Honors from the University of Pennsylvania, where he majored in Philosophy, Politics and Economics.
As Co-Founder and Principal, Andrew spearheads the day-to-day operations and direction of the firm, fostering new partnerships and assignments with our partners, clients and investors.
Andrew is a 20+ year commercial real estate executive and entrepreneur with multi-product expertise across value add development, leasing and property management. Prior to co-founding LightWell he managed a 500,000 square foot portfolio of mixed collateral in prime West Los Angeles locations for the Ruth Group. Before joining the Ruth Group, Andrew spearheaded asset management and leasing across the West Coast at CIM Group from 2010 to 2020, overseeing a portfolio encompassing more than 25 million square feet of office, retail and industrial properties alongside ventures in Colorado, Illinois and Texas. Andrew began his professional career two decades ago in sales and leasing brokerage at Cushman & Wakefield. Andrew graduated from the University of Pennsylvania.
Andrew is a 20+ year commercial real estate executive and entrepreneur with multi-product expertise across value add development, leasing and property management. Prior to co-founding LightWell he managed a 500,000 square foot portfolio of mixed collateral in prime West Los Angeles locations for the Ruth Group. Before joining the Ruth Group, Andrew spearheaded asset management and leasing across the West Coast at CIM Group from 2010 to 2020, overseeing a portfolio encompassing more than 25 million square feet of office, retail and industrial properties alongside ventures in Colorado, Illinois and Texas. Andrew began his professional career two decades ago in sales and leasing brokerage at Cushman & Wakefield. Andrew graduated from the University of Pennsylvania.
As Co-Founder and Principal, Matt creates forward thinking re-positioning strategies and operational excellence for our projects and partners.
Matt brings 20+ years of expertise across executive leadership, operations, restructuring, portfolio optimization and capital markets brokerage. His diverse transaction experience includes over seven million square feet with $2.5+ billion in consideration. Prior to co-founding LightWell Matt was the senior west coast executive for WeWork, leading leasing and restructuring efforts for the company’s five million square foot California and Las Vegas portfolio. Previously, Matt served a Managing Director at CBRE within its Advisory and Transaction Services practice and with JLL’s Capital Markets group working on behalf of institutional investors, corporates and public institutions globally. Matt graduated from the University of Colorado at Boulder with B.S. in Business Administration with a Finance emphasis.
Matt brings 20+ years of expertise across executive leadership, operations, restructuring, portfolio optimization and capital markets brokerage. His diverse transaction experience includes over seven million square feet with $2.5+ billion in consideration. Prior to co-founding LightWell Matt was the senior west coast executive for WeWork, leading leasing and restructuring efforts for the company’s five million square foot California and Las Vegas portfolio. Previously, Matt served a Managing Director at CBRE within its Advisory and Transaction Services practice and with JLL’s Capital Markets group working on behalf of institutional investors, corporates and public institutions globally. Matt graduated from the University of Colorado at Boulder with B.S. in Business Administration with a Finance emphasis.
Matt is a Founding Member of LightWell Real Estate Partners, and Co-Founder & Partner of LWK, LightWell’s dedicated multifamily roll-up vehicle. Matt has 10+ years of real estate private equity, corporate private equity and investment banking experience. Prior to LightWell, Matt was Director of Acquisitions at Aries Capital, a Miami-based family office with ~$500 million of real estate assets under management, where he founded and led the firm’s net lease industrial strategy and and other opportunistic co-investments.
Prior thereto, Matt was a Private Equity Associate at Ares Management (NYSE: ARES), a leading global alternative asset manager with over $450 billion under management. While at Ares, Matt evaluated acquisitions, divestitures, and special situations investments across industries and across the capital structure. Matt also served as a Board Observer for Ares portfolio companies including CHG Healthcare, Jacuzzi Brands, Verdad Resources and Cureton Midstream.
Matt began his career as an investment banking analyst in the Mergers & Acquisitions Group at Bank of America Merrill Lynch in New York, where he worked on mergers, acquisitions and restructurings across industries. Matt graduated with Honors from the University of Pennsylvania, where he majored in Philosophy, Politics and Economics.
Prior thereto, Matt was a Private Equity Associate at Ares Management (NYSE: ARES), a leading global alternative asset manager with over $450 billion under management. While at Ares, Matt evaluated acquisitions, divestitures, and special situations investments across industries and across the capital structure. Matt also served as a Board Observer for Ares portfolio companies including CHG Healthcare, Jacuzzi Brands, Verdad Resources and Cureton Midstream.
Matt began his career as an investment banking analyst in the Mergers & Acquisitions Group at Bank of America Merrill Lynch in New York, where he worked on mergers, acquisitions and restructurings across industries. Matt graduated with Honors from the University of Pennsylvania, where he majored in Philosophy, Politics and Economics.
