Welcome to Water Street - A personalized approach to real estate

What We Do

Water Street Partners is a Twin Cities-based real estate investment company whose principals have an established track record of delivering attractive returns to private and institutional partners alike.

Our business is personal. We are available when you need us, and we take the time to learn what’s most important to you. The result is a focused and customized experience, whether you’re an investor, partner, or tenant.

Our style is simple. We roll up our sleeves, put our heads down, and get to work. We fiercely protect and grow every investment we make, and our passion for real estate shines through in the process. The results speak for themselves.

Our process is straightforward. We ensure focus and complete alignment with our investors by eliminating competing priorities, setting performance-based incentives, and putting our own money into every investment we make. We only win when our partners win.

How We Do It

Do the Right Thing

Lead with integrity and take the high road. To earn and deserve the trust of others, always do what you say you’re going to do.

Put in the Effort

Spend your time wisely but don’t shy away from hard work. The most rewarding opportunities are often the most difficult and least obvious.

Maintain High Standards

Discipline and objective analysis are hallmarks of our investment process. Use all available resources to make informed decisions and know when it’s time to walk away from an opportunity.

Exceed Expectations

Set realistic goals and work tirelessly to overdeliver. Go above and beyond to maximize value for our partners and communicate clearly along the way.

Embrace Change

Landscapes are everchanging, and innovation is critical to long-term success. Be mindful of shifting trends and changing market conditions and adapt quickly. Avoid complacency and look for creative solutions when problems inevitably arise.

Treat People Fairly

Relationships are the cornerstones of our success, and everything we do aims to strengthen those connections and reinforce the reputation we’ve worked so hard to earn.

Who We Are

Water Street Partners is about more than real estate; we’re about people. Each of our teammates is driven by an unwavering commitment to support our families, our partners, and our communities.

Meet the team behind Water Street Partners.

Jim Hegedus

Co-Founder & Managing Partner

Jim has extensive experience in deal structuring, asset management, portfolio management and fundraising. Prior to founding WSP, he was Vice President for The Excelsior Group, where he managed the daily operations of its real estate fund business and executed investment strategies on behalf of individual and institutional investors.

Earlier in his career, Jim worked for PGIM Real Estate, where he was responsible for the development pipeline of its value-add fund and sourced investment opportunities of all property types and strategies. Jim has been directly involved in the acquisition or development of more than $2 billion of real estate throughout his career. He holds a bachelor’s degree in real estate and finance from the University of Wisconsin – Madison and is a member of NAIOP and WREAA.

Joe Boone

Co-Founder & Managing Partner

Joe’s experience includes acquisitions, project development and asset management. Prior to founding WSP, he served as Vice President of The Excelsior Group, where he sourced acquisition opportunities and structured joint venture partnerships with a gross capitalization of more than $200 million. Before that, Joe worked for Oppidan Investment Company, a Minnesota-based real estate development company.

He brings an extensive network of contacts and deep market knowledge in the Minneapolis-St. Paul metropolitan area, as well as valuable experience executing a wide variety of investment strategies on assets of multiple property types. He holds a bachelor’s degree in economics from St. John’s University and a master’s degree in business from the University of Notre Dame, and he is an active member of MNCAR and NAIOP.

Jack Ryan

Associate

Jack’s prior experience includes agency leasing, financing, portfolio management, asset management and deal sourcing. Prior to joining WSP, Jack earned his Master of Business Administration from the University of North Carolina’s Kenan-Flagler Business School. While at Kenan-Flagler, he served as the Lead Manager for the KFBSF Real Estate Private Equity Funds, a series of three diversified, value-add, and opportunistic closed-end investment vehicles.

Jack has also worked for MetLife Real Estate Investors in Atlanta, Boston Private Bank in the Bay Area and Jones Lang LaSalle in Minneapolis. In these prior positions, Jack gained extensive experience in underwriting, asset management, financing and leasing across all property types. Jack also holds a bachelor’s degree in accounting and finance from St. John’s University.

Matt Carle

Associate

Matt’s experience includes acquisitions, asset management and property management. Prior to joining WSP, Matt assembled a well-diversified personal portfolio of real estate assets through direct and passive investment strategies. Before that, he was an Associate at The Excelsior Group, primarily focused on the management, development, and acquisition of multi-family properties.

Prior to his full-time real estate endeavors, Matt completed a 12-year professional hockey career playing for the San Jose Sharks, Philadelphia Flyers, Tampa Bay Lightning and the Nashville Predators. He holds a bachelor’s degree in real estate from the University of Denver, and he is an active member of MNCAR.

Ryan Durand

Associate

Ryan’s experience includes development, underwriting and due diligence. Prior to joining WSP, Ryan was a Development Associate at Dominium, a national low-income housing tax credit developer. In that role, he was responsible for identifying new investment opportunities, feasibility analysis, financial underwriting, financing negotiation, and managing the design and construction process. During his time in that role, Ryan was directly involved in placing over $120 million of debt and equity.

Ryan holds a bachelor’s degree in Economics with a minor in Political Science from the University of St. Thomas, and he is an active member of NAIOP.

Where We Focus

Fund I

Strategy

Core-plus

Focus

Industrial · Office

Target Size

$5-10MM

Hold Period

7-10 yrs

Net Returns

9-12%+

Fund II

Strategy

Value-add

Focus

Industrial · Multifamily · Office

Target Size

$5-20MM

Hold Period

3-5 yrs

Net Returns

15-20%+

Joint Venture

Strategy

Value-add / Opportunistic

Focus

Industrial · Multifamily · Office

Target Size

$25MM+

Hold Period

3-5 yrs

Net Returns

20%+

Long-term Hold

Strategy

Core / Core-plus

Focus

Industrial · Multifamily · Office · Retail

Target Size

$3-10MM

Hold Period

10+ yrs

Net Returns

8-10%+

Oppidan Logo

In addition to its private investments business, Water Street Partners works alongside Oppidan, its strategic partner, to capitalize its development pipeline and oversee dispositions nationwide.

In its 30+ year history, Oppidan has completed a wide variety of projects totaling more than $4.3 billion in 40 states and parts of Canada. For more information on the company and its latest endeavors, visit Oppidan.

What We've Closed

Whitewater Reserve

Type Office

Location Minnetonka, MN

Status Leasing

610 Business Center

Type Office/Warehouse

Location Brooklyn Park, MN

Status Operating

Union Plaza

Type Office

Location Minneapolis, MN

Status Leasing

800 Wayzata

Type Office

Location Wayzata, MN

Status Operating

Beltline Portfolio

Type Office/Warehouse

Location Saint Louis Park, MN

Status Leasing

Savage Industrial

Type Industrial

Location Savage, MN

Status Leasing

What's New

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