How we invest
Most of what determines whether an investment works is decided before a dollar is wired. This is what happens before that point, and what happens after.
Our Investment Process Step by step
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We identify opportunities through our network of experienced operators. Many are off-market.
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Before we invest a dollar, every operating partner goes through our 26-step due diligence process, described below.
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We analyze each deal's financials, market, business plan, and downside scenarios. We determine if the numbers hold up in downside scenarios, not whether they work if everything goes right.
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We invest preferred equity or JV hybrid equity. Our position is structured to protect our downside relative to the common equity in the deal.
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Once approved, we finalize terms and fund. We don't always fund our full commitment on day one. In some deals, a portion goes in at closing and the rest is held back for capital improvements. Future draws require our approval. That may sound like a small detail. It is not. If the work isn't done, we can slow down or stop funding.
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Our asset management team reviews reporting on every investment monthly, comparing actual results against budget and underwriting. We visit properties in person when it can inform a decision.
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When an investment drifts from plan, we get more involved. We increase oversight, verify the situation ourselves, and use our control rights to adjust the business plan when the evidence warrants. Intervention gives us more information and more leverage. It does not guarantee outcomes.
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We exit through sale or refinance, consistent with each investment vehicle’s strategy and timeline. We don't force an exit to hit a date. Market conditions at exit are outside anyone's control.
Our 26-Step Due Diligence Process
The single biggest determinant of an investment's success is the quality of the operator. That is why operator selection is the most rigorous part of our process.
Before we invest, every potential operating partner and property goes through 26 steps. Here are eight of them:
Background checks on the principals
Verifying track record and current portfolio performance
Confirming the operator has meaningful capital of their own in the deal
Checking references
Meeting the principals in person
Touring the property in person
Reviewing how the operator staffs, reports, and handles problems
Financial analysis, legal review, and market analysis
Talk with us
If you want to understand how a specific fund is structured and whether it fits your goals, book a call.
Returns are never guaranteed and depend on the performance of the underlying investments. Past performance does not guarantee future results.
About Wellings Capital
Wellings Capital is a real estate private equity firm founded in 2015 by Paul Moore and led by Managing Partner Benjamin Kahle. Based in Central Virginia, the firm has over $225 million of investor equity and over $500 million of assets under management (as of June 30, 2026).
The firm helps high-net-worth individuals, family offices, Registered Investment Advisors, and wealth managers access diversified private commercial real estate investments through professionally managed funds and co-investment vehicles.
Wellings Capital invests preferred equity and JV equity alongside experienced commercial real estate operators rather than operating properties directly, with a focus on asset types such as manufactured home communities, multifamily apartments, small bay and flex industrial, open-air retail, and select self-storage properties.
The firm’s investment process emphasizes operator selection, diversification, conservative risk management, and a 26-step due diligence process that focuses on operators and their teams, markets, property underwriting and analysis, debt structures, and business plans.
AN ESTABLISHED TRACK RECORD
To review our detailed track record with us, you can schedule a call. *As of June 30, 2026. See Risk Factors.
26.0% IRR and 1.7x MOIC*
Gross median return on all 29 sold investments within existing Wellings Capital funds
distribution HISTORY
Wellings Capital has distributed over $80MM to investors since inception*
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![A smiling man in a suit and tie standing against a gray background.]()
“Paul and Benjamin are, in my opinion, the best of the best."
— Chadron P.
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![A man with curly red hair and a beard, wearing a dark blazer and light blue shirt, smiling in an indoor setting with warm lighting and blurred background.]()
“I have peace of mind knowing that my investment is well taken care of."
— Michael O.
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![Gold-colored 3D gold medal with a ribbon.]()
“I wouldn’t hesitate to re-invest with Wellings or to recommend them to family or friends."
— Kathryn B.
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![A large, shiny, golden knight chess piece on a dark background.]()
“We are very thankful for the level of transparency, accountability, and the Wellings team."
— Mike & Jody C.
FAQs
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Wellings Capital invests preferred equity and JV hybrid equity alongside experienced operating partners in commercial real estate. Rather than operating properties directly, we place capital with vetted operators across manufactured home communities, multifamily apartments, small bay and flex industrial, open-air retail, and select self-storage.
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Every operating partner and property goes through 26 steps before we invest, covering the operator and their team, the market, property underwriting, debt structure, and business plan. Most opportunities we review do not make it through.
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We only work with operators who have a lengthy, verified track record in the specific asset type of the investment. An operator with a strong multifamily record does not qualify them for a self-storage deal. We verify performance independently rather than relying on the operator's own materials, and we confirm the operator has meaningful capital of their own in the deal.
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When an investment drifts from plan, we increase oversight, verify the situation ourselves, and use our control rights to adjust the business plan when the evidence warrants. In deals with staged funding, future draws require our approval, which means funding can be slowed or stopped if work is not completed. Intervention provides more information and leverage. It does not guarantee outcomes.
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Our asset management team reviews reporting on every investment monthly, comparing actual results against budget and original underwriting. We visit properties in person when a site visit can inform a decision.
