Partners Capital is Partners Real Estate Company’s investment platform specializing in the acquisition and disposition of office, industrial, and retail multitenant properties via multiple investment funds, and the development of retail, industrial, office, and mixed-use projects.

The company’s investment management platform seeks quality real estate with intrinsic value which would benefit from well-capitalized, sophisticated, hands-on, tenant-focused ownership that truly understands the asset; and targets markets with diverse marketplaces which allow its team to assemble portfolios that provide overall risk diversification for its investors.

The development platform develops and manages projects of all sizes and complexity, and provides full-cycle, end-to-end project expertise and seamless execution on site selection, land acquisition, entitlements, planning and design, financing, governmental relations, and construction management. Targeted geographic areas include Houston, Austin, San Antonio, and Dallas/Fort Worth, along with other attractive markets in the southwestern United States.

Who We Are

  • $ 0MM

    Transaction Volume

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    Square Feet

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    Properties Acquired

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    Investment Funds

Partners Real Estate Company organized the Partners Capital platform to invest in office, industrial and retail multitenant properties in major Texas markets that meet the following criteria:
  • Can be acquired below replacement cost at a $40 million purchase price that falls below the interest of institutional buyers
  • Currently generating positive cash flow
  • Allows Partners Capital to leverage its extensive industry knowledge and resources to generate attractive cash flow and value appreciation over a projected holding period of three to six years

  • Skin in
    the Game

    The entire Partners Capital team is committed to each investment and will work to ensure success in every deal

    350+ investors have joined

  • Outworking
    the Competition

    Carefully researched investment thesis with hyperactive, hands on asset management keeps us working harder, faster and smarter

    $103.25MM+ invested with us

  • Moderate
    Risk Profile

    Seek quality real estate priced below intrinsic value

    $55MM+ in investor disbursements

What We do

Acquisition Target Markets

Partners Capital Investment Fund IV targets assets throughout Texas and the southern United States. The Partners Capital team leverages its network and experience in its target markets to capitalize on market inefficiencies and off-market deals.

  • Conservative Financing Strategy

    Utilizing prudent and conservative debt strategies with all acquisitions is critical to managing overall risk while maximizing investor cash yields. All investments are financed with non-recourse debt with a maximum loan to value of 65-70% and fixed-rate whenever possible. Strong relationships with local and national lenders allows our team to obtain competitive debt terms tailored to each asset.

  • Diversified Asset Portfolio

    With each acquisition, our team carefully tracks product type, market, and overall deal risk diversification and how each asset fits within the overall fund portfolio. The state of Texas provides four diverse marketplaces, each with vastly different overall market drivers, which allows our team to assemble portfolios that provide overall risk diversification for our investors.

  • Hands-On Ownership

    NAI Partners developed its reputation in the marketplace through focusing on tailored service and fully understanding its clients’ real estate needs and preferences. This knowledge seamlessly translates to how Partners Capital operates as a landlord. We understand that a tenant-focused ownership mentality yields results.

Our Team

  • Andrew Pappas

    President & Partner

    Andrew Pappas is the President of Partners Capital, as well as a Shareholder in Partners Real Estate Company. Andrew has led the Partners Capital platform since 2016 through four investment funds, development projects, and $350+ million in transaction volume. He is responsible for the overall growth and operation of the platform and delivering attractive, risk-adjusted returns to its investors. Andrew leads oversees acquisition and disposition transactions, debt relationships and financing, portfolio asset management and leasing performance, and fundraising activities. Andrew holds a Master of Science degree in Finance and a Bachelor of Business Administration degree in Accounting from Texas A&M University.

  • Carter Perrin

    Managing Director & Partner

    Carter Perrin is Partners Capital’s Managing Director of Development, and a Partner in Partners Real Estate Company. Carter joins Partners Capital after 7+ years at Pinpoint Commercial, where he served as Principal. There, he was responsible for all aspects of commercial real estate development, including deal origination, entitlement, finance, design, construction, leasing, and operations of several different asset class types. Over his 19 year career, project experience runs the gamut from raw land acquisitions and entitlement, land subdivision, Build-to-Suits, Industrial, Medical, Hospitality, Retail formats from single-tenant to regional mall, Residential and Seniors Housing.

  • Kelli Walter

    Shareholder & Senior Vice President

    Kelli Walter is a Shareholder in Partners Capital, and Senior Vice President of Asset Management. Kelli plays a major role in the growth of the portfolios and the execution of the investment strategy. Prior to joining the team, Kelli served concurrently as Chief Financial Officer and Chief Operating Officer for Voss Capital, where she oversaw fund operations, treasury, investor relations and compliance. Kelli holds a Master of Science degree in Finance and a Bachelor of Business Administration degree in Accounting from Texas A&M University.

  • Julie Ward

    Senior Vice President

    Julie Ward is Partners Capital's Senior Vice President of Development. Julie is responsible for overseeing project conceptualization, cost estimation coordination, due diligence, permitting, market and financial analysis, construction management, and other duties related to the successful development of primarily retail and industrial developments throughout Texas. Julie is a graduate of Tulane University and has Masters and Bachelors Degrees in Architecture.

  • Adam Hawkins

    Shareholder & Senior Vice President

    Adam Hawkins is a Shareholder of Partners Capital, and Senior Vice President. Adam's role is to create deal flow and manage the Partners Capital acquisition platform. He is also in charge of managing the due diligence process for acquisitions and dispositions, as well as supporting the fundraising platform. Adam graduated Summa Cum Laude with a Bachelor of Business Administration in Finance from Texas A&M University.

  • Lissette Dionisio

    Controller

    Lissette Dionisio serves as the Controller for Partners Capital properties and portfolios. Lissette closely monitors cash-flow projections, financial reporting and oversees preparation of tax returns and audits. She works closely with Partners Capital’s lending relationships to facilitate Development and Property draw requests and ensure compliance. Lissette is also responsible for all investor management/distributions and consolidated financial reporting. Lissette holds a Bachelor of Business Administration in Accounting from University of Houston-Downtown.

  • Sloan Crady

    Senior Associate

    Sloan Crady serves as a Senior Associate for Partners Capital. In his role, Sloan facilitates transactions from the initial underwriting phase through the due diligence and acquisition process. He is also involved in property dispositions and supports asset management in the execution of fund and property-level business plans. Sloan holds a Bachelor of Business Administration in Finance and a Masters in Real Estate from Texas A&M University.

  • Amy Ivy

    Asset Manager

    Amy Ivy is an Asset Manager for Partners Capital, the investment arm of NAI Partners.

    She was previously a Property Manager for NAI Partners, working on the Property Services team in the company’s Landlord Services Division.

  • Zully Vasquez

    Asset Manager

    Zully Vasquez is an Asset Manager for Partners Capital. Zully comes to us with construction and project management experience from Renewable Energy Systems, where she served as a Lead Field Engineer and Quality Manager. Zully focuses primarily on managing capital projects and tenant build-outs. Zully holds a Bachelor of Science in Construction Management form Texas A&M University.

  • Lily Maldonado

    Investment Coordinator

    Lily Maldonado is the Investment Coordinator for Partners Capital. Lily is involved in multiple facets of the investment platform, including fundraising, client relations, and transaction coordination. Lily holds a Bachelor of Science in Communication Studies from the University of Texas at Austin.

  • Clay Hundley

    Project Manager

    Clay Hundley is one of Partners Capital's Development Project Managers. Clay is responsible for managing project feasibility, due diligence, construction and project cost estimating, scheduling, design development review and coordination, permitting, quality control, cost reporting, safety, and construction management. Clay is a Construction Science graduate of Texas A&M University and has a Masters in Construction Management from the University of Houston.

  • Garrett Newman

    Analyst

    Garrett Newman is a Development Analyst for Partners Capital. Garrett is responsible for creating and maintaining financial models used in the underwriting of development opportunities. Garrett holds a Bachelor of Science in Agricultural Economics and a Masters in Real Estate from Texas A&M University.

  • Michelle Maynard

    Development Coordinator

    Michelle Maynard is the Development Coordinator for Partners Capital. Michelle is involved in a variety of functions in the execution of development projects, including marketing materials, scheduling, fundraising, and investor relations. Michelle holds a Bachelor of Science in Mathematics and Philosophy from the University of St. Thomas.

  • Christian Armas

    Accountant

    Christian Armas serves as the Accountant for Partners Capital properties and portfolios. Christian not only performs the accounting functions, he also prepares Development draws through the Job Cost system and assists with investor management and consolidated financial statements. Christian holds Bachelor of Science degree in Sports Marketing and Management from University of Dubuque.

Investment Committee

The Investment Committee of Partners Capital is made up of a collection of some of the top producers at NAI Partners, Houston's premier private real estate services company. Together, the committee has over 100 years of industry experience in all relevant asset classes.

  • Jon Silberman

    Managing Partner
    • Years of Experience: 30+
    • Office Division
  • Dan Boyles

    Partner, Team Leader
    • Years of Experience: 30+
    • Office Division
  • Griff Bandy

    Partner
    • Years of Experience: 15+
    • Office Division
  • Travis Land

    Partner
    • Years of Experience: 15+
    • Industrial Division
  • Randy Wilhelm

    Retired Partner
    • Years of Experience: 25+
    • Office Division
  • Clay Pritchett

    Partner
    • Years of Experience: 15+
    • Industrial Division
  • Harry Holmes

    Partner
    • Years of Experience: 35+
    • Office Division
  • Travis Rodgers

    Partner
    • Years of Experience: 15+
    • Operations Division