Water Street Partners was founded on the premise that real estate operating partners are most effective when their interests are aligned with those of their investors. Its founders, Joe Boone and Jim Hegedus, set out to create a different kind of real estate investment company – one that focuses on maximizing the returns of each investment rather than services that create potential conflicts of interest.

Our mission is to deliver attractive risk-adjusted returns through real estate investment. We do this thoughtfully and ethically with an emphasis on providing transparency to, and aligning interests with, our investors and partners.

Paramount to this mission is our commitment to invest our own capital into each investment we make. With our capital at-risk, investors can rest assured that we are keenly focused on protecting and growing each investment. Our efforts are fueled by a passion for real estate investment and guided by seven core values:








Jim Hegedus

Jim is a co-founder and Managing Partner of Water Street Partners. He 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

Joe is a co-founder and Managing Partner of Water Street Partners. His 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

Jack is an Associate at Water Street Partners. His 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

Matt is an Associate at Water Street Partners. His 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.