AEW Capital Management announced Tuesday it has closed AEW Senior Housing Investors II, L.P. with a total of $371 million in equity commitments, against a target of $250 million.
This is the Boston-based real estate investment company’s second senior housing fund, with the first fund being closed in 2009.
AEW and its affiliates manage over $53.5 billion of property and securities in North America, Europe and Asia, including senior housing communities.
Most recently across its senior housing investment portfolio, AEW purchased three properties from Balfour Senior Living for $104 million.
The latest fund invests primarily in age-restricted, independent living, assisted living and memory care communities, and is already over 40% committed. The fund invests mainly in stabilized, cash-flowing properties, as well as select repositioning, renovation, recapitalization and development opportunities.
“We are excited about the investments we have closed to date and will continue to focus on assets that offer strong income returns and value appreciation potential,” says Chris Kazantis, portfolio manager of AEW Senior Housing Investors Funds, in a written statement. “With over 15 years of underwriting experience in the seniors housing space and our vast sourcing network, we have a robust pipeline of investment opportunities.”
AEW entered the sector with its first seniors housing investment in 1997. Since that time, they have acquired, repositioned and/or developed over 14,000 seniors housing units.
Written by Cassandra Dowell