North Palm Beach, Florida, February 22, 2021 – AW Property Co., a real estate investment and operating company specializing in healthcare properties, today announced the launch of its fourth medical office investment fund, AW Medical Office Fund IV. This fully discretionary core-plus fund is targeting $100 million of equity commitments. With leverage, it will have $300 million of buying power.
AW targets medical office investments in the Southeast US that are located in close proximity to hospitals operated by leading healthcare systems and select off-campus assets with hospital or key provider affiliation. The firm pursues assets with attractive current income and growth potential through leasing and operational improvement. Once a property is acquired, AW leverages its operating platform to maintain high occupancy at stabilized assets and enhance underperforming assets into best-in-class product. Its typical transaction size is $10 million – $60 million.
The firm solicits capital mostly from family offices and multi-family office advisors. Previous investment vehicles include three discretionary closed-end funds and joint ventures with Five Mile Capital of Stamford, Conn., Behringer of Addison, Texas, Privet Capital of Rye, New York and MedProperties of Dallas, Texas. AW’s prior vehicle, Fund III, held a final close in 2017 and acquired $150,000,000 of medical office assets throughout Florida.
The investment management firm is run by Brian Waxman, a former real estate attorney, and David Lebenson, former CFO of Rendina Healthcare Real Estate. Both are managing principals. Zack Drozda, a senior director of the healthcare investment advisory team at JLL, recently joined AW as Vice President of Investments and is leading acquisitions for Fund IV.
Sandy Presant, the Chair of Greenburg Traurig’s US Real Estate Funds Practice, performed the formation work for the fund and assists with acquisitions and strategy.
Visit awproperty.com for more information.
About AW Property Co.
AW Property Co. is a fully integrated real estate investment company that specializes in acquiring and enhancing medical and professional office properties in major markets throughout the Southeast. AW has a highly dedicated, customer-focused team of professionals with expertise in all facets of real estate acquisitions, redevelopment, finance, operations and asset management. AW’s headquarters are located in North Palm Beach, Florida.
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