AEW closes seniors housing fund with $500 million in commitments
AEW Capital Management has closed AEW Senior Housing Investors III with commitments totaling $500 million, reaching the fund's target fundraise and hard cap, the Boston-based real estate investment management services company announced Feb. 1.
The fund, which primarily invests in age-restricted, independent living, assisted living and memory care communities, already is more than 40% committed, according to the company.
SHI III also closed on $100 million of additional client co-investment capital.
This is AEW's third fund dedicated to the seniors housing sector. The second fund was closed in 2014.
AEW has been investing in the second since 1997. Since then, it has acquired, repositions or developed more than 17,000 seniors housing units.