surfacing opportunities - AEW Capital Management

SURFACING OPPORTUNITIES
AEW HAS BEEN SURFACING
DEAR COLLEAGUES:
OPPORTUNITIES FOR OVER
The past few years have been extremely challenging and unpredictable, and 2012 is also likely
to be filled with uncertainty. In 2011 we witnessed significant and rapid political, social and
economic change. Notwithstanding this backdrop of heightened risk, AEW believes the U.S.
economy is now in a moderate self-sustaining recovery; however, it remains fragile and could be
easily derailed by exogenous troubles at home or abroad.
30 YEARS. Since our founding
in 1981, our experienced
investment team has been
digging deep, searching for
rare opportunities with the goal
of uncovering hidden value that
others may have missed.
In uncertain times, we believe
it takes a seasoned team with
the skill set to structure
transactions and the flexible
capital to execute the deal.
In the coming year, AEW has
approximately $1.4 billion of
On a positive note, the nation’s property markets have generally improved in step with the pace
of the U.S. economic recovery, but the deleveraging process continues and the problem of undercapitalized commercial properties has yet to be fully addressed. The reality is that there are
too many properties that cannot support the debt, and extensions are no longer available. Many
owners have few options left and “fatigue” is setting in on both sides, as lenders and owners alike are increasingly looking for new capital to facilitate a way out. At AEW, we expect to invest in real estate in two ways in the coming year:
the first is to invest in the highest quality and most durable income streams; and the second approach is to provide
capital to the overleveraged portion of the property market to facilitate the much needed deleveraging of the property
markets.
I believe the pearl is a fitting symbol for AEW in 2012 because it represents what we believe we do best – seeking out
opportunities and uncovering the hidden value others may have missed. In 2011 we did just that – we closed 31 new
investments totaling approximately $1.4 billion of client equity representing $1.7 billion in gross property value for a
broad range of investment strategies. In 2012 our investment goals are similar and we have over one billion of
discretionary capital to invest in all product types and markets across the risk/return spectrum.
At AEW, we have built our reputation by maintaining and valuing strong relationships across the real estate industry.
After 30 years, our business model remains unchanged and I want to personally thank you for your business and
support. I would encourage you to review this brochure, and, of course, visit our website at www.aew.com under
Accessing Capital to learn more about AEW’s investment criteria.
capital to invest in real estate
nationwide under a variety of
As always, we welcome your call and our team of investment professionals would be pleased to discuss your
opportunity.
investment strategies – core,
Best Regards,
value add and opportunistic.
PUT OUR EXPERIENCE
TO WORK FOR YOU.
Robert J. Plumb
Managing Director
617-261-9325
[email protected]
INVESTMENT CRITERIA
Acquisition Type
Multifamily
Class A & B, Urban and
Garden-Style, Development and Acquisition
Industrial/Flex
Warehouse and
Distribution,
Functional,
State-of-the-Art
Office CBD
Class A,
Mid/High-Rise
Office Suburban
Class A
Retail
Class A, Lifestyle,
Power and
Neighborhood Centers
Seniors Housing
Age-Restricted,
Independent and
Assisted Living,
Memory Care
Facilities, Development
and Acquisition
Hotel
Major CBD, Limited
and Full-Service
Student Housing
Urban, Purpose-Built,
Focus on Major Cities
and Universities
Storage
Modern, Functional/
Units in Major Urban
Locations
Gross Value
Range
CONTACT AN AEW TEAM MEMBER
Structure/
Leverage
Units/SF
$20 - 75 mm
Fee Simple and
Joint Venture
0-60% LTV
100 - 400 Units
$15 - 100 mm
Fee Simple and
Joint Venture
0-50% LTV
250,000 1,500,000 SF
$50 - 200 mm
Fee Simple and
Joint Venture
0-40% LTV
100,000 600,000 SF
$50 - 150 mm
Fee Simple and
Joint Venture
0-40% LTV
200,000 500,000 SF
$15 - 150 mm
Fee Simple and
Joint Venture
0-60% LTV
100,000 600,000 SF
$15 - 250 mm
Fee Simple and
Joint Venture
0-60% LTV
75 - 250 Units
$50 - 150 mm
Fee Simple and
Joint Venture
0-40% LTV
150 - 350 Keys
$10 - 40 mm
Fee Simple and
Joint Venture
0-60% LTV
100 - 200 Units
Boston
Seniors Housing
Nationally
Chris Kazantis
Director
617-261-9360
[email protected]
Seniors Housing
Nationally Age-Restricted,
Independent, Assisted
Living, Dementia Care
Brian Sunday
Vice President
617-261-9391
[email protected]
Multifamily, Office,
Industrial, Hotel
New York,
Mid-Atlantic,
Virginia, Midwest
Wistar Wood
Director
617-261-9329
[email protected]
Fee Simple and
Joint Venture
0-60% LTV
50 - 150 Units
Eastern Region
George Fryer
Director
617-261-9225
[email protected]
Multifamily, Office,
Industrial
New England, New Jersey,
Southeast, Texas
Michael Byrne
Vice President
617-261-9223
[email protected]
Los Angeles
Head of West
Coast Investment
Acquisitions
Office, Industrial,
Southern California
& Arizona
Tom Mullahey
Director
213-312-2610
[email protected]
Retail, Office,
Industrial
Retail, Office,
Industrial, Multifamily
Southern & Northern
California
Juan Dueñas
Director
213-312-2623
[email protected]
Arizona, California,
Colorado, Nevada,
Oregon, Washington
George McNee
Director
213-312-2608
[email protected]
Office, Retail,
Southern &
Northern California
Retail, Office,
Industrial and
Multifamily
Nate Munson
Vice President
213-312-2624
[email protected]
Craig Mattison
Vice President
213-312-2616
[email protected]
Capital Markets
$10 - 40 mm
Retail
Financings,
Dispositions,
B Notes/Mezzanine
Financings,
Dispositions,
B Notes/Mezzanine
Kevin Stotts
Director
617-261-9529
[email protected]
Alfred Della Porta
Director
617-261-9592
[email protected]
Below are representative properties AEW has acquired, or investments it has made, over the last 12 months on behalf of its commingled funds and separate account clients.
2050 Main Street
Irvine, CA
Core
Office
Carol Point Business Center
Carol Stream, IL
Core
Industrial
MaxPac Square
Somerville, MA
Value-Add
Multifamily Development
14300 Arminta Street
Van Nuys, CA
Core
Industrial
Crabapple Shopping Center
Alpharetta, GA
Core
Retail – Community Center
Shops at Rossmoor
Seal Beach, CA
Core
Retail
Avalon at Cameron Court
Alexandria, VA
Core
Multifamily
Criterion on the Charles
Watertown, MA
Value-Add
Multifamily Development
Bordeaux Research Center
Sunnyvale, CA
Core
Office
Carlisle Palm Beach
Lantana, FL
Value-Add
Seniors Housing
www.aew.com
Woodmark Portfolio
Various Locations
Value-Add
Seniors Housing
GlenEagles Apartments
Scottsdale, Arizona
Core
Multifamily
One Exeter Plaza
Boston, MA
Core
Office
National Press Building
Washington, DC
Core
Office
Oasis Lifestyles
Meadows Place, TX
Value-Add
Seniors Housing
Boston
Los Angeles
Singapore
London
Two Seaport Lane
Boston, MA 02210
+1 617 261 9000
601 S. Figueroa Street
Suite 2150
Los Angeles, CA 90017
+1 213 689 3111
Six Battery Road
# 21-01
Singapore 049909
+65 6303 9000
33 Jermyn Street
London SW1K 6DN
United Kingdom
+44 020 7016 4800