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AEW targets mispriced real estate with $1.8B North American fund
The fund is about 55% deployed, and AEW said it has bought 16 senior housing properties in 16 months.
AEW Capital Management has closed its largest North American real estate fund, a $1.8B vehicle aimed at taking advantage of dislocation and mispriced assets, the firm said. The fund closed in July 2025 after being on the market for more than two years and missing an original $2B goal, according to Bisnow.
AEW expects that rising and volatile interest rates could pause transaction activity, but it is still moving capital as debt supply remains strong and fewer owners are selling. Bisnow quoted Tony Crooks, managing director and senior portfolio manager for AEW’s opportunistic strategy, describing deal selection as a “rifle shot,” noting that performance depends on choosing the right market and sector.
AEW said the fund deployment is about 55%, and it highlighted senior housing as a core focus. Going into deployment, AEW seeded positions across senior housing, multifamily, industrial, and retail, and Crooks said the firm has bought 16 senior housing properties in 16 months.
On sector positioning, AEW attributed momentum to tight supply dynamics in senior housing, saying development has been largely constrained and supply has effectively tightened out. For multifamily, the firm pointed to elevated new development and expected distress stemming from syndicators that invested in 2021 and 2022, noting multifamily prices have fallen about 15% to 30% over the past five years.