AW Florida MOB III is a core-plus real estate fund formed to deliver attractive current income and growth potential by acquiring and operating a portfolio of high-quality medical office buildings primarily in the State of Florida.
The Fund acquired sixteen medical office buildings totaling 550,000 square feet of space located on or adjacent to hospitals operated by leading healthcare providers, including HCA, Community Health, Baptist Heath, Steward, Memorial Healthcare, Sarasota Memorial and Lee Health. The portfolio was assembled from health systems and physician groups which lacked focus and attention to the assets and an institutional investor with a fund at end of life.
AW leveraged its operating platform to maintain high occupancy at stabilized assets and enhanced underperforming assets into best-in-class product. AW renovated and repositioned the buildings where needed and focused on expense containment and control. AW selectively renewed in-place tenancies and aggressively leased vacant space. AW increased occupancy from 83% to 95% within the initial thirty months and grew stabilized net operating income by 22%. AW refinanced the portfolio to provide a substantial dividend to investors and is currently managing the portfolio as a long-term hold.