It will be making debt and equity investments in commercial office, multifamily and industrial properties. The fund is not officially focusing on distressed assets – it will be targeting income-producing properties in these categories--but COO Jason Goldblatt says in a prepared statement that the current economic situation provides the opportunity to acquire undercapitalized assets in need of repositioning or reinvestment. "Given the distressed nature of the marketplace, there are a number of fund players and public players selling assets to deleverage their portfolios," he says. Goldblatt did not return a call to GlobeSt.com in time for publication.
The Willco Fund's investors are local high net-worth individuals; thus the fund has been structured to hold assets for any length of time. Willco Companies will be the fund's general partner, while Axent Realty Group, Willco's affiliated management company, will manage all properties acquired by the fund.
Willco has its own five million square foot portfolio, including the Vanguard Building at 20th and L Streets, N.W., currently headquarters of the Peace Corps. It also owns 1722 Eye Street, and 1275 Pennsylvania Ave., in the District. In Maryland it owns the Washington Science Center in North Bethesda and the Shady Grove Adventist Medical Center in Germantown.
The company also has numerous development projects in its pipeline, including a 700,000 square foot mixed-use project in the Capitol Riverfront district; a 190,000 square foot office project in downtown Silver Spring, MD, and a 310,000-square foot mixed-use project at 6000 Montrose Parkway in North Bethesda.
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