Willco Closes $100M Fund Targeting Distressed Properties

By Anuradha Kher, Online News EditorPotomac, Md.–Willco Cos., a commercial property development and investment firm, will soon close the $100 million Willco Fund I LP. This fund, the first in the firm’s history, is targeting equity and debt investments in commercial office, multifamily residential, and industrial income-producing properties in the Washington, D.C. metropolitan area. “Given the distressed nature of the marketplace, there are a number of fund players and public players selling assets to de-leverage their portfolios,” says Chief Operating Officer Jason Goldblatt. “This situation provides the opportunity to acquire undercapitalized assets in need of repositioning or reinvestment. By modestly leveraging the $100 million fund, we expect to acquire properties totaling approximately $375 million in value over the next three years.” The Willco Fund’s investors are local high net-worth individuals which gives the fund flexibility to hold assets for any length of time, Goldblatt explains. Willco Cos. serves as the fund’s general partner, while Axent Realty Group, Willco’s affiliated management company, will manage all properties acquired by the fund. Willco’s investment in real estate began in the early 1960’s, with the development of the Vanguard Building, currently headquarters of the Peace Corps.  The company has numerous development projects in its pipeline, including a 700,000 square feet mixed-use project in the city’s Capitol Riverfront district adjacent to the Washington Nationals Ballpark. Another project is a 310,000 square feet mixed-use project at 6000 Montrose Parkway in North Bethesda, Md.