The water will eventually reach a thermal equilibrium (where all elements in the system are at the same temperature). However, if my memory serves me, there are important elements of the question missing. Tt isn't specified whether or not the heating is constant. For example, if you heat only the air inside of an insulated container to 212 F, and fill it with cold water, the heat will impart kinetic energy into the water, thus heating it up, until the temperatures are equal. This is not at 212 F, because as the air tries to reach thermal equilibrium with the water, it loses temperature itself. Therefore, it would not, in a closed system with insufficient energy.
HOWEVER, if this is a system where the air is constantly heated, then YES, it will eventually reach thermal equilibrium. As an example, if the sun was hot enough to where the air at sea level was 212 F, the sun is constantly heating the air, so it doesn't matter how much kinetic energy it puts into the water. The water would eventually reach 212 F, from the air, and the oceans would boil away over time. (Note: This is a flawed example, because the ocean has salt in it, which alters the boiling point. Just assume that this is pure water, with no additives.)
So, essentially, if the air is losing kinetic energy as it heats the water, this will not heat it to boiling.
