Angelo Gordon, Sendero Capital Partner on Outpatient Healthcare
These assets will be targeted with a $300 million joint venture fund.
Demand for outpatient healthcare facilities has continued to grow in recent years and Frank Virga, Director, US Real Estate at Angelo Gordon said he believes the opportunity set in the medical office sector remains robust.
JLL Capital Markets last week arranged a programmatic joint venture between Sendero Capital and Angelo Gordon, which will allow for up to $300 million in investments in outpatient healthcare real estate over the next two years.
Angelo Gordon said it is setting its sights on identifying and enhancing well-located facilities throughout the Northeast, Virga said in prepared remarks, “focusing on value-add and core plus outpatient medical office and surgery center assets.”
The firms said that the Northeast is a region with “high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the US.”
JLL’s 2023 Healthcare Investor Survey & Trends Outlook showed that medical office building fundamentals “remain strong, with resilient occupancy and steady rent and NOI growth with two-thirds of investors surveyed indicated MOBs present a strong investment opportunity – followed by ambulatory surgery centers – highlighting a shift in demand for outpatient care versus in-patient facilities.”
Likewise, last month, Marcus & Millichap said MOB is drawing considerable investor interest, especially in warm weather markets which are experiencing an influx of retirees escaping cold-weather climates like Chicago or New York.
The JLL Capital Markets team was led by Managing Director Brannan Knott, Senior Managing Director Mindy Berman, Senior Director Andrew Gray, and Associate Landon Weaver.