For the second time in less than six months, MedProperties Realty Advisors, LLC, a Dallas-based healthcare real estate private equity firm, has acquired a recently completed rehab hospital occupied by PAM Health. The acquisition of the rehab hospital in Greeley follows the acquisition late last year of a similar facility on the West Coast of Florida.
“Our recent acquisitions, including our latest in Greeley, represent the firm’s ongoing objective to acquire high quality, best-in-class healthcare properties, in growth-oriented markets throughout the U.S.,” said Jon Foulger, senior director of acquisitions, MedProperties Realty Advisors, LLC.
The 51,500-square-foot building is located at 6810 W. 10th Street in west Greeley. Construction of the facility, which includes 42 in-patient rooms, was completed earlier this year. PAM Health and MedProperties have a long-standing relationship across numerous projects.
Debt for the transaction was provided by Capital One and Siemens Financial Services.
The fundamentals of the healthcare sector remain strong, which isn’t likely to change as the aging of the U.S. population continues.
“We continue to be bullish on healthcare real estate, as sector fundamentals such as occupancies and rent growth remain strong, and we have experienced historical success in all of our prior investments in IRF properties.,” said Darryl Freling, managing principal of MedProperties Realty Advisors. “Many markets across the country, markets we’ve been targeting or already have a foothold, continue to have a favorable outlook.”
MedProperties Realty Advisors LLC invests on a direct and an indirect basis (through joint venture relationships) in the development of new, value-add, and stabilized healthcare real estate, including multitenant medical office buildings and single-tenant, specialty healthcare facilities throughout the U.S. MedProperties invests through its discretionary funds, and through stand-alone investment vehicles. MedProperties is dedicated solely to investments in healthcare real estate.
