BOSTON– JLL Capital Markets announced that it has 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.
The Sendero Capital and Angelo Gordon venture will focus on value-add and core plus outpatient medical office and surgery center assets throughout the Northeast United States – a region with high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the U.S.
“The formation of this strategic venture will enhance our continued partnership with health systems, physician groups, and other healthcare providers, as patient care continues to migrate off campus. Our extensive healthcare background and targeted approach delivers a differentiated experience for our patients and providers,” said Ross Negele, Principal at Sendero Capital.
“Demand for outpatient healthcare facilities has continued to grow in recent years, and we believe the opportunity set in the medical office sector remains robust. We look forward to working with the Sendero Capital team to execute on acquisition opportunities in this space – leveraging their wealth of healthcare industry expertise and Angelo Gordon’s deep value-add real estate experience to identify and enhance well-located facilities throughout the Northeast,” said Frank Virga, Director, U.S. Real Estate at Angelo Gordon.
According to JLL’s 2023 Healthcare Investor Survey & Trends Outlook, medical office building (“MOB”) fundamentals remain strong, with resilient occupancy and steady rent and NOI growth. 66% 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.
“The current economic environment, macro tends in healthcare, and the continued demand for outpatient services are the primary drivers for this investment thesis. The venture with Angelo Gordon aligns us with a highly respected institutional partner, who shares our vision for this initiative,” added Michael Taylor, Managing Principal at Sendero Capital.
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.