The partnership of Equity Inc. and MedProperties Holdings LLC acquired the medical office building of Evendale Healthcare Center in Cincinnati. Dallas-based MedProperties Holdings is a healthcare private equity company while Ohio-based Equity is commercial real estate company.
"The Evendale Healthcare Center acquisition is part of our planned expanded strategic relationship with Equity. We are very happy with the success of our partnership to date with such a high-quality, experienced commercial real estate firm," Darryl E. Freling, Managing Principal of MedProperties, said.
The capital used was the funds the partnership gained from the MedProperties Investment Partners LP fund. Healthcare Real Estate Capital's Hunter Beebe was the investment banker the helped the partnership through deal.
Another expert at MedProperties stated: "The Evendale acquisition is a great fit with MedProperties' portfolio investment strategy of targeting ground-up development and value-added acquisitions. We especially like this asset because it is in a strong, growing market and has tremendous upside. We acquired the building for less than replacement cost, and look forward to making it an even better facility with some long-needed modernization, renovations and improvements."
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