Virtus Real Estate Capital (“Virtus”), an industry leader in alternative real estate property types, announced today its most recent acquisition of two distressed medical properties in Webster, a high-growth upper middle income suburb of Houston, Texas.
AUSTIN, Texas – June 13, 2018 – Virtus Real Estate Capital (“Virtus”), an industry leader in alternative real estate property types, announced today its most recent acquisition of two distressed medical properties in Webster, a high-growth upper middle income suburb of Houston, Texas.
The two properties, 251 and 253 Medical Center, are both class “A” medical office buildings, located across the street from Hospital Corporation of America’s Clear Lake Regional Medical Center. As Webster serves as a central business and medical hub for the Houston area, this investment aligns with the Virtus investment strategy of sourcing high-quality properties in well-positioned submarkets.
“This acquisition bolsters Virtus’ medical office portfolio, a robust and cycle-resilient investment property type that is core to our firm strategy,” said Terrell Gates, Founder and CEO of Virtus. “Our team’s extensive knowledge and expertise in managing medical office communities will drive significant improvements to these properties and create compelling value propositions for prospective tenants.”
The acquisitions demonstrate Virtus’ ability to source high-quality properties at attractive valuations during a time when the medical office sector is richly valued. Virtus sees strong potential for higher occupancy, and has engaged in strategic partnerships with Lincoln Harris, a nationally recognized medical office operator, and CBRE Group, the world’s largest commercial real estate services firm, to assist in stabilizing and improving the properties.
“The fundamentals and long-term demographic trends support the investment thesis for medical office, but attractive deals are sparse,” said Robert Schweizer, Chief Investment Officer of Virtus. “The Webster acquisition is a perfect example of Virtus leveraging our industry expertise and network of relationships across niche property types to find true value for our partners.”
About Virtus
Virtus Real Estate, LLC, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 15 years, Virtus has acquired 194 properties for a combined acquisition value of over $3.2 billion, and has fully realized 151 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.
Disclaimer
This communication is not an offer of any security nor the solicitation of an offer to purchase any security.
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