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Davis Healthcare Real Estate Acquires Hospital Portfolio For $34.1M With Financing From Alerus And American National

Property Image
SOLD
$34,100,000

Iowa

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Hospital176,590 SF
Sold 07/25/2025
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Property Image
SOLD

Davis Healthcare Real Estate Acquires Hospital Portfolio For $34.1M With Financing From Alerus And American National

2769 Heartland Drive & 1747 Beam Avenue

See Similar Deals
Hospital176,590 SF
Sold 07/25/2025
the dealplayerscompscontact
Contact now

Summary

IOWA
Asset Type:Hospital
Price Per Square Foot:$193
Total Square Footage:176,590 SF
Transaction Type:Sale

The transaction involves the sale of a hospital property located at 2769 Heartland Drive & 1747 Beam Avenue within the Coralville & Maplewood, MN markets. The property was sold for $34,100,000, comprising a total area of 88,295 square feet, equating to a price per square foot of $386.

Summary of transaction details:

  • Property Type: Hospital
  • Transaction Amount: $34,100,000
  • Buyer: Davis Healthcare Real Estate
  • Lender: Eric Gunderson - Alerus Financial
  • Lender: Scott Sullivan - American National Bank
  • Assets primarily leased to: University of Iowa Healthcare
  • Assets primarily leased to: MHealth

Davis Healthcare's Davis Medical Investment Fund has acquired CoralBirch, a two-building healthcare real estate portfolio located in Iowa and Minnesota, expanding its holdings to over 750,000 square feet of leased ambulatory care space. Financing for the acquisition was provided by Alerus Financial and American National Bank.

Players

American National Bank
American National Bank
LENDER
American National Bank
American National Bank
LENDER
Alerus Financial
Alerus Financial
LENDER

Details

SOLD
IMAGE: 07/25/2025 ADDRESS: 2769 Heartland Drive & 1747 Beam Avenue MARKET: Coralville & Maplewood, MN ASSET TYPE: Hospital BUYER: Davis Healthcare Real Estate LENDER: Eric Gunderson - Alerus Financial & Scott Sullivan - American National Bank SALE PRICE: $34,100,000 SF: 88,295 ~ PPSF: $386 NOTE: Davis Healthcare's Davis Medical Investment Fund acquired CoralBirch, a two-building healthcare real estate portfolio in Iowa and Minnesota, for $34.1M, boosting its holdings to over 750,000 sq ft of leased ambulatory care space. Alerus Financial and American National Bank provided acquisition financing for the deals, with the assets primarily leased to high-credit hospital systems, including University of Iowa Healthcare and MHealth.

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Operating Expenses (Annual)
Net Operating Income (NOI)

$1,818,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$121,150.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,651.40
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