Altera Fund Acquires 10-Property Medical Office Portfolio From NHP For $108 Million
2001 Mallory Lane
$108,000,000
$360/SF
Building Size
300,000 SF
Asset Type
Medical Office
Closing
Feb 21, 2025
AI
The transaction involved a medical office portfolio consisting of 10 properties located across the states of Arizona, Illinois, Massachusetts, Texas, and Tennessee. The total sale price of the portfolio was $108,000,000, which translates to a pricing per square foot of $360. The total square footage of the portfolio amounts to 300,000 square feet.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $108,000,000
- Buyer: Altera Fund
- Buyer's Representatives: Josh Baumgarten & Adam Schwartz - TPG Angelo Gordon
- Seller: NHP
- Seller's Representatives: Ben Appel, Jay Miele & Michael Greeley - Newmark
- Financing: Capital One Bank
- Market: Arizona, Illinois, Massachusetts, Texas & Tennessee
This acquisition reflects growing investor interest in value-add medical office assets amid a rebounding market, with Altera Fund and TPG Angelo Gordon leading the purchase, while Newmark provided representation for the seller, NHP.
Players
Franklin Medical Office Market Snapshot
Boundary boundary · Medical Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93