Sendero Capital, Angelo Gordon Launch JV

The JLL team that arranged the joint venture included Mindy Berman, Senior Managing Director of Capital Markets, JLL. Image courtesy of JLL

Sendero Capital and Angelo Gordon have formed a programmatic joint venture that will have the capacity for up to $300 million in investments in outpatient health-care real estate over the next two years. JLL Capital Markets arranged the joint venture.

The new investment vehicle reportedly will focus on value-add and core plus outpatient medical office and surgery center assets throughout the Northeast, a region the companies characterize as having “high barriers to entry, strong growth, and one of the largest concentrations of health-care businesses in the U.S.”

The formation of this strategic venture will enhance Sendero Capital’s continued partnership with health systems, physician groups, and other health-care providers, as patient care continues to migrate off campus, Ross Negele, principal at Sendero Capital, said in a prepared statement.

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Demand for outpatient health-care facilities has continued to grow in recent years, creating a robust opportunity for the medical office sector, according to Frank Virga, director, U.S. Real Estate at Angelo Gordon.

The current economic environment, macro trends in health care, and the continued demand for outpatient services are the primary drivers for this investment thesis, 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.

Healthy MOB market

Medical office building fundamentals remain strong, with resilient occupancy and steady rent and NOI growth, according to JLL’s 2023 Healthcare Investor Survey & Trends Outlook. Two-thirds of the investors surveyed indicated that MOBs, followed by ambulatory surgery centers, represent a strong investment opportunity, “highlighting a shift in demand for outpatient care versus in-patient facilities.”

In May, TPG announced that it is acquiring Angelo Gordon for about $2.7 billion in cash and equity. On the deal’s closing, Angelo Gordon will become an investing platform of its new parent. Co-CEOs Josh Baumgarten and Adam Schwarz will become co-managing partners of the new entity.