Sendero Capital and Angelo Gordon launch programmatic joint venture for outpatient healthcare real estate acquisitions

BOSTON, June 29, 2023 –  JLL Capital Markets announced today that it arranged a programmatic joint venture between Sendero Capital and Angelo Gordon, which will allow for up to $300 million in investments in outpatient healthcare real estate over the next two years.

The Sendero Capital and Angelo Gordon venture will focus on value-add and core plus outpatient medical office and surgery center assets throughout the Northeast United States – a region with high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the U.S.

“The formation of this strategic venture will enhance our continued partnership with health systems, physician groups, and other healthcare providers, as patient care continues to migrate off campus. Our extensive healthcare background and targeted approach delivers a differentiated experience for our patients and providers,” said Ross Negele, Principal at Sendero Capital.

“Demand for outpatient healthcare facilities has continued to grow in recent years, and we believe the opportunity set in the medical office sector remains robust. We look forward to working with the Sendero Capital team to execute on acquisition opportunities in this space – leveraging their wealth of healthcare industry expertise and Angelo Gordon’s deep value-add real estate experience to identify and enhance well-located facilities throughout the Northeast,” said Frank Virga, Director, U.S. Real Estate at Angelo Gordon.

According to JLL’s 2023 Healthcare Investor Survey & Trends Outlook, medical office building (“MOB”) fundamentals remain strong, with resilient occupancy and steady rent and NOI growth. 66% of investors surveyed indicated MOBs present a strong investment opportunity – followed by ambulatory surgery centers – highlighting a shift in demand for outpatient care versus in-patient facilities.

“The current economic environment, macro tends in healthcare, and the continued demand for outpatient services are the primary drivers for this investment thesis. The venture with Angelo Gordon aligns us with a highly respected institutional partner, who shares our vision for this initiative,” 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.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Sendero Capital is a privately held real estate investment, development and advisory firm based in Boston, MA.  The principals of the firm have decades of experience investing in, developing, and managing large portfolios of real estate across the United States, including millions of square feet in the healthcare sector.

Angelo Gordon is a leading alternative investment firm founded in November 1988. The firm currently manages approximately $73 billion* with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.

*Angelo Gordon’s (the "firm") currently stated AUM of approximately $73 billion as of December 31, 2022 reflects fund-level asset-related leverage. Prior to May 15, 2023, the firm calculated its AUM as net assets under management excluding leverage, which resulted in firm AUM of approximately $53 billion as of December 31, 2022. The difference reflects a change in the firm’s AUM calculation methodology and not any material change to the firm’s investment advisory business. For a description of the factors the firm considers when calculating AUM, please see the disclosure linked here.