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Houston, Texas

Northwest Medical Plaza I and III

Total Square Footage: 130,000 SF

Acquisition Date: March 2019


In Q1 2019, Altera purchased two medical office buildings on the campus of HCA Houston Healthcare Northwest from a private investor at very substantial discounts to replacement cost. The buildings are unique in that they are on campus but also fee simple with no use or deed restrictions. HCA purchased Northwest Medical Center Hospital in August 2017 and subsequently invested over $40 million of new capital into the ~450 bed hospital.

The buildings were under 30% leased at the time of purchase and in dire need of capital improvements to the building system, roof, foundations, and elevators. Subsequent to acquisition, Altera has completed substantial capital improvements and is actively executing its aggressive lease up plan as part of the projected 5-year hold for this investment.

Lauderdale Lakes, Florida

Florida Medical Center

Total Square Footage: 138,100 SF

Acquisition Date: December 2018


Altera acquired this on-campus medical office building in a short sale transaction from Capital One NA in Q4 2018 at a very substantial discount to replacement cost. Capital One approached us based on our deep historical relationship. The prior owner had completed substantially all required capital improvements. The asset was the last asset remaining in a dysfunctional partnership, where the partners were unwilling to fund tenant improvement and leasing commissions.

Altera is currently executing its aggressive leasing and asset management strategy. Since acquisition, Altera has increased the occupancy from 58% to almost 70% and more than doubled projected net operating income. 

Natchez, Mississippi

Doctor’s Pavilion

Total Square Footage: 48,000 SF

Acquisition Date: May 2022


Altera purchased Doctor’s Pavilion alongside their purchase of the Merit Health Hospital building in Canton, MS. Doctor’s Pavilion is the premier medical office building in Natchez.

Canton, Mississippi

Merit Health Hospital

Total Square Footage: 34,000 SF

Acquisition Date: May 2022


Altera purchased the Merit Health Hospital in Canton, MS alongside their purchase of Merit Health’s hospital in Natchez, MS. The hospital currently leases 75% of the building.

Houston, Texas

12727 Kimberley Lane

Total Square Footage: 80,000 SF

Acquisition Date: April 2020


In Q2 2020, Altera acquired this medical office building located in the Memorial neighborhood of Houston. The building requires some deferred maintenance, but more importantly, the marketing will be repositioned. Tenancy includes Houston’s top plastic surgery practice’s surgery center and other top-notch physicians who serve this prestigious neighborhood.

The building is located next to City Centre in a high density Houston overlay district. Altera has the ability to construct a second phase/building of approximately 55,000 SF if desired; underwriting excludes the second phase from consideration.

Norman, Oklahoma

Doctor’s Park

Total Square Footage: 43,000 SF

Acquisition Date: May 2022


Doctor’s Park is located on the campus of Norman Regional Hospital, with Norman Regional stabilizing much of the asset. Altera has contributed capital for improvements throughout the interior and exterior of the building and parking lot, displaying the commitment of their positive impact to the tenants.