Altera Fund Advisors acquired the two Bellaire Medical assets as part of a larger MOB portfolio. Due to the submarket’s leading demographics, local amenities, and proximity to the Texas Medical Center, the world’s largest medical center, Bellaire Medical is a leading choice for practicing medical physicians and tenants.
XXXX
This offering represents a unique opportunity to invest in a well-located, urban medical outpatient building which has been historically mismanaged, resulting in a currently under valued piece of real estate. The building is currently 68% leased with rents 30% below market. The property is being purchased for $99/SF and the partnership plans to invest $51/SF in capital improvements in order to reposition the property to a Class B+ asset, which is roughly 45% of the replacement cost of the building.