SCOTTSDALE, Ariz., Nov. 15, 2017 /PRNewswire/ -- Everhealth Properties, LP, a subsidiary of Everest Healthcare Properties, LLC, (Everest) recently closed on its initial property in its market-leading, tax-deferred IRS Section 721 (§721) program. The property, New Albany Medical Center, is a 60,000-square foot hospital-system anchored medical office building located in the 39th largest metropolitan statistical area (MSA), Louisville, KY. The property is 95% occupied, with a weighted average lease term of almost five and half years and investment-grade tenancy representing 64% of rentable square feet.
"We could not be more excited to acquire this property as the initial investment in our tax-deferred program," said David Lynn, Ph.D., President and CEO of Everest Healthcare Properties. "The Everhealth Properties program is a compelling alternative to sellers who desire deferral of taxable capital gains, access to a diversified medical office portfolio and professional asset management."
The §721 program is designed to offer investors access to high quality medical office real estate that has the potential for long-term capital appreciation and access to a diversified portfolio with an attractive target distribution of 6.5% annually.
Everest's management team has deep experience in real estate investing, capital markets, research and analytics. Everest, an industry leader in medical office real estate, acquires properties in U.S. markets by utilizing its proprietary research capabilities to source opportunities across the country that are accretive to its portfolio.
About Everest Healthcare Properties
Everest Healthcare Properties is an institutional real estate manager focusing on medical real estate properties across the United States. Its mission is to provide high current and total returns to institutional investors by acquiring and adding value to high-quality healthcare properties. The Everest team has significant institutional quality real estate experience with firms such as Cole Real Estate Investments, ING/Clarion, AIG Real Estate, Simon Properties, Principal Financial and Healthcare Trust of America.
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SOURCE Everest Healthcare Properties