IRA Capital, a prominent Southern California-based private equity firm and a private buyer of healthcare real estate in the United States, announced the acquisition of twelve Class-A Medical Outpatient Buildings (the Portfolio) through a newly established partnership with funds managed by Oaktree Capital Management, L.P. (Oaktree). The acquisition, encompassing 600,000 square feet, involves properties from two separate institutional sellers and features a mix of single and multi-tenant medical buildings situated in prime medical corridors across California, Texas, Florida and Oregon. The Portfolio is anchored by prominent health systems and leading medical providers, including UC Davis Health, Palomar Health, UCLA, CommonSpirit, Ascension, McKesson and SCA Health, which collectively occupy approximately 50 percent of the space.

IRA Capital was drawn to this Portfolio for its strong submarket fundamentals, established partnerships with regional health systems and its offering of best-in-class medical care in specialties such as advanced imaging, oncology, orthopedic surgery, fertility, gastroenterology, inpatient rehab and internal medicine.

IRA Capital continues to be a key player in the healthcare real estate market, having invested approximately $410 million in healthcare real estate since the beginning of the year, with an additional $150 million expected to close in Q3 2024. The market for Medical Outpatient Buildings (MOBs) is projected to grow at a compound annual growth rate (CAGR) of 7.5 percent through 2028, driven by an aging population and increasing healthcare demands. High-barrier-to-entry markets such as California and Texas are particularly appealing due to their strong economic fundamentals and limited property availability. The trend toward outpatient care, supported by technological advancements and patient preference for convenience, further underscores the sector’s resilience and continued demand for Class-A medical space.