Akard Street Partners Capitalizes Its Newest Operating Company, Capital Health Holdings, L.P.
DALLAS, Nov. 30, 2011 /PRNewswire/ -- Dallas-based Akard Street Partners, an investment partnership operated by Hunt Realty Investments, recently agreed to capitalize its newest real estate operating company, Capital Health Holdings, L.P. ("Capital Health"), which will acquire and selectively develop private pay senior housing assets throughout the U.S., primarily assisted living and memory care facilities. Capital Health is based in Media, Pennsylvania.
Capital Health's operating partner, Capital Health Group LLC ("CHG"), is a privately held real estate company formed in 2006 and is an established operating platform with acquisitions, development, asset management and property management capabilities. Led by principals Ken Assiran and Jack Dwyer, CHG has acquired or developed 19 properties, including 1,706 beds, with total project costs of $230MM. CHG's current portfolio consists of 15 assets. "We are very excited about the new partnership," states Assiran. "With Hunt Realty's financial and technical resources and CHG's expertise within the sector, the venture has all the necessary components for a successful expansion of the platform."
Capital Health will invest in underperforming senior living properties and subsequently reposition, renovate and/or expand them, acquire distressed debt with the ability to take ownership of the underlying property, and selectively develop projects in infill locations with high barriers to entry. Capital Health is actively seeking equity capital to leverage Akard Street Partners' capital commitment and anticipates investing in approximately $350MM of senior housing assets over the next 2-3 years.
CHG has an exclusive sourcing relationship with Capital Funding Group, an affiliate and industry leading healthcare financing firm, which has originated and services $2 billion of senior housing loans.
"Due to an aging population, the healthcare industry is one of the fastest growing sectors, thus senior housing has fared better than the overall U.S. real estate market in recent years," said Patricia Gibson, president of Hunt Realty Investments. "This partnership allows us to align ourselves with a strong management team with unique skills, and further diversify our portfolio."
About Hunt Realty Investments
Based in Dallas, Texas, HRI has been the real estate investment management resource for Hunt Consolidated, Inc., which is a part of the Hunt family of companies directed by Ray L. Hunt. For over 30 years, HRI has invested in unique real estate opportunities that distinguish themselves from typical commodity investments. HRI's investment approach focuses on direct owned assets, real estate operating companies, and structured finance opportunities.
About Akard Street Partners
Created in 2009 through the partnership of HRI and the Teacher Retirement System of Texas, Akard Street Partners invests capital in select private real estate operating companies with the ability to create franchise value by positioning operators to efficiently scale portfolio and achieve superior risk-adjusted returns. In 2010, Akard Street Partners capitalized California-based W3 Partners, a real estate operating platform which acquires and repositions west coast office and research / development properties.
SOURCE Hunt Realty Investments
