Real Estate Is a Whole New Ballgame

Kaufman Hall Has Acquired HRE Capital

Kaufman, Hall & Associates, LLC, a leading healthcare and higher education management consulting firm, has acquired Healthcare Real Estate Capital, LLC (HRE Capital), a national capital advisory firm focused solely on the healthcare and higher education real estate sectors.

The new combined organization will provide enhanced, independent, objective insights grounded in sound data and analysis to help clients fulfill their missions, achieve their goals, and tackle their toughest problems.

Press Release

We believe focus matters. That’s why we are strictly focused on advisory and transactional work in the U.S. healthcare and higher education real estate sectors. These asset classes have unique similarities based on institutional anchoring and need to be understood from a fundamental real estate, capital markets and the institutional ecosystem perspective in which they exist. Comprehensive understanding of these dynamics allows us to efficiently and effectively implement the optimal structured transactions for our clients.

Sectors We Serve

Our clients include many of the nation’s largest owners of and investors in healthcare and higher education real estate, including hospitals/health systems, universities/academic institutions, physician practices, developers, operators, real estate investment trusts, private equity firms, and institutional investors, among others.

Healthcare

In aggregate, healthcare in the U.S. represents approximately 18 percent of the Gross Domestic Product, equating to almost $3.5 trillion of annual spending.

The facilities that drive this ecosystem are an interconnected network of inpatient (hospitals), outpatient (medical office buildings and ambulatory facilities), manufacturing (medical devices), and research and production facilities (laboratories, academic research, pharmaceutical production) that are designed to serve the specific needs of its occupants.

We have unmatched real estate advisory and transactional experience across the healthcare delivery chain, representing some of the nation’s largest healthcare providers, developers, investors, and users.

Higher Education

There are approximately 4,700 degree granting higher education institutions in the U.S., of which approximately two-thirds are four-year institutions. These institutions provide education for over 21 million students, or approximately 5 percent of the U.S. population.

Over the last decade, due to technological transformation as well as a changing overall job market, Higher Education institutions are facing unprecedented challenges to their traditional business models. This is playing out with a backdrop of aging facilities, evolving physical plant needs and growing pressures on historic funding sources.

We provide advisory services related to how real estate assets could be owned and/or developed. If appropriate, we will provide transaction services related for new real estate development projects and the monetization of existing core and non-core real estate holdings.

Asset Types

Whether it’s a transactional or consultative need, our team has unmatched real estate advisory and transactional experience across all types of assets that are central to our clients’ core business.

Healthcare

We have experience with the following asset types:

Medical Office Buildings
Ambulatory Surgery Centers
Acute Care Hospitals
Seniors Housing
Research / Biotech Facilities
Rehabilitation Facilities
Strategic Hospitality Assets
Strategic Housing Assets
Parking Facilities
Manufacturing / Production Related Assets
Administrative Assets

Higher Education

We have experience with the following asset types:

Student Housing
Strategic Hospitality Assets
Parking Facilities
Administrative Assets
Retail Assets
Non-Core Land Development
Condominium / Seniors Housing Development
Research / Biotech Facilities

Services We Provide

Our focused model, experience, significant consistent transaction volume, and national footprint allow us to best understand all aspects of transaction value drivers and the nuances of these specific asset classes.

Transactional

Investment Sales and Institutional Monetizations
Sale / Leasebacks
Partial Ownership Recapitalizations
Joint Venture Capital Raising
Debt Capital Raise
Developer / Capital Selection

Advisory

Owned Portfolio Strategic Assessment and Valuation
Real Estate Department Optimization
Healthcare Credit Review
Healthcare Market Assessment
Merger Integration Review and Strategy
Leased Real Estate Options Assessment
Development Feasibility & Market Studies

Case Studies

Our experience in the healthcare and higher education real estate sectors includes $14 billion of transactions throughout the United States for clients that include many of the nation’s largest institutional and entrepreneurial owners, developers and users of real estate assets.

Hammes Partners

$605,000,000

Sale of a 29-Building, 1,226,312 Square Foot Healthcare Real Estate Portfolio Located Throughout the United States

FPR Medical Properties

$400,000,000

Programmatic Joint Venture Equity Raise Including the Recapitalization of a Medical Office Portfolio Throughout the Greater Washington D.C. / Baltimore Region

Pipeline Health

$215,000,000

Sale-Leaseback of Four Acute-Care Hospitals and Two Medical Office Buildings Located in Los Angeles, California

HTA / PEAK / GHS

$285,000,000

Sale of a 16-Asset, 856,179 Square Foot Portfolio of Medical Office Buildings Located in Greenville, South Carolina

Confidential Developer

$282,000,000

Recapitalization of a Portfolio of 17 Medical Office Buildings Totaling 1.1 Million Square Feet and Development Financing for a 300,000 Square Foot Medical Office Building / Cancer Center

Meadows & Ohly

$268,000,000

Sale of a 10-Building, 1,007,395 Square Foot Medical Office Portfolio Located in North Carolina, Georgia, and Tennessee

We're Not Just Advisors—We're Your Partners

Create greater value with your real estate investment strategy. Our consultants can help you strengthen organizational capabilities to achieve widespread and sustainable results.

E. Hunter Beebe, Managing Director and Real Estate Service Line Lead

E. Hunter Beebe is the leader of Kaufman Hall’s Real Estate practice. He has more than 20 years of experience advising health systems, academic institutions, physician practices, developers, investors, and healthcare and higher education real estate operators. Hunter has worked on more than $10 billion in real estate related assignments for many of the nation’s largest and most sophisticated sector participants.

Learn More About E. Hunter

Brent Farrell, Senior Vice President

Brent Farrell is a Senior Vice President with Kaufman Hall’s Real Estate practice. With more than 20 years of experience in commercial real estate, he has been involved in over $5 billion in healthcare real estate advisory assignments ranging from medical office buildings to hospitals and post-acute facilities. Brent has completed a variety of transactional engagements, including programmatic joint ventures, acquisition sale/leasebacks, outright dispositions, and debt financings, among others.

Learn More About Brent

William Earl, Vice President

William Earl is a Vice President in Kaufman Hall’s Real Estate practice, with more than 15 years of experience in commercial real estate. He has been involved in over $4 billion in healthcare real estate advisory assignments for a variety of clients nationwide.

Learn More About William

Stefano Breuer, Assistant Vice President

Stefano Breuer is an Assistant Vice President with the Real Estate practice at Kaufman Hall. His responsibilities include providing analytical, investor outreach, and day-to-day support for current and potential real estate engagements.

Learn More About Stefano