News Release: Chestnut Funds, Anchor Health Properties launch second $100m MOB acquistion fund

FOR IMMEDIATE RELEASE

Chestnut Funds, Anchor Health Properties launch second MOB acquisition fund and announce initial acquired seed investment

Concurrently with the launch of the new fund, Anchor and Chestnut have closed an inaugural seed investment with the acquisition of an approximate 10,000 square foot on campus medical office building in Puyallup, Washington. 

Chestnut Funds (Chestnut) and Anchor Health Properties (Anchor) have launched a $100 million real estate private equity investment fund, Chestnut Healthcare Fund II, focused on the acquisition of core and core-plus medical office buildings and other related healthcare real estate assets in the US over the next 48 months. The fund follows on the heels of the partnership’s initial fund, Chestnut Healthcare Fund I, which is concluding its investment activity in early 2021. Chestnut Healthcare Fund I successfully raised approximately $50,000,000 in total committed equity which was invested over a four year period in 52 distinct direct or joint venture medical office acquisitions. The fund will be co-managed by Chattanooga-based Chestnut Funds and Anchor Health Properties, a full service healthcare real estate company focused on development, asset and property management, leasing, and acquisitions / investment management of exclusively medical facilities featuring multiple offices nationwide.

“We are pleased to continue our partnership with Anchor Health Properties and find our fund strategy, including the asset type and size, increasingly compelling to investors,” stated Steen Watson, Chief Executive Officer of Chestnut Funds.

Echoing Mr. Watson’s sentiments, Ben Ochs, Chief Executive and Managing Partner of Anchor Health Properties shared, “We are delighted to expand our relationship with Chestnut Funds to provide capital raising, investor relations and related services. The Anchor/Chestnut relationship has been strong since our first investments together in 2015 and has continued to growth with successful follow-on investments together over time.”

James Schmid, Chief Investment Officer and Managing Partner of Anchor Health Properties added, “The Chestnut Healthcare Fund II will continue to afford the Anchor platform maximum flexibility across its national acquisitions efforts. Anchor invests across a variety of asset sizes, and the fund is uniquely structured to facilitate cost efficient solutions for such a range.”

Concurrently with the launch of the new fund, Anchor and Chestnut have closed an inaugural seed investment with the acquisition of an approximate 10,000 square foot on campus medical office building in Puyallup, Washington.

Strategically located at 1408 3rd Street SE on the 283-bed Good Samaritan Hospital campus in the premier medical corridor of Puyallup and occupied by MultiCare Health, the asset was sourced through local relationships in an off market approach. The transaction represents one of the few institutional quality medical office facilities to be traded in the Seattle MSA over the past twelve months.

Learn more about Chestnut Funds’ strategies here:

https://www.chestnutfunds.com/

For more information about the firm, please contact Chestnut Funds at 423.708.2178 / investor@chestnutre.com

About Chestnut Funds:

Chestnut Funds is a real estate firm based in Chattanooga with a focus on acquiring, developing, and recapitalizing commercial middle-market properties, often underserved by institutional investors. We seek like-minded, long-term investor partners and work with families, wealth advisors and investment groups across North America. Chestnut’s current portfolio is located in more than 22 states with an asset value exceeding $1 Billion.

About Anchor Health Properties:

Anchor Health Properties is a national, full-service healthcare real estate development, management, leasing, and investment company serving investors and health systems. Anchor takes a strategic approach to navigating the extremely competitive healthcare marketplace, considering multiple angles, such as retail drivers, customer experience, branding and efficiency of the project. We develop and manage projects across the United States that respond to the new landscape of employed physicians, team-based care, the need to optimize assets and reduce duplication, and the integration of care and technology. Anchor manages and leases seven million square feet of medical office space, inclusive of numerous projects under construction. Anchor maintains multiple offices nationwide and features more than 80 professionals in its ranks. Over the past five years, Anchor principals have acquired and/or developed more than $3 billion of medical real estate across the country. Healthcare today calls not only for new and more efficient ways of delivering outpatient services, but also a different kind of healthcare development and management company.  For more information, please visit: www.anchorhealthproperties.com.

 Media Contact:

Chestnut Funds
Liza Soydan
Phone: 423.708.2178
liza@chestnutre.com

Anchor Health Properties
Rachael Hall
Phone: 410.310.9824
rhall@anchorhealthproperties.com

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