Houston, TX (January 13, 2022) — Hicks Ventures, a Houston-based, privately held development company, signed a $100 million joint venture agreement with metropolitan Washington, DC-based Artemis Real Estate Partners (Artemis) to develop national Inpatient Rehabilitation Facilities (IRFs) and Behavioral Health Hospitals (BHHs).
“This joint venture will give our Operator Partners surety of close and execution,” said Patrick Hicks, Founder and CEO, Hicks Ventures. “More importantly, it will allow us to perform multiple unit facility transactions with our Operator Partners that will generate great efficiencies and cost savings.”
Hicks Ventures and its principals, Patrick Hicks, David Steidley and Larry Vaile, have completed over $1 billion in healthcare development projects in the last 20 years including six acute care hospitals, seven inpatient rehabilitation hospitals, eight long-term acute care hospitals and nine medical office buildings.
“We are excited to partner with the Hicks Ventures team in the emerging IRF and BHH spaces” said Kevin Nishimura, Principal at Artemis. “We highly value the Hicks team’s past development expertise and track record in the space, combined with their deep, existing tenant relationships.”
In 2020, Hicks Ventures’ healthcare development platform sold three of the national IRFs they developed (Cobalt Rehabilitation Hospital of El Paso, Texas; Cobalt Rehabilitation Hospital of Louisville; the PAM/Cobalt Rehabilitation Hospital of Fargo North Dakota) for nearly $90 million.
“As the Post-Acute and Behavioral Health markets continue to expand rapidly, this joint venture with Artemis Real Estate Partners will allow us to develop 18-20 hospitals or about $400 million worth of projects to add to our portfolio,” said Larry Vaile, Director of Healthcare & Principal, Hicks Ventures.
In March 2022, Hicks Ventures is slated to break ground on their next IRF, a 53,000-square foot Post-Acute Medical facility with 42 patient beds and an in-patient dialysis suite, in Wausau, Wisconsin.
For more information visit Hicks Ventures at www.hicksventures.com.
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About Hicks Ventures
Headquartered in Houston, Texas, Hicks Ventures was founded in 2007 by Patrick Hicks. The company’s real estate professionals have more than 135+ years of cumulative experience in construction, development, property management, marketing, leasing, building improvement, market analysis, project selection and advisory services. The Hicks team has completed over a billion dollars of healthcare projects and over a half-billion of office, land and retail.
While Hicks Ventures offers a full suite of real estate services, from development through leasing and property management, the company also specializes in acquiring attractively priced Class A and B office, medical and hotel properties in markets with strong fundamentals. Hicks Ventures adds value by redeveloping, recapitalizing and providing superior property management, market and leasing services.
About Artemis Real Estate Partners
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles and Atlanta. Artemis has raised approximately $7 billion of capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on healthcare real estate, multifamily, industrial, office, retail, hospitality, and self-storage. Artemis specializes in joint venture partnerships with established, diverse and emerging operating partners and direct investments. More information can be found at www.artemisrep.com.
Taylor Ratkiewicz | Senior Account Executive
Dancie Perugini Ware Public Relations
1600 W. Loop S., Suite 800 | Houston, Texas 77027
Tel 713.224.9115 |Fax 713.224.3248
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