The $13.4 M transaction closed on April 12th, 2022.
Vitalis and Advenir, acquire a mission critical behavioral asset 100% leased to Baptist (Moody’s A3) on a long term NNN in Montgomery, AL. The 2007 vintage 41,236 square foot building sold for $13,400,000 or $325 PSF on April 12th. In a separate transaction, Vitalis acquired a majority interest in the Certificate of Need (CON) with Baptist as the operator.
The facility is fully integrated into the Baptist health system & located adjacent to the Baptist South hospital campus. The 60-bed psychiatric hospital provides behavioral health services for Montgomery and surrounding central Alabama. The CON issued by the Health Planning and Development Agency of Alabama, gives Vitalis & Baptist an exclusive right to provide psychiatric services within a 60 -mile radius of the building. Average occupancy of the facility exceeds 75% and is fully integrated into the health system.
“1 in 10 individuals will require hospitalization from emotional and mental illness in their lifetime.” Says LaBreche. “Finally, the public and institutional stigma is shifting & health systems are investing in staff, resources, and facilities to address the crisis in a meaningful way.”
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About Vitalis:
Elliot LaBreche is the founder of Vitalis, a vertically integrated real estate investment company focused on medical office and life science investment sales, acquisitions, and leasing across the US.
About Advenir:
Stephen Vecchitto, founded Advenir in 1996 and serves as the company’s Managing Director. Advenir acquires, develops, and manages multi-family and single-family rental communities on behalf of high net worth and institutional investors. Advenir’s current multi-family portfolio consists of 15,000 units valued at over $3 Billion.
Media Contact: Abigail Kind, 802.881.9278
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