June 14th, 2019
Cleveland, OH - Woodside Health is pleased to announce the sale of the Indian River Medical Building & Apartments, located in Vero Beach, Florida. This mixed-use property includes four medical offices and 14 apartment units. Woodside acquired the building in June 2016 and achieved an above-pro forma return about 7 years earlier than anticipated. Investors in the project will realize about a 20.2% net IRR, exceeding the forecasted return. For every dollar invested, in about 3 years investors received a total of $1.66 back, including the invested dollar.
"We've enjoyed owning the Indian River Medical Building over the last three years, and will miss working with the great tenants there," said Ted Barr, Woodside Health Principal. "This is a great neighborhood and the medical professionals on the first floor are really committed to serving the community," he added. "This was our only property with apartments and it was a great experience. We renovated the majority of the apartments, which increased the value of the building and kept our tenants happy. We prefer to keep our properties for longer periods of time, but we agreed to sell this building now because we believe the buyer, a Florida apartment building investment firm, will be just as dedicated to providing first class service to the tenants and their patients," continued Barr.
This is the fourth sale for Woodside Health, the medical office building acquisition and management firm with properties in Arizona, Florida, Georgia, Michigan, Ohio, and Texas. The firm has acquired 29 medical office properties and is negotiating the acquisition of more.
About Woodside Health
Cleveland-based Woodside Health is a medical office building acquisition and management firm. Unique to the industry, Woodside Health treats their tenants like customers. They proactively enhance the exterior and interior spaces of their buildings and are devoted to establishing long-term relationships with their tenants. The firm's principals have decades of experience investing in and managing real estate. For more information, please visit www.WoodsideHealth.com.