Sanders Trust Acquires Three Texas-Based Inpatient Rehabilitation Hospitals Valued at $111.5 Million

Birmingham, Ala. – The Sanders Trust (TST), one of the nation’s leading healthcare real estate investment companies, announced its acquisition of the real estate associated with three inpatient rehabilitation hospitals in Austin, Dallas, and Houston, Texas totaling 191,800 square feet.  

Each of the inpatient rehab facilities is operated by affiliates of HealthSouth Corporation through long-term net leases. Birmingham, Alabama-based HealthSouth is one of the nation’s largest providers of post-acute healthcare services, using today’s most advanced therapeutic methods and technologies. HealthSouth Rehabilitation Hospital at Round Rock in the metro-Austin area has 75 licensed beds, HealthSouth Rehabilitation Hospital of Richardson in the metro-Dallas area has 50 beds, and HealthSouth Rehabilitation Hospital Vision Park in the metro-Houston area has 60 beds.  

The $111.5 million acquisition was completed on Wednesday, July 20, 2016 when fellow Birmingham, Alabama company Medical Properties Trust (NYSE: MPW) and its affiliates sold the real estate for the referenced hospitals to The Sanders Trust in a joint venture with its Chicago-based capital partner Harrison Street Real Estate Capital, LLC.  JLL Healthcare Capital Markets Group brokered the sale on behalf of Medical Properties Trust. Financing for the deal was arranged by First Tennessee Bank, with other participants including Iberia Bank, Synovus Bank, and Renasant Bank. 

“We have previously acquired or redeveloped numerous rehab facilities across the country, and are pleased to be able to continue to do so as part of our long-term strategy,” stated Rance Sanders, president and CEO of The Sanders Trust. “These three properties are strong performing assets and are well located in affluent, growing communities in key Texas markets, adding tremendous value to our core portfolio.  We are especially pleased to expand our relationship with HealthSouth, an organization nationally recognized for delivering high quality patient care.”