Healthcare Real Estate Capital

What Healthcare Real Estate Capital does

Healthcare Real Estate Capital (HRE Capital) is a national advisory firm focused exclusively on healthcare and higher education real estate capital markets. Founded in 2008, the firm was acquired by Kaufman Hall in 2021 and now operates as Kaufman Hall's Real Estate practice, providing both consultative and transaction-oriented services to two primary client segments: healthcare providers (hospitals, health systems, and healthcare organizations) and healthcare real estate developers and investors. Since 2008, the practice has been involved with more than $15 billion of sector-specific real estate transactions across the United States, spanning asset types that include medical office buildings, ambulatory surgery centers, acute-care and specialty hospitals, seniors housing, research/biotech facilities, rehabilitation facilities, strategic hospitality and workforce housing assets, parking facilities, and administrative assets.

The practice's core offering is Real Estate Capital Markets Advisory, supported by three service modules: Transactional Services (investment sales, sale/leasebacks, joint venture capital raising, debt capital raise, developer/capital selection); Real Estate Performance Improvement (REPI), a phased-approach engagement for asset and portfolio performance optimization; and Advisory Services (portfolio strategic assessment, real estate utilization optimization, healthcare credit review, market assessment, merger integration review, leased real estate options assessment, development feasibility studies, and capital expense exposure assessment). Underlying technology is not applicable — this is a professional services practice, not a technology company.

The business model is project-based professional services. Revenue is generated through advisory fees on strategic assessments, transaction mandates, and ongoing consulting engagements. Pricing is custom, quote-based, and not publicly disclosed, typically structured as multi-year contracts tied to engagement scope and transaction complexity. Go-to-market is consultative enterprise field sales targeting C-suite and real estate leadership at health systems and institutional real estate investors, supported by content-driven marketing through Kaufman Hall's broader thought leadership channels (National Hospital Flash Report, M&A Quarterly Activity Report, Credit and Capital Insights, Gist Weekly). Named client engagements include CommonSpirit/MPT ($1.2 billion master lease restructuring), Hammes Partners ($605 million portfolio sale), Catalyst Real Estate ($250 million programmatic JV equity raise), Pipeline Health ($215 million sale/leaseback), Physicians Realty Trust ($153.5 million disposition), Yale-New Haven Health ($110 million developer selection advisory), HonorHealth ($197 million master lease restructuring), Novant Health (sale/partial leaseback of a 20-asset portfolio), and Greenville Health System ($200 million sale/partial leaseback).

Name

Healthcare Real Estate Capital

Legal name

Kaufman, Hall & Associates, LLC

Website

https://hrecap.com

Company type

Private

Founded year

2008

Operating status

Acquired

Headcount range

1–10 employees

Short description

Healthcare Real Estate Capital (HRE Capital) is a national advisory firm exclusively focused on healthcare real estate capital markets, providing transaction and consulting services to hospitals, health systems, and healthcare real estate developers/investors. Founded in 2008 and acquired by Kaufman Hall in 2021, the practice has executed over $15 billion in sector-specific real estate transactions.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYBPAJANAE

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Advisory & Consulting (Investment, Strategy)

SECONDARYBPAJABAL

Capital Markets Advisory (Equity Placement, JV & Recapitalization)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Commercial Real Estate Brokerage

SECONDARYBPAJABAF

Healthcare & Medical Office Brokerage

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Commercial Real Estate Brokerage

SECONDARYBPAJANAA

Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Advisory & Consulting (Investment, Strategy)

Keywords

• Healthcare real estate advisory
• Real estate capital markets
• Healthcare consulting services
• Property transaction advisory
• Real estate investment sales

Headquarters

HQ city

West Palm Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Others

Revenue model

1. Healthcare Real Estate Advisory Services: Professional consulting and advisory services for healthcare real estate strategy, including asset/portfolio joint venture structuring, recapitalizations, dispositions, and real estate utilization optimization. Revenue generated through advisory fees for strategic assessments, transaction advisory, and ongoing consulting engagements with healthcare providers and real estate investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Healthcare Real Estate Capital (operating within Kaufman Hall's Real Estate practice) provides healthcare-focused real estate capital markets advisory and transaction-oriented services. The core offering combines consultative strategic advisory (portfolio assessment, real estate utilization optimization, market studies) with execution of investment sales, sale/leasebacks, joint venture capital raises, debt capital raises, and developer selection for hospitals, health systems, and institutional healthcare real estate investors.

Product overview

Kaufman Hall's Real Estate practice is a consulting services platform that was launched in 2021 through the acquisition of Healthcare Real Estate Capital (HRE Capital). The practice provides advisory and transaction-oriented services to healthcare providers and real estate developers/investors. The core offering includes Real Estate Capital Markets Advisory as the main service, supported by four service modules: Real Estate Performance Improvement (REPI) for portfolio optimization, Transactional Services for investment sales and capital raising, and Advisory Services for strategic assessment and market analysis. The practice has been involved with over $15 billion of sector-specific real estate transactions across the United States since 2008.

Differentiator

Problem solved

Functional benefit

Brands

• Real Estate Performance Improvement (REPI): A phased approach service to identify, analyze, and implement recommendations for improved Asset and Portfolio performance.

Products and services

• Real Estate Capital Markets Advisory Core advisory offering for healthcare providers and healthcare real estate developers/investors covering asset/portfolio joint venture structuring, recapitalizations, dispositions, and real estate utilization optimization, delivered on a consultative and transaction-oriented basis.
• Real Estate Performance Improvement (REPI) Phased approach service to identify, analyze, and implement recommendations for improved healthcare asset and portfolio performance, focused on financial and operational optimization.
• Transactional Services Execution of investment sales, monetizations, sale/leasebacks (master and partial), partial ownership recapitalizations, joint venture capital raises, debt capital raises (conventional and credit tenant lease financing), and developer/capital selection for healthcare real estate.
• Advisory Services Strategic advisory work covering owned portfolio strategic assessment and valuation, real estate utilization optimization, healthcare credit review, healthcare market assessment, merger integration review and strategy, leased real estate options assessment, development feasibility and market studies, market variability assessment, contract restructuring, property tax review, and capital expense exposure assessment for healthcare organizations.

Quantifiable outcome

• $15 billion+ in healthcare real estate transactions across the United States since 2008
• +1 more outcomes

Named customers13 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves4 records

Expansion highlights4 records

Direct peers

• Hammes Partners: Healthcare-focused real estate consulting and development firm with deep hospital system relationships. Directly comparable given exclusive healthcare focus; notably appears as a HRE Capital client in the $605M portfolio sale case study, highlighting overlap in the healthcare RE advisory market.
• JLL Healthcare: Global commercial real estate services firm with a dedicated healthcare practice offering capital markets, brokerage, and advisory for hospitals, MOBs, and life sciences. Directly comparable as a healthcare-focused real estate capital markets advisor serving enterprise healthcare providers and investors.
• Avison Young Healthcare: Global real estate advisory with a dedicated healthcare practice covering MOBs, hospitals, and ambulatory facilities. Comparable to HRE Capital on healthcare-focused capital markets and tenant/owner representation services.
• Anchor Health Properties: Healthcare-focused real estate investment, development, and property management firm. Comparable healthcare-only focus on MOBs and ambulatory facilities, though operating more as an investor/owner than a pure advisory firm.
• Blueprint Healthcare Real Estate Advisors: Boutique healthcare real estate advisory firm providing capital markets, strategic planning, and portfolio management services to hospitals and health systems. Direct peer with similar sole focus on healthcare RE advisory and comparable transaction sizes.
• NexCore Group: Healthcare real estate development and investment firm specializing in MOBs, ambulatory care, and specialty facilities. Comparable as a healthcare-only real estate specialist though NexCore is more developer/principal-oriented versus HRE Capital's advisory model.

Broad incumbents

• CBRE Healthcare: Largest global commercial real estate firm with a major healthcare real estate capital markets practice. Overlaps with HRE Capital on investment sales, debt placement, and sale-leaseback advisory for healthcare providers, though CBRE serves a much broader client base beyond healthcare.
• Newmark Healthcare: Global commercial real estate advisory with healthcare capital markets capabilities including investment sales, debt origination, and sale-leasebacks. Comparable on healthcare real estate transaction advisory though operating as part of a broader diversified platform.
• Cushman & Wakefield Healthcare: Global real estate services firm with a dedicated healthcare practice covering MOBs, hospitals, and seniors housing. Comparable to HRE Capital on healthcare real estate advisory and capital markets execution, but operates at much greater scale across multiple asset classes.

Others

• Physicians Realty Trust: Publicly traded healthcare REIT focused on MOBs and outpatient facilities. Listed as a HRE Capital client ($153.5M disposition); serves as both customer and a comparable participant in the healthcare real estate ecosystem where HRE Capital operates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@kaufmanhall
• LinkedInlinkedin.com/company/kaufman-hall

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Healthcare Real Estate Capital