What UDLR Healthcare does

UDLR Healthcare is a Phoenix-based medical outpatient real estate investment and operations platform that owns, manages, and develops medical office buildings (MOBs) anchored by major US health systems. Founded in 2022 through a collaboration between GI Partners — a private alternatives investment firm with $42B+ in capital raised across private equity, real estate, and data infrastructure — and former executives of Healthcare Trust of America (HTA), which was the largest integrated MOB owner/operator in the US prior to its ~$6.4B acquisition by GI Partners in July 2022. UDLR manages a portfolio of 7 healthcare properties totaling 432,305 square feet across 5 states: Arizona, Utah, Michigan, Texas, and Maryland.

The portfolio consists of mission-critical outpatient facilities situated on or adjacent to health system campuses, including Thunderbird Medical Pavilion (92,811 SF on Banner Thunderbird Medical Center campus), Rochester Medical Pavilion (114,165 SF on Henry Ford Rochester Medical Center campus), and Laurel Health & Wellness MOB (55,960 SF, developed 2023, on the University of Maryland Laurel Medical Center campus). Anchor and major tenants include Banner Health, Henry Ford Health, CommonSpirit Health, University of Maryland Medical System, Memorial Hermann Health System, and UT Physicians. Revenue is generated primarily through rental income from healthcare tenants, supplemented by property management fees and capital appreciation from property appreciation and disposition; lease terms are negotiated bilaterally with health systems and physician tenants and are not publicly disclosed.

The company's stated differentiator is an "alignment-focused" approach — reframing the core question from "How do we fill the building?" to "How do we level up the entire ecosystem?" — supported by data-driven operations, tenant experience design, building systems modernization, and energy efficiency upgrade programs. UDLR operates with a lean team of 1–10 employees, distributed across executive functions (CEO, COO, CLO, EVP Investments, SVP Construction, SVP Finance, Controller) and outsources or centralizes property-level operations within the broader GI Partners infrastructure. The go-to-market motion is direct enterprise business development, leveraging the leadership team's HTA-era relationships with leading health systems and institutional investors.

Name

UDLR Healthcare

Legal name

UDLR Healthcare

Website

https://udlr.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

UDLR Healthcare is a Phoenix-based medical outpatient real estate investment and operations platform, backed by GI Partners, that owns and manages 7 healthcare properties totaling 432,305 SF across 5 US states, anchored by leading health systems including Banner Health, Henry Ford Health, and Memorial Hermann.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Real Estate Dealers (For Their Own Account) (6532), Finance Lessors (6172)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

Keywords

• Medical office buildings
• Healthcare real estate
• Outpatient facilities
• Medical real estate investment
• Healthcare property management

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Medical Outpatient Property Management: UDLR Healthcare generates revenue through ownership, investment, and management of medical outpatient buildings. The company collects rental income from healthcare tenant tenants (physicians, health systems) occupying its portfolio properties, supplemented by property management fees and potential capital gains from property appreciation and eventual disposition.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

UDLR Healthcare acquires, develops, owns, and operates medical outpatient real estate (medical office buildings) across durable US growth markets. The company manages a portfolio of 7 healthcare properties totaling 432,305 SF across 5 states, anchored by major health systems. Services include property investment, leasing, operational management, energy efficiency upgrades, tenant experience design, and building systems modernization for healthcare providers and health systems.

Product overview

UDLR Healthcare operates as a medical outpatient real estate investment and operations company managing a portfolio of 7 healthcare properties totaling 432,305 SF across 5 US states. The portfolio comprises individual medical office buildings (MOBs) including Thunderbird Medical Pavilion, Pioneer Medical Arts Building, Rochester Medical Pavilion, Sugar Lakes Medical Building, Memorial Hermann Hospital MOB, Sugar Lakes Physicians Pavilion, and Laurel Health & Wellness MOB. The company provides investment intelligence, operational efficiency upgrades, tenant experience design, and building systems modernization services. UDLR Healthcare is a single unified platform without modular products—the named offerings are individual real estate assets rather than software products or modules.

Differentiator

Problem solved

Functional benefit

Products and services

• Thunderbird Medical Pavilion A four-story medical outpatient facility comprising 92,811 rentable square feet situated on the expanding campus of Banner Thunderbird Medical Center, a 595-bed institution located in Glendale, Arizona. Banner Health is the anchor tenant.
• Pioneer Medical Arts Building A medical outpatient building comprising 63,947 SF GLA located at 3336 S. Pioneer Parkway in West Valley City, Utah.
• Rochester Medical Pavilion A four-story medical outpatient facility comprising 114,165 square feet situated on the Henry Ford Health Rochester Medical Center campus, a 224-bed hospital located in Rochester Hills, Michigan. Henry Ford Health is the anchor tenant.
• Sugar Lakes Medical Building A medical office building comprising 39,367 SF GLA located at 15035 Southwest Freeway in Sugar Land, Texas.
• Memorial Hermann Hospital Medical Office Building A medical office building comprising 39,928 SF GLA located at 16906 Southwest Freeway in Sugar Land, Texas, adjacent to Memorial Hermann Hospital. Memorial Hermann Health System is a tenant.
• Sugar Lakes Physicians Pavilion A medical office building comprising 26,127 SF GLA located at 16902 Southwest Freeway in Sugar Land, Texas. Memorial Hermann Health System and UT Physicians are tenants.
• Laurel Health & Wellness MOB

Quantifiable outcome

• 7 healthcare properties, 432,305 SF managed across 5 states
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core.

• Banner HealthcoreStrategic or Co-development PartnerBanner Health is an anchor tenant partner at Thunderbird Medical Pavilion, a 92,811 SF four-story medical outpatient facility situated on the expanding campus of Banner Thunderbird Medical Center (595-bed institution) in Glendale, Arizona. Banner Health is one of the largest nonprofit health care systems in the country.
• Henry Ford HealthcoreStrategic or Co-development PartnerHenry Ford Health is an anchor tenant partner at Rochester Medical Pavilion, a 114,165 SF four-story medical outpatient facility situated on the Henry Ford Health Rochester Medical Center campus (224-bed hospital) in Rochester Hills, Michigan.
• CommonSpirit HealthcoreStrategic or Co-development PartnerCommonSpirit Health is listed among the trusted health system partners of UDLR Healthcare, representing one of the largest healthcare systems in the United States with operations across multiple states.
• University of Maryland Medical System (UMMS)coreStrategic or Co-development PartnerUMMS is an anchor tenant partner at Laurel Health & Wellness MOB, a 55,960 SF three-story medical outpatient facility situated on the University of Maryland Laurel Medical Center campus in Laurel, Maryland, developed in 2023.
• Memorial Hermann Health SystemcoreStrategic or Co-development PartnerMemorial Hermann Health System is a tenant partner at multiple facilities in UDLR Healthcare's Houston/Sugar Land portfolio, including Memorial Hermann Hospital (39,928 SF GLA) and Sugar Lakes Physicians Pavilion (26,127 SF GLA). Memorial Hermann is one of the largest not-for-profit health systems in Texas.
• UT PhysicianscoreStrategic or Co-development PartnerUT Physicians is a tenant partner in UDLR Healthcare's Houston/Sugar Land portfolio. UT Physicians is the multi-specialty medical practice of McGovern Medical School at UTHealth Houston and represents one of the nation's largest physician groups.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Anchor Health Properties: Private medical office building owner, operator, and developer focused on on-campus and anchored outpatient facilities. Closely comparable to UDLR in strategy (on-campus MOBs, health-system partnerships, integrated investment/operating platform) and stage.
• Global Medical REIT: Public REIT specializing in net-leased medical outpatient buildings leased to physician groups and health systems. Closest comparable in pure-play scale, tenant type, and acquisition model, though smaller in portfolio size.
• Hammes Partners: Private healthcare real estate development and investment firm focused on medical office buildings and outpatient facilities for health systems and physicians. Closely comparable operating model — develop-and-hold on-campus MOBs backed by institutional capital.
• Healthcare Realty Trust: Public REIT focused on outpatient medical facilities on or near health-system campuses — the closest pure-play comp to UDLR's strategy. Operates a portfolio of ~700 properties and directly competes for the same on-campus MOB acquisition opportunities in the US.
• Community Healthcare Trust: Public REIT focused on outpatient medical facilities leased to non-urban and community-based healthcare providers. Comparable in tenant and asset type (outpatient medical), though generally smaller-format and in less dense markets than UDLR's on-campus focus.

Emerging players

• LTC Properties: Public healthcare REIT focused on seniors housing and post-acute/skilled nursing facilities. Less directly comparable as a peer (different care setting) but operates as a small-cap public healthcare REIT with similar buy-and-manage real estate strategy against large incumbents.

Broad incumbents

• Welltower: Largest publicly traded healthcare REIT in the US, with a substantial portfolio of outpatient medical office buildings on health-system campuses. Directly comparable investment model and target tenant base (major health systems), but operates at much greater scale and with a broader seniors housing and post-acute footprint.
• Healthpeak Properties: Public healthcare REIT formed from the merger of Physicians Realty Trust (a pure-play MOB owner) and Healthpeak. Directly comparable MOB investment strategy on hospital campuses, but with a CCRC and life science overlay and a public cost-of-capital advantage.
• Ventas: Major diversified healthcare REIT with a meaningful medical outpatient office portfolio alongside seniors housing and life science assets. Competes with UDLR for institutional MOB acquisitions and development opportunities with leading health systems.
• Medical Properties Trust: Public healthcare REIT focused on acute care and specialty hospitals. Tangentially comparable as a healthcare REIT sponsor, though its strategy skews to inpatient/general acute facilities rather than the outpatient MOB niche where UDLR competes.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/udlr-healthcare

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

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 UDLR Healthcare