The Medical Real Estate Fund acquires medical and dental offices on long-term triple net leases. Tenants who have built out the space, installed the equipment, and would lose their patients if they moved. Quarterly income with an institutional exit at the end.
16–20% targeted base case IRR 25–35% upside scenario IRR 2 to 3x targeted equity multiple
8% preferred return
+8% estimated distributions Paid quarterly, 60 days after closing
Three to five year hold period
Medical real estate providing recession-resistant returns from tenants with leases of more than ten years.
Estimated to receive $70K in tax deductions beginning in 2027 on a $100K investment.
A full walkthrough of the strategy, the portfolio and the return model, recorded for investors.
Healthcare real estate behaves differently from other commercial property because the tenants cannot easily leave. A dentist who has installed chairs, plumbing, imaging and cabinetry is not moving across the street to save on rent.
Healthcare is recession-resistant with consistent demand, which keeps rental income stable through downturns.
Ten to fifteen year triple net leases provide predictable cash flow and reduce tenant turnover risk.
Under a triple net lease the tenant carries property taxes, insurance and most maintenance rather than the owner.
The gap between today's acquisition cap rates and healthcare REIT valuations is where the upside case comes from.
Investment criteria that ensure only the most promising opportunities make it into the portfolio.
Figures come from the fund's own underwriting. Distributions are paid quarterly, 60 days after closing, with sale proceeds at the end of the hold.
Below the $50,000 minimum. Figures shown for reference.
*Upside scenario assumes a 3-year hold instead of 5.
Base case, per $100,000 invested, over 5 years.
Illustrative projections drawn from the sponsor's underwriting. Not guarantees, and actual results will differ. The base case assumes individual buildings are sold at a 6.8% cap rate. The upside case assumes a sale or conversion to a healthcare REIT at a lower cap rate, which is what allows the earlier exit in year three.
Health Wealth Capital has been acquiring medical real estate since 2017, and the current offering adds to a portfolio that is already producing.
Over 500 medical and dental practices' financials analyzed, with a proprietary methodology for selecting financially stable tenants.
More than 100 triple net leases negotiated and managed, securing risk-adjusted terms.
Experience running a nearly $100M revenue dental group, including tenant default management and operational takeovers.
A deep network across real estate and medical practice brokers and private equity, opening access to off-market opportunities.
A portfolio of close to a hundred medical buildings, all on long-term leases.
Buildings span the entire United States, each in a market of more than 70,000 people within ten miles.
The strategy is built so that more than one path works, rather than depending on a single buyer showing up.
Selling the assembled portfolio to a healthcare real estate investment trust at a lower cap rate than acquisition, which is where the upside case comes from.
Converting the investment into a REIT structure for continued income and potential appreciation rather than a clean exit.
Selling buildings one at a time to private buyers. This is the base case, and it does not require a REIT transaction to happen at all.
Medical triple net real estate is hard to reach individually. Single buildings trade to institutions, and the diligence on tenant financials is not something most investors can do alone.
The sponsor has seventeen years running multi-site healthcare businesses, so tenant underwriting comes from having been the tenant.
Distributions begin 60 days after closing rather than years into a development timeline.
An estimated $70,000 in deductions beginning in 2027 on a $100,000 investment, which changes the after-tax math meaningfully.
An 8% preferred return to investors comes first, before any profit share reaches the sponsor.
Founder · Expedition Equity
Dylan is responsible for investment strategy, underwriting oversight and capital allocation at Expedition Equity. His background covers building and operating multi-location businesses, evaluating real-asset and operating-company investments, and navigating private-market structures across several asset classes.
That experience informs a disciplined, risk-aware approach to which opportunities get brought to investors and which partnerships are worth making. An early career in healthcare shaped a process-driven, analytical approach to risk and decision-making.
For this offering, Expedition Equity has partnered with Health Wealth Capital, a firm specializing in medical real estate acquisitions with a focus on long-term leased healthcare assets.
Properties leased to healthcare providers, primarily medical and dental offices. They offer long-term leases and stable tenants, and they are less affected by market volatility than most commercial property.
Healthcare providers invest heavily in their space. Custom build-outs, specialized equipment, plumbing and imaging all make relocating expensive, and moving costs them patients. That produces low turnover and reliable rent.
Under a triple net lease the tenant pays property taxes, insurance and maintenance in addition to rent. That reduces operating cost and risk for the owner and makes cash flow more predictable.
Quarterly, beginning 60 days after closing, targeting more than 8% annually. Unlike a development deal, the buildings are already leased and producing income when acquired.
Typically ten to fifteen years, with annual rent escalations built in. The fund targets leases of more than ten years remaining at acquisition.
An estimated $70,000 in deductions beginning in 2027 on a $100,000 investment, driven by depreciation on the buildings. This reduces taxable income once rather than producing an ongoing return, and your own tax advisor should review how it applies to your situation.
The base case never assumes it does. Selling buildings individually to private buyers at a 6.8% cap rate produces the 16 to 20% targeted IRR on its own. The REIT sale is the upside, not the plan.
This offering is open to accredited investors, with a $50,000 minimum. Accreditation verification is completed as part of the subscription process, before funds are wired.
Close to a hundred medical buildings on long-term triple net leases, 8% preferred return, quarterly distributions, and a $50,000 minimum.
