IRA Capital, a Southern California-based real estate private equity firm, acquired a 1.5-million-square-foot, 24-property medical facilities portfolio spanning 11 states nationwide for an undisclosed sum. The portfolio was acquired from a publicly traded REIT and represents the seed investment of a newly formed IRA-sponsored healthcare real estate venture targeting the acquisition of several billion dollars of medical facilities over the next 12-18 months.

Irvine-based IRA said the newly formed venture is backed by two of the world’s largest institutional investors, including a sovereign wealth fund and a leading international pension investor. The new acquisition includes mission-critical, purpose-built medical facilities, the majority of which are located on or adjacent to hospital campuses, including 11 buildings directly connected to hospitals.

Samir Patel, managing partner at IRA Capital, said, “The scale and liquidity of this venture allow us to be a long-term, reliable capital partner to leading health systems, helping support their facilities while enabling them to remain focused on what matters most – delivering high-quality patient care and advancing their core operations.”