Investors
Invest in the Steady Real Estate Behind American Healthcare
Montecito is a specialist manager that has operated in one niche, U.S. medical outpatient real estate, since 2006. Our funds give institutions and individuals access to diversified portfolios of buildings leased to dominant physician groups and leading health systems, sourced through our proprietary platform and deep relationships no other buyer has.
Track Record
Twenty years, five funds, one asset class.
Portfolio
The buildings in Montecito’s funds.
Why Medical Office
Demand for Care Does Not Follow the Business Cycle.
Healthcare spending is about 18% of U.S. GDP and growing roughly 5% a year, and the care itself is moving out of hospitals and into outpatient buildings: new outpatient visits reached a record 1.9 billion in 2024. The real estate that houses that care has followed. Medical office occupancy hit a record 92.8% in 2024, and the healthcare real estate market is projected to grow from $1.3 trillion to $1.9 trillion by 2030.
- Long-term net leases to physician groups and health systems, typically 10–15 years with annual escalations
- Tenants with high retention and costly, purpose-built improvements that make relocation rare
- Demand driven by demographics and the outpatient shift, not the economic cycle
- An asset class institutional capital increasingly wants and few specialist managers can source
Individual Assets. Institutional Discipline.
Unlike REITs that acquire portfolios, Montecito selects individual buildings one at a time, which is how it became the most active buyer of individual medical outpatient buildings in the U.S. In a typical year we review more than $20 billion of opportunities and acquire fewer than 3%. Twenty years of provider relationships, a nationwide broker network, and the Atlas intelligence platform bring us off-market buildings other buyers never see. That network has lead to 40% of our transactions being with repeat clients. The buildings are then aggregated into diversified portfolios and widely marketed to buyers.
$7B+
Invested in medical outpatient real estate since 2006
700+
Medical outpatient buildings acquired
43
States
11.5M+
Square feet under management
500+
Medical provider groups as tenants
20
Years as a growth partner
How We Create Value: The Portfolio Model
Step 01
Buy
Stand-alone medical outpatient buildings, one at a time, over a two-to-three-year acquisition period.
Step 02
Hold and Enhance
Four to ten years of asset management: occupancy, lease term, operations, and tenant growth, with SmartMOB data on every building.
Step 03
Aggregate
Combine them into a larger, diversified portfolio by geography, specialty, and tenant credit.
Step 04
Sell the Portfolio
To an institutional buyer. Portfolios have historically commanded a premium to stand-alone sales; that is a historical cap-rate advantage, not a guarantee, and Montecito may also sell assets individually when appropriate.
Step 05
Distribute
Distribute proceeds to investors.
Montecito Medical Office Fund V
The Current Fund
Montecito Medical Office Fund V is a discretionary closed-end fund investing exclusively in U.S. medical outpatient buildings leased to dominant physician groups and leading health systems, largely sourced through long-standing provider relationships. It is open to institutional investors and to qualified, accredited individual investors, including the physicians who practice in Montecito buildings, and it is backed by the same data team and sourcing engine that powers the entire Montecito flywheel.
Fund facts, terms, and performance are provided in the confidential memorandum to qualified investors on request.
*Available to accredited investors only. Subject to eligibility criteria.
Historical Funds
Fund I
$55 Million Raised
Fund II
$82 Million Raised
Fund III
$307 Million Raised
Fund IV
$485 Million Raised
Target returns are objectives, not guarantees.
Fund V Key Facts
Fund Size
$1 Billion
Investment period from 2026 to 2029
Strategy
Medical Outpatient Building
Exclusively U.S. medical office leased to dominant physician groups and health systems.
Eligibility
Accredited Investors
An exclusive investment opportunity for physicians and healthcare executives to invest alongside Montecito in the medical real estate asset class they know best.
Past performance is not indicative of future results.
For Physicians: Two Ways to Invest Alongside Montecito
Fund V and the Provider Real Estate Partnership
Physicians who want exposure beyond their own practice invest in the fund. Physicians selling a building to Montecito can also keep up to a 49% stake in it through PREP, tax-deferred, with distributions during the hold and a share of the proceeds when the portfolio sells. Physicians have invested $122M+ through PREP.
What the Market Says About Medical Outpatient Buildings
Request the Fund V Memorandum
For institutional and qualified accredited investors. Our Capital Markets team will follow up directly.
