HOUSTON — Hicks Ventures, a Houston-based development company, has signed a $100 million joint venture agreement with Washington, D.C.-based Artemis Real Estate Partners to develop inpatient rehabilitation facilities and behavioral health hospitals.
“This joint venture will give our operator partners surety of close and execution,” says Patrick Hicks, founder and CEO of Hicks Ventures. “More importantly, it will allow us to perform multiple unit facility transactions with our operator partners that will generate great efficiencies and cost savings.”
Hicks Ventures and its principals — Patrick Hicks, David Steidley and Larry Vaile — have completed over $1 billion in healthcare development projects in the last 20 years including six acute care hospitals, seven inpatient rehabilitation hospitals, eight long-term acute care hospitals and nine medical office buildings.
“As the post-acute and behavioral health markets continue to expand rapidly, this joint venture with Artemis Real Estate Partners will allow us to develop 18 to 20 hospitals, or about $400 million worth of projects to add to our portfolio,” says Larry Vaile, principal and director of healthcare for Hicks Ventures.
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