Skip to content
Medical Office Building Fund - $46M+ AUM photo 1

Health Wealth Fund I

Balanced
Colorado Springs, CO
Target Return
20.00%
Minimum
$100,000
Hold Period
5 Years
Vestus CapitalSponsored by Vestus Capital · $46M AUM
Overview

Health Wealth Fund I is a medical real estate investment vehicle offering accredited investors exposure to a portfolio of medical office buildings across the United States, backed by long-term triple-net (NNN) leases with high-credit healthcare tenants. The fund is a strategic partnership between Vestus Capital (principal Flint Jamison) and Health Wealth Capital (led by A.J. Peak, founder of Peak Dental Services). The current Q2-2025 offering targets a $21.4M portfolio of 11 medical buildings comprising 20 medical tenants with an 8.2% entry cap rate, designed to deliver 8%+ cash-on-cash returns with 16-20% base case IRR and up to 25-35% IRR upside through REIT/UPREIT arbitrage.

Why This Opportunity

  • Recession-resistant tenant base: Medical and dental practices with 10-15 year triple-net leases, providing predictable cash flow and low tenant turnover through economic cycles

  • Institutional-quality data-driven underwriting: Proprietary tenant screening methodology analyzing 500+ medical/dental practice financials with 30+ data points per building

  • Arbitrage to healthcare REIT cap rates: Target acquisitions at 6.5-7.8% cap rates; healthcare REITs trade at implied cap rates as low as 4.88%, creating structural upside through scale-up and exit to REIT

  • Long-term lease structures: 10-15 year NNN leases where tenants cover property taxes, insurance, maintenance, and most operating expenses, minimizing landlord risk

  • Proven realized track record: 25 buildings acquired or under contract/LOI totaling 145,498 SF and $36.5M in purchase price, with projected 5-year IRR of 22.9% across the portfolio

  • Class A Shares with 8% preferred return: 90/10 LP/GP split up to 15% IRR, 70/30 split above 15% IRR

  • Monthly cash distributions: Cash flow paid monthly to investors

  • Tax advantages: Cost segregation and bonus depreciation delivering approximately 50% depreciation in year one

  • Flexible exit pathways: Individual property sales, sale to a healthcare REIT, or conversion to UPREIT upon scaling to $10M+ NOI

  • Projected returns: 20% target IRR with a 2.0x equity multiple over a 5-year hold, with upside potential of 25-35% IRR via REIT exit

Deal Structure

  • Total raise: $5,000,000 (Series 1)

  • Current portfolio: 11 medical buildings, 16 medical tenants, $21.4M aggregate purchase price

  • Year 1 NOI: $1.7M (8.2% entry cap rate)

  • Preferred return: 8% (Class A)

  • Profit split: 90/10 up to 15% IRR, 70/30 above 15% IRR

  • Minimum investment: $100,000

  • Hold period: 3-5 years targeted

  • Distributions: Monthly

  • Offering: 506(c) Reg D, accredited investors only

Acquisition Criteria

  • Strong tenant profiles: Medical tenants with 4.7-5 Google ratings

  • High rent-paying capacity: Rent less than 10% of tenant revenue

  • Long-term NNN leases: 10+ years triple-net for stable income

  • Favorable market conditions: 70,000+ growing population within 10 miles

  • Target returns: 8%+ cap rate and 8%+ cash-on-cash projection

Why Dental Clinic Tenants

  • Largest medical vertical in the United States

  • Experienced only 2 down years in the previous 22 years

  • National dental expenditures grew from $111B (2000) to $174B (2023) in constant dollars

  • Mature dental buildings with 10-year leases trade in the 6-7 cap rate zone, supporting attractive exit economics

Current Portfolio Snapshot

The combined portfolio across realized and pipeline acquisitions spans 26 properties totaling 145,498 SF across Colorado (Windsor, Colorado Springs, Fountain, Pueblo, Superior, Lone Tree), Texas (San Antonio), Ohio (East Liverpool), California (Lemoore), Illinois (Metropolis, Chatham, Belvidere, St Charles, Elmhurst), New York (East Greenbush), Washington (Centralia), Michigan (Chesaning), Kentucky (Harrodsburg, Paducah), Pennsylvania (Wayne), Arizona (Tucson), Missouri (Independence), Wisconsin (Beloit, Lake Geneva), and Connecticut (Bethel).

Exit Strategy Framework

  • Primary: Individual property sales at 6.5-7.8% cap rates to private buyers, delivering base case 16-20% IRR

  • Upside: Sale to a healthcare REIT once aggregate NOI exceeds $10M, with potential exit at sub-5.5% cap rates delivering 25-35% IRR

  • Alternative: Conversion to UPREIT for ongoing income and appreciation

How Allocation Works
$11,000,000
Offering Size
÷
$100,000
Minimum
=
110
Investor Limit
110 is the investor limit if everyone invests the minimum. Since many invest more, the offering typically fills with fewer.
Project Your Returns
The Market

Colorado Springs, CO

Medical office real estate represents one of the most resilient and demand-driven commercial real estate asset classes in the United States, supported by aging demographics, expanding healthcare spending, and limited new supply.

Medical Office Market Fundamentals

  • Medical office building (MOB) occupancy has climbed steadily across the Top 50 U.S. metros from 2018 through 2023

  • Recession-resistant industry with consistent demand regardless of economic cycles

  • 10-15 year triple-net lease structures provide predictable cash flow with tenants covering most operating expenses

  • Demand driven by essential healthcare services rather than discretionary spending

  • Healthcare REITs currently trading at implied cap rates as low as 4.88%, creating arbitrage opportunity for acquisition at 6.8-8%+ cap rates with scale-up exit at lower cap rates

Dental Market Specifically

  • Largest medical vertical in the United States

  • National dental expenditures grew from $111B in 2000 to $174B in 2023 (constant dollars)

  • Only 2 down years across the 22-year period from 2000-2022, demonstrating exceptional stability

  • Mature dental buildings with 10-year NNN leases consistently trade at 6-7 cap rate zones

  • Demand driven by essential dental services across all economic cycles

Geographic Diversification

The fund's acquisition strategy targets medical office buildings across the United States in submarkets with population growth or stability, ensuring long-term demand and viability. Current holdings span major Sunbelt, Midwest, and Northeastern markets, reducing single-market concentration risk.

Colorado Springs (Sponsor Headquarters)

Colorado Springs serves as the operational base for Vestus Capital and hosts multiple properties within the existing portfolio. The city benefits from sustained population growth, a diversified employment base anchored by military, aerospace, and healthcare sectors, and a business-friendly regulatory environment supporting long-term commercial real estate fundamentals.

Common Questions

Relli is a private real estate marketplace that connects investors directly with institutional sponsors. We source opportunities that typically move through private networks and closed investor circles, vet each deal and sponsor, and list them in one accessible marketplace. When you find a deal that fits, express your interest and we connect you directly with the sponsor. No commissions, no middleman fees.

Experienced real estate operators and fund managers with proven track records. Every sponsor is vetted for operational history, assets under management, and prior performance before any deal is listed.

No. Relli is free for investors. You invest directly with the sponsor with no platform fees, no commissions, and no extra charges.

Property visits are not currently available. Each investment page includes detailed property information, photos, financial projections, and sponsor materials so you can evaluate every deal before expressing interest.

Sponsors provide regular updates on property performance, distributions, and key developments. The frequency varies by deal but you can expect quarterly updates at minimum through your Relli dashboard.

Within 24 hours, our team reaches out to confirm fit and introduces you directly to the sponsor. You have a one-on-one conversation to ask questions, review terms, and evaluate the deal. If it is right for you, you invest directly with the sponsor. No middleman, no extra fees.

Target Return
20.00%
Equity Multiple
2.00x
0 Views
110 Investor Limit

Initial Investment ($)

$100,000$100,000$1M

Assuming your selected investment, after 5 years you could expect a return of:

Projected Return (5 yrs at 20% IRR)
$200,000
Irvine, CA 92612

Relli is a technology marketplace. We do not process transactions, hold investor funds, or act as a broker-dealer. All investments are made directly between the investor and the sponsor.

No communication whatsoever by Relli, Inc. (“Relli”) or any of its affiliates through any medium should be construed or is intended to be a recommendation to purchase, sell, or hold any security, or to provide investment, tax, financial, accounting, legal, regulatory, or compliance advice …

Any historical returns, expected or target returns, or projections are not indicative of future performance and do not guarantee future results. All investments carry risk, including the potential loss of principal.

The content provided by Relli is for general informational purposes only and does not constitute financial or investment advice. While efforts are made to ensure accuracy, Relli makes no guarantees as to the completeness, timeliness, or reliability of the information presented. Any links to third-party websites are provided solely for convenience, and Relli does not endorse or assume responsibility for the content or accuracy of those sites.

Copyright © Relli, Inc.