i3 Interests grabs 203,000-SF Houston medical office portfolio

​HOUSTON – i3 Interests has purchased a portfolio of three medical office buildings in north Houston, along with investor Atlas Real Estate Partners.

The 202,978-sf acquisition consists of three buildings at 800 Peakwood, 810 Peakwood and 714 FM 1960.

The buildings were purchased at below-market occupancy and rental rates, and the investors plan to increase their value through a phased renovation program.

The work will including updating lobbies, landscaping, corridors, bathrooms, elevators and internal building components. The property will be rebranded.

The buildings are next to Houston Northwest Medical Center, a hospital in the Tenet Health care system that was not part of the sale.

i3 Interests is focused on acquiring and developing health-care-related assets. The company is also doing a ground-up development in the City of Spring Valley on Houston’s west side. Spring Valley Medical Plaza consists of a six-story medical office building and surgery center with 68,000 sf at 9234 Katy Fwy. near Blalock.