Key Takeaways
- • Echo Real Estate Capital and Belay Investment Group launched a programmatic joint venture focused on value-add medical office investments across targeted U.S. regions, combining Echo's healthcare real estate expertise with Belay's institutional capital access and operational infrastructure.
- • The venture closed its first acquisition in August 2026: the 132,805 square-foot Northwest Indiana Medical Complex in Munster, Indiana, anchored by Powers Health, Rush University Medical Center, Dermio Dermatology, and DaVita, Inc.
- • The partnership structure leverages Echo's deep healthcare sector relationships and asset management approach with Belay's track record of executing programmatic joint ventures across multiple property types and geographies.
- • Belay has established a demonstrated model for programmatic partnerships, having previously formed similar ventures targeting multifamily, retail, and other commercial real estate sectors with commitments ranging from $32.7 million to $269 million.
Summary
Echo Real Estate Capital, Inc. and Belay Investment Group, LLC have formed a programmatic joint venture to pursue value-add medical office investments in targeted U.S. markets. The partnership, announced in September 2026, combines Echo's established expertise in healthcare real estate with Belay's institutional capital sourcing capabilities and operational processes. According to Jon Boyajian, Echo's Founder and Principal, the collaboration aims to "achieve rapid scale and drive performance at our properties" by merging Echo's entrepreneurial approach with Belay's institutional infrastructure.
The joint venture closed its inaugural acquisition in August 2026: the Northwest Indiana Medical Complex, a 132,805 square-foot, three-building property located at 9100-9200 Calumet Avenue in Munster, Indiana. The complex benefits from strategic positioning adjacent to a dominant healthcare system and features a diversified tenant base including Powers Health, Rush University Medical Center, Dermio Dermatology, and DaVita, Inc. Eliza Bailey, Co-Founder, CEO, and CIO of Belay Investment Group, highlighted the property's "attractive basis and strong value creation potential" while emphasizing the partnership's commitment to implementing their medical office investment strategy.
Belay Investment Group, headquartered in Los Angeles, has established a track record of executing programmatic joint ventures across multiple real estate sectors. The firm has previously formed similar partnerships focused on multifamily, retail, and mixed-use properties, with prior commitments ranging significantly in size and scope. This medical office partnership represents an expansion of Belay's programmatic investment model into the healthcare real estate sector, where Echo's deep relationships and operational expertise provide competitive differentiation.
The joint venture closed its inaugural acquisition in August 2026: the Northwest Indiana Medical Complex, a 132,805 square-foot, three-building property located at 9100-9200 Calumet Avenue in Munster, Indiana. The complex benefits from strategic positioning adjacent to a dominant healthcare system and features a diversified tenant base including Powers Health, Rush University Medical Center, Dermio Dermatology, and DaVita, Inc. Eliza Bailey, Co-Founder, CEO, and CIO of Belay Investment Group, highlighted the property's "attractive basis and strong value creation potential" while emphasizing the partnership's commitment to implementing their medical office investment strategy.
Belay Investment Group, headquartered in Los Angeles, has established a track record of executing programmatic joint ventures across multiple real estate sectors. The firm has previously formed similar partnerships focused on multifamily, retail, and mixed-use properties, with prior commitments ranging significantly in size and scope. This medical office partnership represents an expansion of Belay's programmatic investment model into the healthcare real estate sector, where Echo's deep relationships and operational expertise provide competitive differentiation.
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