What began as an investment opportunity for Ensemble Investments eventually became a chance to develop a long-term specialty serving the medical community. Ensemble Investments started in 1990 when managing directors Kambiz (Kam) Babaoff, Michael Moskowitz and Randy McGrane had the opportunity to acquire a medical facility in Phoenix, Ariz. They secured their property and found a future in developing properties for the medical profession. Since the acquisition of that first facility, the company, headquartered in Phoenix, has created a portfolio that currently includes 1.8 million square feet of properties in Arizona, Nevada, Southern California and New Mexico. In Nevada, Ensemble Investments maintains properties in both Las Vegas and Reno.
The company specializes in the creation of facilities that meet the unique and constantly changing needs of the medical community. While many development companies may run the gamut in the type of tenants they serve, Ensemble’s focus is primarily the medical field, gaining it a niche in the world of property development and management.
One of the main reasons for the success of the company, according to Regional Vice President for Nevada Sharon Cinadr, is attention to the details doctors require. She explained that Ensemble’s business model is focused on two things: handling the requirements of the medical profession and maintaining tenant retention. While tenant retention is not an unusual goal for a development company, Ensemble brags a retention rate of 97 percent.
Part of what makes Ensemble unique is its corporate structure, which includes building, owning and leasing all of its properties. Because Ensemble continues to manage properties after the completion of construction, Cinadr believes it is imperative to foresee tenants’ desires and provide everything tenants need before they even have to ask
In fact, Cinadr places the company’s success squarely in its “pride of ownership and the emphasis on the relationship with the tenant.” In addition, she points out that medical office administrators already have their work cut out for them in managing and maintaining their own day-to-day operations and budgets. They don’t have extra time to deal with real estate budgets, development and zoning issues. It is Ensemble’s thorough understanding of these challenges that has gained the firm a roster of long-term tenants. Additionally, since Ensemble is involved from the beginning with site selection and development all the way through to on-going site management, the company has become expert at the details that really make a successful medical facility tick.
The company is continuously adding to its portfolio and pays close attention to acquiring properties that are either on the campus of an existing hospital, or close enough to provide convenience for tenants. It pursues properties of 40,000 square feet or greater, which allows it flexibility in customizing offices for tenants and makes it easier for tenants to upgrade to a larger space without leaving the building.
Ensemble maintains seven properties in Las Vegas, including Desert Springs Medical Plaza II, Goldring Medical Office Building, Summerlin Medical Buildings I and II and Shadow Lane Medical Office Building. In Reno, Ensemble recently finished the St. Mary’s Center for Health.