CEO Spotlight: Greg Appelt – CEO of Appelt Properties

Greg Appelt is the Chief Executive Officer at Appelt Properties, a real estate company headquartered in Toronto with a branch in Kelowna, BC. Appelt Properties is recognized as Canada’s leading expert in healthcare real estate development, as well as having a specialized focus on mixed-use residential properties.

Greg began his career as a physician, receiving his MD and fellowship degrees from both the University of Manitoba and the University of British Columbia and operating a thriving practice as an allergist. While searching for new office space, he decided to develop his own property to meet the specific needs of his practice and to create equity through ownership. Through this process, Greg recognized a market opportunity in which his unique understanding of the specialized needs of medical office facilities would be invaluable.

Since its founding in 2010, Appelt Properties has developed and acquired over 1 million square feet of healthcare real estate across Canada. With an intimate understanding of the healthcare industry, and the power of his own story to show the benefits of developing bespoke facilities and creating ownership equity, Greg has a natural ability to earn the trust and the business of healthcare providers.

In a rapidly expanding market for innovative healthcare facilities, Appelt Properties is strategically poised to excel in this often-overlooked niche of real estate development. Moreover, the company has a robust pipeline of multiple mixed-use development projects currently in progress.

Q: Where did you come up with the idea for Appelt Properties?

Greg Appelt: The idea was borne out of necessity.  We had outgrown our clinic and needed more space.  I felt that it would be better to own my building rather than rent it.  So I pulled together a couple of like-minded physicians who were willing to move their clinics into the building and invest a small amount of capital.  We built a small but successful medical building.  I knew early on that this made a lot of sense, so before we were complete, I had started two more healthcare developments.  Through this process, our model was formed, a company was started, and we were off to the races.

Q: Can you explain the typical process for healthcare real estate development or acquisition?

Greg Appelt: It’s a lengthy process so I won’t take you through every single step, but it starts with basic real estate fundamentals that include market demand based on that particular asset class.  From there, there’s site selection, zoning, and feasibility.  Considering current construction costs and interest rates, it is very important to get your initial assessment correct.  With respect to healthcare real estate development, as a prior physician, I understand the nuances of medical practice and the importance of specific design and operational elements that are unique to healthcare real estate.  That personal experience has been a huge benefit for Appelt Properties in gaining the trust and confidence of our clients and the patients they serve.

Q: How is healthcare real estate development different from a typical office or retail building?  

Greg Appelt: To develop healthcare real estate well, you must have an intimate understanding of the patients who will attend the building and the healthcare providers who will be caring for them.  A medical building is not simply an office building with more sinks.  In fact, there are very few similarities whatsoever between an office building and a medical building.  Parking ratios, elevator cabs, HVAC, floor loads, corridors, ceiling heights, and accessibility, its all unique and it is important to get it right or you could impact your ability to lease up the building and attract the right mix of healthcare uses.  I actually believe good design of a medical building can impact outcomes in patient care.  Case in point, if you are an elderly patient seeing your GP who hands you a prescription, an x-ray requisition, and a blood test, It is much easier and less confusing if you can leave your GP’s office, pick up your prescription, get your x-ray and your blood test done in the same location and at the same visit.  This improves patient adherence to their treatment plans and thus improves health outcomes.  Similar to a hospital, co-locating multiple services in a single building and understanding patient circulation, etc is important.

Q: Have you had success with integrating property management into your business?

Greg Appelt: For us, it’s been essential.  We internalized property management long before we had the scale for it to make economic sense to do so.  Property management for healthcare is much more hands-on than other forms of real estate like apartments or industrial.  And in any case, it’s helped us tremendously with preserving and growing the value of the properties. We have a commitment to remaining investor-focused, and to growing the equity of our properties in partnership with our clients. We’ve been able to provide outstanding service to our tenants and our management team is dedicated to meeting the needs of all our property owners. It’s been a great boon to have both our development and management teams in-house.

Q: What would you recommend to someone looking to switch career paths?

Greg Appelt: I’m not sure I am the best person to ask.  I came to the realization on my way to work one day.  My days practicing medicine were over.  It was time to turn the page.  I saw my patients for the day when I finished, I called in my staff and told them I was retiring.  It was probably a little abrupt when I think about it.  I always enjoyed medicine but to be honest, it never really felt like a fit for me.  Anyway, I went from doctor to developer, and it was the best thing I’ve ever done.  So, I suppose my advice for those considering a change in careers is to first be honest with yourself. Are you where you truly feel you are supposed to be? And if not, then take action.  Be bold.

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