Victor H. McConnell, MAI, ASA, CRE, FRICS

Managing Director
Real Estate

Victor H. McConnell is a Managing Director in VMG Health’s Real Estate Services division and is based in the Denver office.  He has real property valuation & consulting experience in 42 of the United States, including extensive experience with the valuation of healthcare related properties.

McConnell has provided Fair Market Value and Fair Market Rent analyses to a variety of hospitals, physician groups, for-profit and non-profit health systems, as well as corporate and governmental clients.  McConnell has also provided appraisals and valuation-related consulting services to REITs, lenders, and private equity firms to assist with risk assessment and due diligence. In addition, he has experience with issuing commercial reasonableness opinions and is well versed in the regulatory nuances specific to the healthcare real estate sector. Consulting services performed by McConnell include constructing frameworks to assist with leasing compliance programs as well as profits distribution between equity partners in new developments.

Specific property types McConnell has analyzed include acute care hospitals, cancer clinics, on and off campus medical office buildings (MOBs), ambulatory surgery centers (ASCs), diagnostic imaging centers, dialysis facilities, proton therapy centers, sleep labs, cath labs, seniors housing projects, low-income housing tax credit (LIHTC) projects, independent living facilities (ILFs), assisted living facilities (ALFs), skilled nursing facilities (SNFs), continuing care retirement communities (CCRCs), biomanufacturing facilities, surgical hospitals, micro-hospitals, rehab hospitals (IRFs), long term acute care hospitals (LTACHs), psychiatric facilities, hospice wings, laboratories, physical therapy clinics, and drugstores. McConnell’s valuation experience also includes “zero cash flow” properties, corporate headquarters, and a variety of other commercial assets.

McConnell graduated from Dartmouth College in 2004 and began his valuation career with a boutique commercial real estate firm in 2006.  He has an MAI designation from the Appraisal Institute, an ASA designation from the American Society of Appraisers, and a CRE designation from the Counselors of Real Estate.

McConnell presents regularly at healthcare real estate industry conferences, and was selected as an Emerging Leader in Healthcare Real Estate in November 2015 by Globe Street. He has published in venues such as AHLA, ABA, and Becker’s Hospital Review. Clients served include six of the ten largest for-profit health systems and seven of the 15 largest non-profit health systems.

Sector Experience

Ambulatory Surgery Centers
Behavioral Health
Imaging & Radiology
Physician Practices
Pharmacy & Retail Medicine
Post-Acute Care
Urgent Care & Freestanding EDs

Areas of Expertise

Real Estate
Fair Market Value Opinions
Financial Reporting
Litigation & Dispute Resolution

  • B.A., 2004 – Dartmouth College, Hanover, NH
  • Appraisal Institute – Designated Member (MAI)
  • ASA Healthcare Valuation Program (Completed)
  • American Society of Appraisers – ASA Designation (Real Property)
  • Fellow of the Royal Institution of Chartered Surveyors – FRICS
  • American Health Lawyers Association
  • “Today’s Medical Real Estate Valuation & Pricing Trends”, Medical Real Estate Investment Forum (03/01/23, Bonita Springs, FL)
  • “The Evolving Healthcare Real Estate Market: Finding Value in the Midst of Changing Paradigms”, Moderator, Healthcare Dealmaker’s Conference (05/17/18, Dallas, TX)
  • “Healthcare Lending Forum: Using Healthcare Appraisals”, Panelist, Risk Management Association (3/21/18, Houston, TX)
  • “Leasing, Construction, & Investment Outlook”, Panelist, Bisnow, Big South Healthcare (2/6/18, Houston, TX)
  • “New Developments & Investments in Healthcare”, Moderator, Bisnow, State of Denver Healthcare (11/30/17, Denver, CO)
  • “Navigating Hospital in Hospital Leasing Arrangements: LTACH, SNF, Rehab, Behavioral Health, and Hospice”, Strafford Webinars (07/25/17)
  • “Healthcare Real Estate: Current Trends, Opportunities, & Outlook”, Moderator, Healthcare Dealmaker’s Conference (05/18/17, Dallas, TX)
  • “Will Market Uncertainty and Interest Rate Creep Lead to Slower Velocity and Rising Cap Rates in the Investment Market?”, Panelist, Interface Healthcare Real Estate West (03/08/17, Los Angeles, California)
  • “Financing for & Investment in the NE Healthcare Real Estate and Medical Facilities Marketplace: Analysis of Presidential Election Uncertainty & the Impact of Interest Rate Hikes on the Industry”, Moderator, CAPRE 6th Annual Greater NY Healthcare Real Estate Summit (01/31/17, New York, NY)
  • “Real Estate: Stark & Anti-Kickback Compliance and Real Estate Leasing Issues,” Presenter, HFMA Legal Issues Seminar (12/13/16, Chicago, IL)
  • “Buying & Selling ASC Real Estate,” Presenter, Washington Ambulatory Surgery Center Association’s ASC Symposium (06/23/16, Seattle, WA)
  • “Emerging Leader in Healthcare Real Estate”, Selected by Real Estate Forum Magazine, Vol. 70, Num. 9, (November 2015)
  • “Overview of Three Approaches to Value”, Instructor, Appraisal Review Board (ARB) Education, Texas Comptroller’s Office (2016, 2017, and 2018)