HPA Exchange - Medical AZ DST
Medical office property in Laveen Village, AZ · sponsored by HPA Exchange
HPA Exchange - Medical AZ DST was a DST sponsored by HPA Exchange that owned a medical office property in Laveen Village, AZ. Its last Form D was filed Oct 16, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Oct 16, 2024.
Key facts
- Minimum investment
- $50,000From the Form D
- Offering size
- $15,400,000Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Oct 16, 2024)Form D, Oct 16, 2024
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,424,500 · 9.2% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: HPA Exchange - Medical AZ DST. Top1031 is not a broker-dealer.What did HPA Exchange - Medical AZ DST own?
HPA Exchange bought the micro-hospital at 7171 S. 51st Drive, on a 3.92-acre site in Laveen Village on the southwest edge of Phoenix, for approximately $30.3 million in July 2024. 3 Sponsor materials describe the building as built to suit and completed in 2014 for Arizona General, a Dignity Health subsidiary. 1 A micro-hospital is a small full-service facility combining inpatient rooms with an emergency department.
- Reported location
- Laveen Village, AZ
- Property size
- 38,900 rentable sq ft; 16 inpatient beds and 10 emergency room bays
How was it financed, and what did it cost to sell?
The purchase was financed with debt rather than all cash: JLL Capital Markets announced on August 6, 2024 that it arranged a five-year, fixed-rate acquisition loan with HPA Exchange LLC as borrower. 4 The sponsor releases and the Form D reviewed do not state the loan amount or loan-to-value.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $1,424,500 · 9.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,543,250 · 10.0% of offeringForm D Item 16· The filing’s note: “The Sponsor is entitled to organization & offering expense reimbursement of $260,000 + an acquisition fee of $756,250 + due diligence event expenses of $77,000.The Innovation Institute, LLC will receive bridge equity carry costs of $450,000.”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- American Alternative Capital, LLC · CRD 309956
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Not in the Form D
- Minimum investment
- $50,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind HPA Exchange - Medical AZ DST?
HPA Exchange was created by the executive team of Healthcare Property Advisors, a vertically integrated healthcare real estate owner and operator. 6 The Phoenix micro-hospital was the firm's first acquisition, closing in July 2024, and this Trust was its debut 1031 offering. 3 HPA Exchange announced on February 25, 2025 that the offering had been fully subscribed. 5
- Sponsor
- Offerings on record
What does the SEC record show?
One Form D — the short notice an issuer files with the SEC after its first sale of securities — is on record for this Trust, with no amendments since. It was offered under the exemption that allows public advertising but limits purchasers to investors whose accredited status is verified.
- Legal Trust name
- HPA Exchange - Medical AZ DST
- SEC CIK
- 2039952
- First Form D
- Oct 16, 2024
- Latest Form D
- Oct 16, 2024
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $15,400,000 | $0 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to HPA Exchange - Medical AZ DST?
- HPA Exchange - Medical AZ DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Oct 16, 2024.
- What is a micro-hospital, and who is the tenant here?
- A micro-hospital is a small, full-service hospital combining a modest number of inpatient beds with an emergency department, typically serving a single neighborhood. This one, in Laveen Village on Phoenix's southwest side, is leased entirely to Dignity Health, a subsidiary of CommonSpirit Health, one of the largest nonprofit health systems in the United States.
- What does an absolute triple-net lease mean for me as an investor?
- In an absolute triple-net structure, the tenant pays property taxes, insurance and maintenance, including structural items, on top of rent. That shifts most operating responsibility to the tenant. It also concentrates risk: with one building and one tenant, the trust's income depends on that tenant continuing to pay. The lease's remaining term and expiration date were not established in the sources reviewed — check the offering documents.
- Is this Trust leveraged?
- JLL Capital Markets said on August 6, 2024 that it arranged a five-year, fixed-rate acquisition loan for HPA Exchange's purchase of the property, so the deal was not all-cash. Neither the Form D nor the sponsor releases reviewed disclose the loan balance, the loan-to-value ratio, or how the debt was allocated to the trust. Those figures live in the offering documents.
- Could this Trust convert into a REIT interest?
- Top1031's record shows no 721/UPREIT exit feature — that is a structure where a DST's property is later contributed to a REIT's operating partnership in exchange for REIT units. Nothing in the reviewed filings or sponsor releases describes such a path for this Trust.
- Why does the SEC filing show different numbers than the sponsor's announcement?
- The Form D on file was submitted October 16, 2024, shortly after the offering launched, and it was never amended. A Form D snapshot reflects only what was true on its filing date; issuers are not required to keep amending it as sales progress. The sponsor's February 25, 2025 press release is the source for the offering being fully subscribed.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.