Nexus Children's Hospital - Dallas
Healthcare (specialty children's hospital, absolute NNN) property in Dallas, TX — sponsored by HPA Exchange
Files with the SEC as HPA Exchange - Vital Medical Dallas TX DST
Minimum investment
$103k
Offering size
$19.9M
How much has sold
None sold yet
Asset type
Healthcare (specialty children's hospital, absolute NNN) property
Location
Dallas, TX
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
This Trust owns a single specialty children's hospital in Dallas, leased on an absolute triple-net basis and operated by Nexus Children's Hospital – Dallas.2 HPA Exchange offers it as a Delaware Statutory Trust — fractional passive ownership that can serve as 1031 replacement property — and announced on September 29, 2025 that it sought $9.67 million of equity from accredited investors, those who meet SEC income or net-worth tests.3
Sponsor HPA Exchange; abs NNN to Nexus Health, lease exp 2038; $9.67M equity of $19.92M; min $103k
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These links support the public record as a whole; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Sponsor offering materials describe a hospital constructed in 1997 and renovated in 2022 in connection with the current tenancy, held as a single, fully occupied asset.2 The same materials date the Trust's purchase to August 29, 2025 at a price of $17,100,000.2 Berkadia announced on September 10, 2025 that it brokered the sale to HPA Exchange LLC and arranged the acquisition financing.4
- Property address
- 9525 Greenville Ave, Dallas, TX
- Property size
- 86,880 SF, 30 beds (expandable to 60), 3.64 ac
Who is the tenant, and what's the lease?
Income comes from an absolute triple-net sublease to Nexus Children's Hospital – Dallas, LLC, meaning the operating tenant rather than the Trust pays taxes, insurance, utilities, maintenance and structural repairs, with performance guaranteed by Nexus Health Systems, Inc.2 Sponsor materials state the sublease runs through March 31, 2038 with 2.5% annual rent escalations.2
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
This Trust is leveraged rather than all-cash, so an investor holds a fractional interest in a mortgaged building. Sponsor materials identify a $10,250,000 senior loan from First Horizon Bank, interest-only for its first four years and maturing August 29, 2032, with a hedge fixing the effective rate for the loan term.2
Who's behind it?
Offering materials identify the sponsor as a subsidiary of The Innovation Institute.2 The Form D names Robert Lee as a co-president and executive officer of the issuer.1 Vital Capital Partners, an affiliate marketing the offering, reported on June 23, 2026 that more than half of the $9.67 million equity target had been raised from accredited investors and that the offering documents' distribution assumptions were revised by supplement effective June 1, 2026.5
- Sponsor
- HPA Exchange
- Legal Trust name
- HPA Exchange - Vital Medical Dallas TX DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 1 active / 2 total offerings from HPA Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
No amendment has been filed since the original Form D — the short notice an issuer files with the SEC to claim a private-placement exemption — so the EDGAR record still describes the offering as it stood at launch.1 Rule 506(c) lets the sponsor advertise the offering publicly but requires it to verify each investor's accredited status.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
Is Nexus Children's Hospital - Dallas still raising money?
Top1031 lists Nexus Children's Hospital - Dallas as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Nexus Children's Hospital - Dallas?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Who occupies the hospital, and what does the lease structure mean for me?
Sponsor offering materials distributed by Baker 1031 describe an absolute triple-net sublease to Nexus Children's Hospital – Dallas, LLC, guaranteed by Nexus Health Systems, Inc., running through March 31, 2038 with 2.5% annual rent escalations. Absolute triple net means the tenant — not the Trust and not its investors — carries taxes, insurance, utilities, maintenance and structural obligations. Berkadia described the property as fully leased on a long-term basis when it announced the September 2025 sale, and the sponsor materials describe the asset as 100% occupied. The lease, the guaranty and the remedies on a tenant default are set out in the PPM, the Private Placement Memorandum that serves as the offering's full legal disclosure document.
Is the Trust leveraged, and who is the lender?
Yes, it is leveraged. Sponsor materials distributed by Baker 1031 report a $10,250,000 senior loan from First Horizon Bank alongside $9,670,000 of equity, with the loan interest-only for its first four years, then amortizing on a 25-year schedule, and maturing August 29, 2032. Those materials also state that an interest-rate hedge fixes the effective rate for the loan term. Berkadia, which brokered the sale, said it arranged the acquisition financing. Loan covenants, reserves and any supplemental-debt provisions live in the PPM and the loan documents, not in the SEC filing.
Why does the SEC filing show a larger amount than the $9.67 million I keep seeing?
They measure different things. The $9.67 million figure HPA Exchange used in its September 29, 2025 launch announcement is the equity being raised from investors. Sponsor materials describe the acquisition as capitalized with that equity plus the $10,250,000 First Horizon loan, and the Form D reports the combined debt-and-equity total as the offering amount. Ask the sponsor or your representative to walk through the capitalization table in the PPM before you name this Trust on your 45-day identification list.
What is the minimum investment?
The Form D filed with the SEC on September 25, 2025 reports a minimum investment accepted from any outside investor of $102,999. Minimums can vary by selling agent and can be changed by supplement, so the current subscription documents and the PPM govern the figure that applies to you.
Can I still invest in this Trust?
Confirm directly with the sponsor. The most recent public statement on the raise is Vital Capital Partners' June 23, 2026 announcement that more than 50% of the $9.67 million equity target had been raised. The Form D on EDGAR dates from September 25, 2025 and has never been amended, so the SEC record does not reflect progress since launch. Availability for a 1031 exchange also depends on whether interests remain unsold at the moment your exchange funds are ready.
Has anything changed in the offering documents since launch?
According to the sponsor's affiliate, yes. Vital Capital Partners announced on June 23, 2026 that it filed a supplement revising the distribution information stated in the offering documents effective June 1, 2026, cautioning that such figures rest on offering-document assumptions, are not guaranteed, and that actual results may differ materially; this directory does not restate projected or targeted distribution rates. Sponsor materials separately report in-place base rent of approximately $1,118,146, or about $12.87 per square foot, for the April 2025–March 2026 sublease year. The SEC filing itself has not been amended.
Chapter 9Vital Capital Partners Provides Increased Distribution Update for Affiliated Dallas Healthcare DST OfferingVital Capital Partners raises the projected distribution rate for HPA – Vital Medical Dallas TX DST from 5.35% to ~6.04% effective June 1, 2026; the offering has raised over 50% of its $9.67M equity target. HPA Exchange Launches $9.67 Million DST Offering of Specialty Children's Hospital in DallasHPA Exchange – Vital Medical Dallas TX DST debuts, seeking $9.67M in equity for the Nexus Dallas Children's Hospital asset on an absolute NNN lease. HPA Exchange Acquires Nexus Dallas Children's Hospital PropertyHPA Exchange acquires an 86,880-sq-ft hospital at 9525 Greenville Ave., Dallas — occupied and operated by Nexus Dallas Children's Hospital — under an absolute triple net lease guaranteed by Nexus Health Systems.