HE
HPA Exchange
DST Sponsor · SEC filing history and documented Program outcomes
Website not on recordPrograms on record2
First filed2024
Active offerings1
Sponsor-reported, from SEC filings and cited sources.
What is on this sponsor’s record?
2 programs on record; a record card needs 3.
The Programs remain public below while this sponsor builds enough filing history for a Record Card.
Which Programs are on the record?
A Program is one filing-level offering record associated with this Sponsor. Results are public and stay next to their source.
ProgramSponsor-stated result
HPA Exchange - Vital Medical Dallas TX DSTFirst filed 2025No sponsor-stated result on record Source
HPA Exchange - Medical AZ DSTFirst filed 2024No evidence of sale or full cycle; HPA Exchange acquired the Dignity Health micro-hospital at 7171 S 51st Drive, Laveen Village, Phoenix, AZ for $30.3M in July 2024, the DST was filed Oct 16, 2024 and fully subscribed at $15.4M equity on Feb 25, 2025, and the hospital continues to operate 24/7 under Dignity Health (Becker's Hospital Review, Jul 30, 2024; PR Newswire, Feb 25, 2025). Source
Active offerings
Classified active by Top1031 from SEC filings. That does not confirm an offering is still available to buy.
PropertyOffering sizeAmount soldStatus☆
Nexus Children's Hospital - DallasSEC filing, Sep 25, 2025
—Amount sold: not confirmed yet. Top1031 has not been able to confirm how much of this offering has sold.Filed Sep 25, 2025
Availability unconfirmed
Who is behind this record?
HPA Exchange, also styled HPA Xchange, is a healthcare real estate investment manager and Delaware statutory trust sponsor presented as a joint venture between Vital Capital Partners and The Innovation Institute. Its May 2024 launch announcement said the firm would initially concentrate on Section 1031 exchange offerings anchored by medical properties for accredited investors. The sponsor says it acquires and actively manages single- and multi-tenant medical and life-science properties nationwide through DST ownership, 721 exchange structures, joint ventures, and healthcare-focused funds. In February 2025 it reported that its HPA Dignity Health Arizona DST, holding a Phoenix micro-hospital fully leased to Dignity Health, was fully subscribed with $15.4 million in equity.
Sponsor-stated figures are as reported by the sponsor.Sources: HPA Exchange · PR Newswire
Platform and ownership
HPA Exchange, also styled HPA Xchange, describes itself as a healthcare real-estate investment manager and sponsor serving financial advisors, registered investment advisers, broker-dealers, and their accredited-investor clients1. The firm presents itself as a joint venture between Vital Capital Partners and The Innovation Institute2. Its launch release of May 17, 2024 said the new company would initially focus on Section 1031 exchange offerings, providing accredited investors private-placement opportunities anchored by medical properties3.
Investment focus
The sponsor says it acquires, owns, and actively manages single- and multi-tenant medical and life-science-centric properties throughout the United States, and that it uses DST ownership, 721 exchange structures, joint ventures, and healthcare-focused fund vehicles4. Its stated targeting concentrates on strategically essential, mission-critical assets with primarily institutional-grade or high-quality tenants, including health systems and physician groups4. The firm describes its private-placement programs as anchored by institutional-quality tenants such as investment-grade healthcare systems, large physician groups, life-science groups, and other specialty medical outpatient facilities1.
Program record
On February 25, 2025, HPA Exchange announced that its HPA Dignity Health Arizona DST was fully subscribed, having raised $15.4 million in equity from accredited investors; the completed Arizona trust comprised a full-service Phoenix micro-hospital that was 100% leased to Dignity Health5. On September 9, 2025, the sponsor announced its acquisition of an 86,880-square-foot hospital at 9525 Greenville Ave. in Dallas, occupied and operated by Nexus Dallas Children's Hospital6.
Show sources (6)Hide sources (6)
- HPA Exchange ↗Sponsor disclosure
- HPA Exchange ↗Sponsor disclosure
- PR Newswire ↗Sponsor disclosure
- HPA Exchange ↗Sponsor disclosure
- PR Newswire ↗Sponsor disclosure
- PR Newswire ↗Sponsor disclosure
Written from SEC filings and cited sources
HPA Exchange in the news
More sponsor coverage (1)
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