HPA Exchange
DST sponsorfirst SEC filing 2024
Counted by Top1031 from SEC Form D filings · updated Oct 16, 2026
HPA Exchange has sponsored two Delaware Statutory Trust (DST) programs found in SEC Form D filings since 2024. None of its offerings is active in SEC filings today; its most recent Form D was first filed in 2025. One offering is recently fully subscribed.
HPA Exchange DST offerings (0 active)
Active means an SEC filing in the last 15 months and not reported fully subscribed. It does not confirm you can still invest. One recently fully subscribed offering is listed last, marked Sold out, and not counted as active.
Ask a 1031 specialist about HPA ExchangeHPA Exchange 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.
About HPA Exchange
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: hpaxchange.com · Web page · Undated · hpaxchange.com · Web page · Undated · prnewswire.com · Press release · 2024 · hpaxchange.com · Web page · Undated · prnewswire.com · Press release · 2025 · prnewswire.com · Press release · 2025
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 vehicles 4. Its stated targeting concentrates on strategically essential, mission-critical assets with primarily institutional-grade or high-quality tenants, including health systems and physician groups 4. 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 facilities 1.
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 Health 5. 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 Hospital 6.
Show sources (6)Hide sources (6)
- hpaxchange.com · Web page · Undated ↗ Sponsor disclosure
- hpaxchange.com · Web page · Undated ↗ Sponsor disclosure
- prnewswire.com · Press release · 2024 ↗ Sponsor disclosure
- hpaxchange.com · Web page · Undated ↗ Sponsor disclosure
- prnewswire.com · Press release · 2025 ↗ Sponsor disclosure
- prnewswire.com · Press release · 2025 ↗ Sponsor disclosure
HPA Exchange track record (2 programs)
Every program found in SEC Form D filings. Programs with a reported result are listed first, then the rest by first filing year. Each row links to its SEC filings.
HPA Exchange news
Sales report on Nexus Children's Hospital - Dallas →
More HPA Exchange coverage (4)
Questions about HPA Exchange DSTs
- Does HPA Exchange have DST offerings available now?
- None of HPA Exchange’s offerings is active in SEC filings today. Its most recent Form D was first filed in 2025. One offering is recently fully subscribed and not counted as active.
- How many DST programs has HPA Exchange sponsored?
- Top1031 found two HPA Exchange programs in SEC Form D filings. The first was filed in 2024. Each is listed in the track record on this page with a link to its SEC filings.
- What kind of property does HPA Exchange put in its DSTs?
- Of the two HPA Exchange offering records on Top1031, one is net lease and one office.
- What results has HPA Exchange published for its DSTs?
- None of its programs shows a sponsor-stated figure yet. Sponsor-stated figures are as reported by the sponsor; Top1031 does not compute or estimate returns.
- How do I ask about HPA Exchange offerings?
- Use the “Ask a 1031 specialist about HPA Exchange” button at the top of HPA Exchange’s offerings list on this page. Top1031 is not a broker-dealer or investment adviser and does not provide tax, legal, or investment advice.
Answers are generated from the counts on this page and change when the record changes.
Other DST sponsors with active offerings
What can I do next?
Use the record as a starting point. Compare the current offerings or save them to your Watchlist.
Spotted an error in this record? Send a correction with a source.