PHOENIX, Feb. 25, 2025 ~ HPA Exchange LLC, a healthcare real estate investment sponsor, has successfully completed its offering of HPA Dignity Health Arizona DST. The offering, which raised $15.4 million in equity from accredited investors, was fully subscribed. This marks the first successful DST offering for HPA Exchange, which was created by the executive team of Healthcare Property Advisors.

The Delaware statutory trust offering is comprised of a full-service micro-hospital in Phoenix that is 100% leased to Dignity Health. Located at 7171 S. 51st Drive, the 3.92-acre property was built-to-suit and completed in 2014 for Arizona General, a wholly owned subsidiary of Dignity Health. The hospital includes a 24/7 emergency department, 16 patient beds, 10 emergency room beds, advanced operating suites for surgical procedures, a full onsite laboratory, radiology suite with CT scan and X-ray capabilities, a pharmacy, and a cafeteria.

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"We are committed to bringing institutional-quality healthcare real estate investment opportunities to broker-dealers and their accredited investor clients," said Robert Lee, co-president and chief investment officer of HPA Exchange. "We are confident in the long-term investment fundamentals of healthcare real estate and are pleased to have fully subscribed this offering."

The micro-hospital is located in Phoenix's submarket of Laveen Village, which has experienced a 65% spike in population between 2010 and 2023. This growth has contributed to new residential and retail development within one-half mile from the hospital.

Dignity Health is a multi-state nonprofit network and part of CommonSpirit Health, a nonprofit health system with over 2,200 care sites in 24 states. The health system was upgraded to an A3 credit rating by Moody's in February 2024 and reported revenues of $37 billion for its fiscal year 2024.

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"The HPA Exchange team is thrilled to have completed our first DST offering in a growth market with strong fundamentals and a stable health system environment," said Thùy Turner, co-president and chief operating officer of HPA Exchange. "This is a prime example of our investment criteria and the strong industry relationships of our managing broker-dealer, American Alternative Capital."

According to a report by Jones Lang LaSalle, medical outpatient buildings have seen relentless demand and remain one of the most resilient commercial real estate property types. HPA Exchange engaged American Alternative Capital, LLC as its managing broker-dealer for this offering and plans to launch its next DST offering this spring.

HPA Exchange is excited to be the first pure-play medical-focused sponsor in the 1031 space and looks forward to leveraging its institutional relationships and track record to bring more healthcare real estate investments to main street investors. With Phoenix being the fifth-largest city in the U.S. and experiencing rapid growth, this fully subscribed offering is a testament to the strong investment potential of healthcare real estate.

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