HPA Exchange
HPA Exchange is a Brea, California-based healthcare real estate sponsor that offers Delaware Statutory Trust and private placement investments in medical properties to accredited investors via broker-dealers, RIAs, and financial advisors.
- Company typePrivate
- Founded2015
- HeadquartersBrea, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What HPA Exchange does
HPA Exchange is a private healthcare real estate investment manager and sponsor headquartered in Brea, California. The firm operates as a joint venture between Vital Capital Partners, LLC and The Innovation Institute, sponsoring private placement offerings and Delaware Statutory Trust (DST) investments in medical office and healthcare-related properties for accredited investors. Founded in 2024, the company is led by Co-Presidents and Chief Investment/Operating Officers Robert Lee and Thùy Turner, both managing principals of Vital Capital Partners, with each executive bringing over 20 years of commercial real estate experience and a track record of advising on, investing in, or managing over $6 billion in medical office and healthcare-related property since 2014 via the predecessor Healthcare Property Advisors (HPA) franchise.
The company's product offering centers on DST 1031-eligible investments (with minimums starting at $50,000 and typical hold periods of three to six years), the HPA Growth Fund (a discretionary vehicle that has acquired approximately $580 million in medical outpatient buildings and healthcare-related assets since 2015), and private placements anchored by investment-grade healthcare systems, large physician groups, life science groups, and specialty medical outpatient facilities. Supporting functions include an investor portal at invest.hpaxchange.com for documentation and account access, and vertical integration through acquisition, development, leasing, and asset management of healthcare real estate.
HPA Exchange generates revenue through acquisition fees, management fees, and ongoing asset-management fees tied to its sponsored investment vehicles and DST programs. Distribution is exclusively through licensed intermediaries — broker-dealers, RIAs, and financial advisors — with securities actually offered via American Alternative Capital (AAC), LLC, an unaffiliated FINRA/SIPC member broker-dealer, only in states where AAC is registered. The firm maintains no proprietary technology platform or AI-driven capability; its primary assets are the executive team's relationships with health systems, physician groups, and developers.
HPA Exchange firmographics
Firmographics- Name
- HPA Exchange
- Legal name
- HPA EXCHANGE, LLC
- Website
- https://hpaxchange.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- HPA Exchange is a Brea, California-based healthcare real estate sponsor that offers Delaware Statutory Trust and private placement investments in medical properties to accredited investors via broker-dealers, RIAs, and financial advisors.
- Ownership category
- akta.pro rank
HPA Exchange industry classification
Industry- Product category
- Healthcare Real Estate Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Trusts, Estates, and Agency Accounts (52592)
- SIC
- Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531), Investment Advice (6282)
- akta.pro primary industry
- Real Assets — Social Infrastructure / PPP (Schools, Hospitals, Government Facilities) (FSAHAIAH)
Keywords
Where HPA Exchange is headquartered
LocationHeadquarters
- HQ city
- Brea
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
HPA Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales
Revenue model
- Private Placement & DST Sponsorship: HPA Exchange generates revenue by sponsoring private placement offerings and Delaware Statutory Trust (DST) investments in healthcare real estate. The firm offers these programs to accredited investors through financial advisors, RIAs, and broker-dealers. Revenue is derived from management fees, acquisition fees, and ongoing asset management fees associated with the sponsored investment vehicles and DST programs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | DST 1031-eligible investments with flexible entry point |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels2 records
HPA Exchange product offering
Product offeringCore offering
HPA Exchange is a vertically integrated healthcare real estate investment manager and sponsor that provides financial advisors, RIAs, and broker-dealers with access to healthcare real estate investment programs for their accredited investor clients. The firm sponsors private placement offerings and Delaware Statutory Trust (DST) structures focused on medical properties anchored by institutional-quality tenants such as investment-grade healthcare systems, large physician groups, life science groups, and specialty medical outpatient facilities.
Product overview
HPA Exchange is a vertically integrated healthcare real estate investment manager and sponsor that offers private placement offerings, Delaware Statutory Trust (DST) 1031 investments, and access to the HPA Growth Fund. The HPA Exchange Platform serves as the primary interface for accredited investors seeking to access institutional-quality medical real estate through broker-dealers, registered investment advisory firms, and financial advisors. The Delaware Statutory Trust (DST) 1031 Investments provide 1031-eligible opportunities with minimums starting at $50,000 and typical hold periods of three to six years, allowing investors to defer capital gains and potentially 721 exchange into the HPA Growth Fund for long-term equity growth and cash flow potential. The HPA Growth Fund operates as the discretionary investment vehicle for acquiring, developing, leasing, and managing medical outpatient buildings and healthcare-related assets, having acquired approximately $580 million since 2015. The company was created by the executive team of Healthcare Property Advisors (HPA), which has advised, invested, and/or managed over $6 billion in medical office and healthcare-related property since 2014.
Differentiator
Problem solved
Functional benefit
Products and services
- HPA Exchange Platform
- Delaware Statutory Trust (DST) 1031 Investments
- HPA Growth Fund
- Private Placement Offerings
Quantifiable outcome
- Over $6 billion in healthcare-related property advised, invested, and/or managed since 2014
- +1 more outcomes
Companies that use HPA Exchange
Customer profileSegments3 records
Ideal customer profiles2 records
HPA Exchange technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
HPA Exchange partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- American Alternative Capital (AAC), LLCcoreAmerican Alternative Capital (AAC), LLC is the FINRA/SIPC member broker-dealer through which HPA Exchange offers its securities. HPA Exchange is independent of AAC. Securities are only available in states where AAC is registered. Investors can check AAC's background on FINRA's BrokerCheck.
Scale indicators3 records
Recent moves6 records
Expansion highlights4 records
HPA Exchange competitors and assessment
Company assessmentDirect peers
- Capital Square: One of the largest sponsors of Delaware Statutory Trust (DST) offerings for 1031 exchange investors in real estate, including healthcare and medical office. Directly comparable to HPA Exchange because both operate a DST-led, intermediary-distributed private placement program targeting accredited investors via broker-dealers and RIAs.
- Passco Companies: Real estate investment firm sponsoring DST offerings and private placement investment programs distributed through the broker-dealer/RIA channel. Comparable to HPA Exchange in its DST sponsorship model, reliance on financial intermediaries, and tax-deferred exchange focus.
- Exchange Right: National sponsor of 1031-exchange DST and tenant-in-common (TIC) real estate investment programs distributed through financial advisors. Directly comparable to HPA Exchange given its DST and fund vehicles, accredited investor focus, and intermediary distribution.
- Carter Validus: Real estate investment manager historically focused on net-lease and healthcare property DST and REIT offerings. Comparable to HPA Exchange in its healthcare real estate focus and DST/private placement product structure for accredited investors.
Broad incumbents
- Healthcare Realty Trust: Large publicly traded REIT focused on medical office buildings and outpatient healthcare facilities. Broader incumbent comparable because it competes for the same institutional-quality medical outpatient real estate and serves an institutional investor base alongside HPA Exchange's private investor channel.
- Healthpeak Properties: Diversified healthcare REIT with significant outpatient medical office and life science exposure. Broad incumbent peer because it acquires the same institutional-quality MOB and life science assets HPA targets, but operates at much greater scale through public markets.
- Ventas: Major diversified healthcare REIT investing in medical office buildings, life science, and healthcare systems. Broad incumbent peer for HPA Exchange given overlap in MOB acquisition targets and healthcare real estate operating expertise.
- Welltower: Large healthcare REIT investing across senior housing, outpatient medical, and post-acute care real estate. Broad incumbent peer to HPA Exchange because it both competes for healthcare real estate assets and influences the long-term demand for healthcare RE as an institutional asset class.
- Medical Properties Trust: Hospital-focused healthcare REIT. While focused on acute care rather than outpatient MOB, it is a broad incumbent because it competes for institutional-quality healthcare real estate and is a known alternative investment manager benchmark in the space.
Emerging players
- CrowdStreet: Online commercial real estate investment platform offering private placement and fund vehicles to accredited investors, including some healthcare-adjacent assets. Emerging player peer because it overlaps with HPA Exchange's intermediary distribution thesis and private investor channel, though it operates a digital rather than BD/RIA-led model.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights6 records
Customer concentration
HPA Exchange social profiles
Digital presenceHPA Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
HPA Exchange leadership team
Management profileNumber of profiles
Profiles2 records
HPA Exchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HPA Exchange M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HPA Exchange
What does HPA Exchange do?
HPA Exchange is a vertically integrated healthcare real estate investment manager and sponsor that provides financial advisors, RIAs, and broker-dealers with access to healthcare real estate investment programs for their accredited investor clients. The firm sponsors private placement offerings and Delaware Statutory Trust (DST) structures focused on medical properties anchored by institutional-quality tenants such as investment-grade healthcare systems, large physician groups, life science groups, and specialty medical outpatient facilities.
Is HPA Exchange a public or private company?
HPA Exchange is a private company. It is classified as corporate owned and is currently operating.
When was HPA Exchange founded?
HPA Exchange was founded in 2015. It employs 1 to 10 people.
Where is HPA Exchange based?
HPA Exchange is headquartered in Brea, United States, in the North America region.
How does HPA Exchange make money?
One revenue line is on record: private Placement & DST Sponsorship.
Who are HPA Exchange's main competitors?
Direct peers on record are Capital Square, Passco Companies, Exchange Right and Carter Validus. Broad incumbents are Healthcare Realty Trust, Healthpeak Properties, Ventas, Welltower and Medical Properties Trust. CrowdStreet is listed as an emerging player.
Does HPA Exchange have an API?
No public API is recorded for HPA Exchange.
What industry is HPA Exchange in?
HPA Exchange's product category is Healthcare Real Estate Investment Management. Its primary akta.pro industry code is FSAHAIAH, Real Assets — Social Infrastructure / PPP (Schools, Hospitals, Government Facilities). Its NAICS code is 523940 and its SIC code is 6798.