Healthcare Property Advisors announced recently the launch of HPA Exchange LLC, a new real estate investment sponsor that will provide accredited investors with private placement opportunities anchored by medical properties. The firm will initially focus on Section 1031 exchange offerings.
HPA Exchange will target healthcare real estate within secondary growth markets that exhibit strong operating fundamentals, stable health system environments, and a growing aging population. The firm seeks to offer investment grade core, and core-plus institutional quality properties that are operated by best-in-class healthcare systems, established physician groups, and life science groups for outpatient purpose-built facilities.
HPA Exchange is led by a seasoned management team with an average of 25 years of experience in healthcare real estate, including Thùy Turner and Robert Lee, who serve as co-presidents.
“The healthcare industry has historically been recession resilient with predictable occupancy rates, paving the way for the potential of long-term reliable cash flows and strategic value-add opportunities,” said Turner, Co-president and Chief Operating Officer of HPA Exchange. “Non-high-acuity healthcare is also transitioning from large acute care environments like hospitals to well-located and well-designed strategic ambulatory care, typically closer to neighborhoods.”
Image taken from LinkedIn Profile
Lee, Co-President and Chief Investment Officer of HPA Exchange, added, “These types of facilities still maintain the various services found in hospitals like imaging, pharmacies, labs, and specialty care but are designed to service the community for better access and efficiency. These modern facilities improve the patient experience, creating shorter wait times and typically lower costs than traditional hospital environments. Some traditional, seasoned hospital brands are in these modern buildings to establish a high-end retail experience, while capturing and expanding their patient care network. We are excited to enter the private placement marketplace and bring advisors and investors alike these new healthcare investment opportunities.”
Image taken from LinkedIn Profile
Turner, who was a co-founder of Healthcare Property Advisors in 2014, leads HPA Exchange’s asset and property management initiatives and overall operations. She has gained extensive real estate experience in her more than 25 years with HPA, as well as previous tenures with Arden Realty, Equity Office and Schnitzer Northwest. She earned a bachelor’s degree from the University of California, Irvine, and an MBA from California State University, Fullerton.
Lee joined Healthcare Property Advisors in 2016 and has since led the acquisition and capital markets activity of more than $580 million in healthcare properties across the U.S. He leads the acquisition strategy, capital development and investment management efforts for Healthcare Property Advisors. Lee has been an active commercial real estate investment professional since 2001 and has founded and led multiple real estate investment platforms and product types placing, advising on, or investing in over $4 billion in real estate capital for institutional and private investors. He earned a bachelor’s degree from Eastern Kentucky University and an MBA, with a focus in finance, from Pepperdine University’s Graziadio Business School. Lee is a member of the Young Presidents Organization (YPO) and holds the CCIM designation.
“We are thrilled to announce the launch of HPA Exchange and bring the ownership of needs-based healthcare real estate into the hands of financial advisors and their investment clients,” said Lee. “Our firm will provide the opportunity to benefit from the ownership of properties focused on essential or mission-critical medical services within high-growth middle markets with solid long-term investment fundamentals. We look forward to bringing our in-depth experience to the private placement marketplace to help investors diversify their portfolios into this attractive and stable asset class.”
Section 1031 of the Internal Revenue Code allows for the deferral of capital gains taxes that may come from the sale of a business or investment property. To participate, a seller reinvests the proceeds of their sale into a replacement property that is of equal or greater value, also known as a like-kind exchange. The replacement property must be identified within 45 days, and the exchange completed within 180 days in order to defer up to 100% of any capital gain that resulted from the original sale. The gains are deferred, not forgiven, and will be taxed once the replacement property is sold or exchanged in another like-kind exchange.
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