R. David Kelly’s Real Estate Development Background Strengthens Acadia Healthcare Board
R. David Kelly joined Acadia Healthcare as an independent director in June 2022, bringing more than 35 years of financial advisory and real estate development experience to the Franklin, Tennessee-based company. His appointment coincided with Acadia Healthcare’s aggressive facility expansion strategy, adding board-level expertise in property development and capital deployment for healthcare infrastructure.
Kelly founded and manages StraightLine Realty Partners, a Dallas-based alternative investment platform with holdings spanning real estate, financial services, and venture capital. Prior to establishing StraightLine, he founded Carleton Residential Properties, where he built one of the Southwest’s largest residential development and general contracting operations. This operational experience managing large-scale construction projects translates directly to overseeing behavioral healthcare facility development.
Acadia Healthcare operates 260 facilities across 40 states and Puerto Rico, requiring continuous capital investment in new construction, facility expansions, and property acquisitions. The company added approximately 1,300 new beds in 2024 alone, representing its largest expansion year. Board members with Kelly’s background provide governance oversight for real estate transactions, construction project management, and capital allocation decisions that support growth objectives.
Kelly’s career includes investment positions at Goldman Sachs, Salomon Brothers, and Trammell Crow Company, firms known for structured finance and commercial real estate development. He has arranged over $50 billion in financial transactions and developed more than $3.5 billion in real estate assets throughout his career, including over $400 million in public-private partnerships. This transactional experience applies to Acadia Healthcare’s joint venture partnerships with health systems for new hospital development.
Acadia Healthcare’s chairman Reeve B. Waud noted Kelly’s expertise would prove invaluable as the company extends market reach through strategic investments in current and new facilities. The behavioral health provider operates inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers, and outpatient clinics, each requiring different property types and development approaches.
Kelly also serves as founder, chairman, and CEO of Croesus and Company, alongside roles as managing director and co-founder of Serra Real Estate Capital. These concurrent positions keep him current on real estate market conditions and capital availability for healthcare property development.
