Acadia Healthcare has appointed R. David Kelly as an independent director, bolstering the behavioral health provider’s board with a veteran investor and real estate developer. The move comes as Acadia continues expanding its national footprint through strategic facility investments.

Kelly brings more than 35 years of experience in financial advisory, real estate development and investment management. He founded StraightLine Realty Partners, an alternative investment platform based in Dallas, and previously launched Carleton Residential Properties, which grew into a major residential development and general contracting operation in the Southwest. Earlier in his career he held roles at Trammell Crow Company, Goldman Sachs & Co. and Salomon Brothers.

Over his career Kelly has been involved in arranging more than $50 billion in financial transactions and developing several billion dollars in real estate assets, including substantial public-private partnership projects. He currently leads or serves on the boards of multiple investment and real estate firms, including Croesus and Company, TCW Direct Lending and Serra Real Estate Capital, and has held executive and advisory roles with global financial entities.

Kelly’s public sector and governance résumé includes a decade as trustee and chairman of the Teacher’s Retirement System of Texas from 2007 to 2017, a period marked by significant fund growth. He also served as chairman of the Texas Public Finance Authority after a gubernatorial appointment. His community involvement focuses on education and children’s health; he holds positions with Children’s Health and the Advisory Board of Sponsors for Educational Opportunity.

Acadia Healthcare, the largest stand-alone behavioral health company in the United States as of March 2022, operates a network of 238 facilities with roughly 10,600 beds across 40 states and Puerto Rico. The company employs more than 22,500 staff and serves about 70,000 patients daily.

Board Chairman Reeve B. Waud said Kelly’s financial and development expertise will support Acadia’s growth strategy and investment plans. Kelly described joining Acadia’s board as a privilege and expressed commitment to advancing access to behavioral healthcare services.

Kelly holds a degree in economics from Harvard and an MBA from Stanford Graduate School of Business, and resides in Dallas.