About Us

Kay Properties is a national Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform provides access to the marketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor companies, full due diligence and vetting on each DST (typically 20-40 DSTs) and an active DST secondary market. Kay Properties team members collectively have over 115 years of real estate experience, are licensed in all 50 states, and have participated in over 15 Billion of DST 1031 investments.

Dwight Kay and the KPI Properties Team

Dwight Kay

CEO and Founder

Dwight Kay is the Founder and CEO of Kay Properties and Investments, LLC. Kay Properties is a national Delaware Statutory Trust (DST) investment firm with offices in LA, NY and DC. Kay Properties team members collectively have over 114 years of real estate experience, are licensed in all 50 states, and have participated in over $7 Billion of DST real estate. Kay Properties clients have the ability to participate in private, exclusively available, off-market DST properties as well as those presented to the wider DST marketplace; with the exception of those that fail our due-diligence process.

Dwight is a published author with multiple published white papers and articles on 1031 exchanges, Delaware Statutory Trust (DST) properties and real estate securities. He has been interviewed on local and nationally syndicated radio stations on the matters of 1031 exchanges and replacement properties. He also is the author of the published book “Delaware Statutory Trust (DST) Properties: An Introduction to DST Properties for 1031 Exchange Investors.”

Dwight has sponsored and co-sponsored the syndication of over 1.3 million square feet of DST properties in the multifamily, net lease, industrial and office sectors nationwide as well as has owned and operated multiple net lease and residential properties throughout the United States.

Dwight began his career in commercial real estate working for a national commercial real estate brokerage firm focusing on multifamily and commercial real estate. Mr. Kay received his Bachelors in Business Administration from Point Loma Nazarene University in San Diego, California, and successfully obtained his Series 7, 22, and 63 securities licenses as well as a real estate broker’s license.

Chay Lapin

Senior Vice President

Chay was a top ranked United States performer and represented the country in the 2012 London Olympic Games on the U.S. Men’s National Water Polo Team.

Starting his career working with a Los Angeles based multifamily apartment brokerage firm, Chay gained valuable experience as a real estate analyst within the acquisition and disposition teams.

From there he took a position with a large real estate owner, responsible for project management, asset management, and leasing. With knowledge concerning multifamily and commercial real estate, DST, TIC, and fractional NNN Properties, Chay offers insight to our clients nationwide.

Chay is responsible for developing new business and managing the companies’ existing 1031 clients. Chay holds the Series 7 and 63 securities licenses, as well as a real estate license.

Chay has sponsored and co-sponsored the syndication of over 1.3 million square feet of DST properties in the multifamily, net lease, industrial and office sectors nationwide as well as has owned and operated multiple net lease and residential properties throughout the United States.

A graduate of the University of California at Los Angeles, Chay was a four-time Academic All-American water polo athlete and recipient of the prestigious UCLA Athletic Department Most Courageous and Character Award. He holds degrees in geography and environmental studies, with emphasis within geospatial information systems.

Jason Salmon

Senior Vice President and Managing Director of Real Estate Analytics

Jason Salmon manages Kay Properties and Investments’ New York City office providing expertise and guidance to our 1031 exchange clients. Jason brings 20 years of commercial real estate and financial advisory experience to Kay Properties and Investments. He specializes in tax-advantaged exit strategies and estate planning solutions—working with property owners on their 1031 exchange transactions. Jason has expertise in identifying real estate investments across multiple sectors and takes pride in giving clients access to opportunities via the company’s diverse platform.

Throughout his career, Jason has been involved in a wide range of industry roles, all contributing to his deep understanding of real estate investments. He has conducted feasibility studies and market/economic impact analyses on behalf of clients in both the private and public sectors for single properties up to a 23,000-acre study area. He has authored narrative research reports used by real estate lenders as well as equity investors, brokers and developers to make informed buy, sell and hold decisions; and has been quoted by local and national publications for insight on commercial real estate trends and market forecasting.

Most recently, Jason was Director of the 1031 Exchange Program at a real estate asset management, private equity and venture capital firm structuring DST offerings, joint ventures, custom portfolios and a private REIT for institutional and high-net-worth investors. Previously, he oversaw research for office, retail, industrial and multi-family markets nationwide at Reis, the New York City-based data and analytics company. Jason was also Director of Real Estate for Applied Analysis, a financial and real estate consulting firm. He attended the University of Arizona and holds securities and real estate licenses.

Betty Friant, CCIM

Senior Vice President

Senior Vice President Betty Learned Friant oversees the Kay Properties and Investments, LLC Washington, D.C. office. With an extensive background in commercial real estate and expertise in investment sales, Betty specializes in 1031 Tax Deferred Exchange clients and accredited investors. Betty is well versed in the many aspects of commercial real estate and has extensive market knowledge. She holds the coveted CCIM designation, which recognizes expertise in commercial and investment real estate.

With more than 35 years of real estate industry experience, Betty has focused on the acquisition and disposition of single-tenant NNN properties. Before joining Kay Properties, Betty was a Senior Managing Director for the Calkain Companies and a leader in the single tenant net leased industry. Prior to that, Betty co-founded a Sperry Van Ness office in Winchester, VA and was instrumental in the listing and sale of more than $100 million in commercial properties.

In her current capacity as a Senior Vice President with Kay Properties, Betty specializes in the real estate investment, 1031 exchange and DST property marketplace. She is driven by her passion for identifying clients’ needs, goals and objectives thereby helping to identify the best opportunities for them. Betty’s success is the result of her ability to potentially build trusted and strategic relationships through hard work, dedication and mutual success. She is passionate about providing superior client service and is dedicated to a philosophy of transparency and integrity. She believes in exceeding her clients’ expectations by always putting their needs first.

Betty holds the Series 22 and Series 63 securities licenses as well as real estate broker’s licenses in Virginia and West Virginia. In addition to her focus on the commercial real estate industry, Betty is dedicated to her family and is involved in the volunteer efforts of several community and civic organizations.

Alisha Kosareff

General Counsel

Alisha Kosareff serves as General Counsel to Kay Properties and Investments and affiliated companies. Alisha Kosareff graduated cum laude from the University of California, Irvine, with a Bachelors of Arts in political science and a Minor in management. At UCI, Alisha received an academic certificate from the UCI Law Forum, and served as both an editor and lead editor on the UCI Law Forum Journal. She received her Juris Doctor from the UCLA School of Law. While at UCLA, Alisha was part of the Real Estate Law Clinic, a clinical work course, and volunteered with the UCLA Landlord-Tenant Clinic. Notably, during law school, Alisha externed for the Honorable Dale S. Fischer of the United States District Court, Central Division of California.

Alisha’a legal background includes extensive experience with commercial real estate and business transactions, including leasing, purchase and sales, CC&Rs and service contracts. She previously served as in-house counsel for a commercial real estate investment, development, and management company with significant holdings across the U.S, including big box commercial, shopping centers, and mixed use high-rise, for which she was responsible for managing a large volume of transactions for approximately 35+ properties. While with the company, she also served as an alternate board member for the Historic Core Business Improvement District in Los Angeles. Her work experience additionally includes corporate compliance for commercial real estate companies as well as for a nonprofit religious corporation, for which she served two terms on the board of directors.

Steve Haskell

Vice President

Steve Haskell serves as Vice President at Kay Properties and Investments working with 1031 exchange and direct investment clients throughout the country. Steve is based out of Kay Properties San Diego office.

Steve comes to Kay Properties and Investments after serving for seven years as an officer in the United States Air Force in the special operations community where he led small teams as well as a large staff of hundreds of military and civilian personnel. He has served in numerous locations around the world, including multiple deployments to Afghanistan and locations throughout Africa. Though Steve has retired from active duty, he still serves in the Air Force Reserves.

Prior to his military service, Steve worked in sales and marketing for multiple businesses, which included providing energy management solutions to REITs and multifamily apartment owners.

Steve holds a Masters degree from the American Military University and a Bachelors in Accounting from Point Loma Nazarene University where he graduated as International Development Student of The Year for his work providing business education to entrepreneurs in impoverished areas in Mexico, Nicaragua, and San Diego.

Alex Madden

Vice President

Alex joined Kay Properties and Investments from KPMG’s Management Consulting Federal Advisory practice where he was a Consultant for the Department of Housing and Urban Development (HUD) and Federal Housing Authority (FHA), specifically in the Multi-Family, and Single Family space.

Alex started his career as a US Army Ranger with multiple deployments to Afghanistan in support of the War on Terror, culminating with a Chief of Staff position on an elite Special Operations Task Force. Alex graduated from Salve Regina University, in Newport Rhode Island, with a degree in European History.

 Alex is responsible for developing new business and managing existing 1031 clients.

Orrin Barrow

Vice President

Orrin began in the industry working for a 1031 exchange sponsor company. He was responsible for educating broker-dealers, registered representatives, CPAs, real estate brokers and qualified intermediaries on the DST marketplace and the importance of 1031 exchanges in the real estate marketplace. He also gained knowledge working with multifamily and commercial real estate, DSTs, TICs and NNN properties. Orrin also spent time working for a publicly traded bank providing financing opportunities for companies that span a wide array of industries. Orrin holds the Series 22 and 63 securities licenses, as well as a real estate license and is a graduate of the University of Southern California. He holds a B.S. in Public Policy, Planning and Development from the Sol Price School of Public Policy.

Matt McFarland


Matt works out of Kay Properties’ headquarters in Redondo Beach, helping clients with their 1031 exchanges and direct investments.

Beginning his real estate career interning for Kay Properties as a Pre-Med undergrad at UCLA, Matt discovered his passion for real estate. Upon graduation, he began working at a national commercial real estate tenant representation firm where he was involved in representing tenants in their leasing of commercial space. From there, he joined Kay Properties again as an associate guiding the firm’s clients in their 1031 exchange and direct cash investments.

Matt works hand in hand with all of the Kay Properties’ senior vice presidents, educating clients on what particular investments make sense for their situation. Matt holds the Series 63 and Series 22 securities licenses, as well as a real estate license.

A graduate of the University of California, Los Angeles, Matt holds a Bachelor of Science in Physiological Science from the UCLA Department of Integrative Biology and Physiology.

Roxanne Yeo

Senior Property Analyst

Roxanne Yeo is the Senior Property Analyst at Kay Properties and Investments, LLC. She is responsible for DST property due diligence and analysis and works closely with the Kay Properties Due Diligence Team and Kay Properties Investment Committee.

Over the last 17 years and $11 billion in transactions, Ms. Yeo has earned a reputation for providing skilled and detailed financial modeling, due diligence and analysis support for some of the leaders in the commercial and investment real estate industry. She has held senior analyst positions at Zions Bank, CBRE, Washington Mutual and The Tax Credit Group of Marcus and Millichap.

Originally from Singapore, Roxanne moved to Seattle, WA to attend the University of Washington’s business school where she graduated manga cum laude with a BA in business administration, with a focus in finance.

Eva Teitelbaum

Closing Administrator

Eva coordinates the DST client closing and post closing process.

Taylor McGee

Document and Shipping Fulfillment

Taylor is tasked with document and shipping fulfillment for the company nationwide.

Annie Smalley

Executive Support and Data Management

Annie Smalley assists Kay Properties’ upper management and team members throughout the country as well as is in charge of the company’s data management program. Annie has been involved in numerous 1031 exchange and net lease transactions throughout her career.