Kay Properties and Investments today announced that the Kay team was able to successfully help a group of sophisticated owners that were exiting a large portfolio of hotel properties complete their 1031 exchange into a diversified portfolio of DST investments.
Dwight Kay, Founder & CEO of Kay Properties, stated, “The principals of this specific investment group had invested with us many years ago on a smaller 1031 exchange into DST properties and as such they were comfortable with the kpi1031.com marketplace in accessing DST exchange properties for this larger exchange.”
Kay continued, “Our clients were able to get a large portion of their portfolio out of the hospitality industry and diversify across various asset classes within the DSTs. Their timing was impeccable in that they sold their portfolio just a few months prior to the lockdown from COVID 19 beginning.”
Chay Lapin, Senior Vice President, stated, “This 1031 Exchange had a lot of moving parts due to there being multiple ownership entities and strict 1031 exchange time frames. We had to work extensively with the clients CFO in making sure we got him everything they needed to complete their 1031 Exchange”. Lapin continued, “One of the benefits of working with Kay Properties and Investments is the team that Mr. Kay has put together. We have a dedicated 1031 Exchange team of up to 20 people that help our clients through the educational process to every detail of the closing process. Our Kay team departments consist of our senior executives whose goal is to educate clients and explore various 1031 exchange investment options. We also are one of the few 1031 DST exchange firms that has an internal legal team, accounting team, due diligence team, transaction team and closing team that are here to provide valuable resources for our clients.”
Lapin, continued, “On this particular exchange we worked very closely for many months with 8 DST sponsor companies. Many of the largest DST sponsor companies in the DST industry that we work with have told us many times over the years that we are the industry leader in the DST space. Due to our DST sponsor relationships we were able to help our client complete the purchase of over $64,000,000 of DSTs successfully. We believe that with our Kay team we were able to provide the options and resources that most DSTs firms cannot due to the fact that they are much smaller firms or financial planners. Our goal at Kay Properties is to provide extreme specialization for our clients within the DST real estate investment realm and this large 1031 DST exchange transaction is another solid example of us providing real value to our clients.”