LOS ANGELES, April 30, 2020 (GLOBE NEWSWIRE) — Kay Properties and Investments today announced the completion of another 1031 DST exchange on behalf of a husband and wife out of Northern California. The couple had acted as multifamily owners and operators for over a decade. They utilized the Kay Properties 1031 DST marketplace at www.kpi1031.com for a number of years to educate themselves on how the DST would potentially fit within their portfolio. Kay Properties team members had many discussions with the clients over the years helping to educate and familiarize them with 1031 exchanges, DSTs and the Kay Properties process.
The Delaware Statutory Trust 1031 exchange investments were completed by Kay Properties and Investments team members Chay Lapin, Senior Vice President, and Orrin Barrow, Vice President.
Dwight Kay, the founder and CEO of Kay Properties, stated, “It brings us great satisfaction that we here at Kay Properties were able to help yet another set of investors complete their 1031 exchange into DST 1031 properties. I especially want to thank the clients for their business and trust as well as the seven different DST sponsor firms that we placed the clients’ equity with. It is through the support, friendship, mutual respect and collaboration with Delaware Statutory Trust sponsor companies like these that we are able to help our clients achieve a diversified 1031 exchange portfolio.”
Chay Lapin, Senior Vice President of Kay Properties, stated, “Being that Kay Properties is a national firm we have had the chance to work with clients all over the country. This advantage allows for us to see almost every single DST 1031 offering and DST sponsor in the marketplace. We were able to bring that level of expertise to these particular clients. These clients were adamant about the majority of their proceeds being placed into debt-free options along with a few carefully selected DSTs with debt.”
Lapin continued, “They also wanted to make sure to be well diversified along with having their properties reviewed and identified before the closing on their down leg. With our expertise, DST sponsor relationships and due diligence we are able to secure equity in the properties that we collectively selected and put together a balanced portfolio that was seamless to close into once they were closed on their down leg property. Our investors prioritized reinvesting their proceeds as quickly as possible. Orrin and I were able to work with all our contacts and closing staff at the various DST sponsor companies as well as our internal Kay Properties transaction team to get the 1031 exchange closed within a few days of the clients selling their down leg property.”
Orrin Barrow, Vice President at Kay Properties, stated, “Our approach at Kay Properties is to understand our client needs, goals, objectives and risk tolerances as they seek to complete a 1031 exchange into DST investments. Our combined expertise helps to shape 1031 portfolios that we believe make the most sense for the client. The clients were also impressed with the amount of resources they had at their disposal by choosing to work with Kay Properties and Investments and the www.kpi1031.com DST offering marketplace. They appreciated our independent due diligence, our extensive 1031 and DST investment market knowledge and our deep relationships with different DST sponsor companies. The clients ultimately settled on a diversified approach of roughly 10 DST offerings spread among seven different sponsor companies, 12 different submarkets and four different asset classes. The clients were so pleased with Kay Properties’ attention to detail and knowledge of the industry that they have retained our firm to work on a very large and important 1031 exchange happening in the very near future.”