Kay Properties is pleased to announce the completion of a three-phased 1031 exchange project resulting in an investment into over $130M of Delaware Statutory Trust (DST) properties.
Over the course of multiple months, Kay Properties President, Chay Lapin, and Vice President, Steve Haskell, helped a family-owned real estate firm navigate three complex 1031 exchanges into a highly diversified* portfolio of DST properties.
In the summer of 2020, the family-owned real estate firm began liquidating their portfolio of six large multifamily properties. The Kay Properties team worked closely with the client’s legal counsel, real estate brokers, qualified intermediary and many Delaware Statutory Trust sponsor companies to execute a smooth and swift series of transactions.
“This 1031 exchange into Delaware Statutory Trust properties was highly nuanced in its own right,” said Steve Haskell. “There were multiple DST properties, several different legal entities, and a lot of moving parts. On top of it all, the COVID pandemic added an additional level of complexity. We are grateful for the strong relationships we enjoy with the DST sponsor companies as well as are pleased to have provided such highly personalized service to these very large and sophisticated real estate clients.”
The clients ultimately invested in over 44 Delaware Statutory Trust offerings comprised of 57 individual properties in over 15 states. Almost all the client’s real estate wealth was initially concentrated in a single asset type in one real estate market. The investor sought out the Kay Properties team for their vast network and extensive experience in the 1031 exchange and DST industry.
Kay Properties President, Chay Lapin, stated, “I am especially pleased with our ability to help our clients close on such a large amount of Delaware Statutory Trust real estate investments in just three business days after closing on their relinquished property. This saved our client hundreds of thousands of dollars in missed rental income opportunity.”
“I highly believe that only with the extraordinary focus and sophistication that the Kay Properties team brings to the table could such a complex transaction be completed with such distinctively attentive and personal service.” Lapin added, “Personalized service is one of the many reasons that thousands of 1031 exchange investors nationwide have opted to purchase Delaware Statutory Trust investments through Kay Properties and the www.kpi1031.com marketplace.”*Diversification does not guarantee profits or protect against losses.