Our specialty
Selling appreciated real estate and dreading the capital gains bill? A 1031 exchange can defer that tax by reinvesting into like-kind property, and a Delaware Statutory Trust lets you complete the exchange into professionally managed, institutional-grade real estate without ever being a landlord again. This is Leonard Williamson's specialty and it is where Apex does its best work.
Led by Leonard Williamson
1031 exchanges and DSTs
For clients selling appreciated real estate, this is often the single most valuable strategy on the page.
When you sell appreciated real estate, a 1031 exchange lets you defer the capital gains tax by reinvesting the proceeds into like-kind property. A Delaware Statutory Trust, or DST, lets you complete that exchange into professionally managed, institutional-grade real estate without the work of being a landlord. DST interests qualify as like-kind replacement property under IRC Section 1031, per IRS Revenue Ruling 2004-86.
It is genuinely passive. No tenants, toilets, or trash. A DST opens access to institutional real estate, can diversify you across property types and regions, and continues the tax deferral you started with the 1031.
DST offerings are available to accredited investors, generally a net worth over one million dollars excluding your home, or income over two hundred thousand dollars single, three hundred thousand joint.
Minimums commonly start around twenty-five thousand to one hundred thousand dollars depending on the offering.
How it works
Proceeds go to a qualified intermediary. The clock starts the day your sale closes.
You have 45 days to identify your replacement property. A DST is one option here.
You have 180 days to close. A DST can typically close in a few business days, which helps when timing is tight or a direct purchase falls through.
Our role
We help you evaluate whether a 1031 or DST strategy fits, coordinate with your qualified intermediary and CPA, and identify suitable offerings. Securities, including DST interests, are offered through Alexander Capital, LP.
Important: DST interests are illiquid securities with no public secondary market, involve real estate and other risks, and are available only to accredited investors. This is educational and not tax or investment advice. Suitability, eligibility, and tax outcomes depend on your individual situation.
Beyond 1031 and DSTs
Alongside 1031 and DST work, these strategies behave differently from a public stock-and-bond portfolio. Each carries its own trade-off, stated plainly.
Direct, non-bank lending focused on income.
Illiquid · multi-year lock-upsBuyout and growth investing over a long horizon, with capital calls and a slow early return profile.
Long horizon · capital callsDirect deals, funds, and NAV REITs. Ties directly to our commercial real estate assessment work.
Direct deals · funds · NAV REITsA semi-liquid wrapper that can open private credit and private equity strategies to more investors, with periodic and limited redemptions. Access without a full lock-up, but liquidity is limited and not guaranteed.
Semi-liquid · limited redemptionsDefined-outcome and buffered exposure. Subject to the issuer's credit risk and not principal-guaranteed.
Issuer credit riskAdditional private strategies evaluated case by case for fit and quality.
Evaluated case by caseThe honest part
Alternatives generally ask you to trade away liquidity and simplicity. Your money may be locked up for years. Valuations may arrive infrequently rather than daily. Tax reporting can be more complex and may be delayed. Fees are often higher than public-market funds, and these strategies are not regulated the same way mutual funds are. An investor could lose all or a substantial amount of the investment. None of that makes alternatives wrong. It makes them something to enter with eyes open.
Access is only half the job
Leonard spent roughly five years as a wholesaler before moving into retirement and wealth planning, which means he has seen how these products are built and sold from the inside. Advice over product.
Who is running the strategy, and what is their track and discipline.
How it actually generates return, and where it can break.
What it costs, how everyone is paid, and where incentives point.
Does this fit the rest of your plan, including the tax and estate side.
Eligibility ≠ suitability
Who can invest
Many private offerings are limited to accredited investors, generally a net worth over one million dollars excluding your primary residence, or income over two hundred thousand dollars individually or three hundred thousand dollars jointly. Some interval funds may extend selected strategies to non-accredited investors.
Either way, eligibility does not imply suitability. Qualifying to invest is not the same as it being right for you, and that judgment is part of the fiduciary work.
Important risk disclosure
Alternative investments involve a high degree of risk and illiquidity and are often speculative. They may use leverage, may not provide periodic pricing or valuation, may involve complex tax structures and delayed tax reporting, are not subject to the same regulatory requirements as mutual funds, and often carry higher fees. An investor could lose all or a substantial amount of the investment. These strategies are not suitable for all investors, and availability may be limited to accredited or qualified investors. Read all offering documents in full before investing. This page is for informational purposes only and is not an offer or solicitation of any security.
A conversation, not a pitch. If a 1031, a DST, or any alternative does not belong in your plan, that is a perfectly good answer, and we will tell you so.
