• Alternative Investments
1031 exchanges and Delaware Statutory Trusts
• Our specialty
Sell the property, defer the tax, keep the income
For clients selling appreciated real estate, a 1031 exchange can defer 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). This is Leonard Williamson's specialty and the strategy Apex is built to run well.
• How the exchange works
The clock, the intermediary, and the close
A 1031 exchange runs on a strict timeline. A DST is built to meet it.
The proceeds are held
After the sale, the proceeds go to a qualified intermediary rather than to you, which is what keeps the exchange valid.
45 and 180 days
You have 45 days to identify replacement property and 180 days to close. The clock does not stop for a deal that falls through.
A DST closes fast
A DST can typically close in a few business days, which helps when timing is tight or a direct purchase falls apart late.
• Why clients use it
Passive ownership, real diversification
A DST is passive: no tenants, toilets, or trash. It opens access to institutional real estate that most individual buyers cannot reach on their own. It can diversify across property types and regions rather than concentrating everything in one building. And it continues the tax deferral you started with the sale.
• Who it is for
Available to accredited investors
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 and three hundred thousand dollars joint. Minimums commonly start around twenty-five thousand to one hundred thousand dollars depending on the offering.
• Our role
We coordinate the whole exchange
We help you evaluate whether a 1031 or DST strategy fits, coordinate with your qualified intermediary and your CPA so the timeline and the tax treatment line up, and identify suitable offerings. Securities, including DST interests, are offered through Alexander Capital, LP.
Before you consider a 1031 or DST
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
The rest of the alternatives shelf
Private markets can add income and diversification beyond public stocks and bonds, for the right investor. They also cost you liquidity, add complexity, and carry higher fees, and those trade-offs matter more than any headline return. Leonard has worked in this space since the start of his career, and Apex treats every alternative the way a fiduciary should: as an allocation to understand fully before a single dollar is committed.
• The categories
Other strategies we access
These behave differently from a public stock-and-bond portfolio. Each carries its own trade-off, stated plainly.
Private credit
Direct, non-bank lending focused on income. Illiquid, often with multi-year lock-ups.
Private equity
Buyout and growth investing over a long horizon, with capital calls and a slow early return profile.
Private and commercial real estate
Direct deals, funds, and NAV REITs. Ties directly to our commercial real estate assessment work.
Interval and tender-offer funds
A semi-liquid wrapper for private credit and equity strategies, with periodic and limited redemptions. Access without a full lock-up, but liquidity is not guaranteed.
Structured notes
Defined-outcome and buffered exposure. Subject to the issuer's credit risk and not principal-guaranteed.
Infrastructure and other private funds
Additional private strategies evaluated case by case for fit and quality.
• The honest part
What you give up
This is the section most firms leave out, and the reason we lead with it. 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.
• Selection, not just access
How Apex evaluates them
Access is only half the job. The other half is selection. 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. Apex reviews the manager, the strategy, the conflicts, and the fees, then asks the only question that matters: does this fit the rest of your plan, including the tax and estate side. Advice over product.
• Eligibility
Who can invest, and who should
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.
Read this before you consider alternatives
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.
Talk to Leonard about a 1031, a DST, or the rest of your plan
A conversation, not a pitch. If a strategy does not belong in your plan, we will tell you.
Start the conversation