Delaware Statutory Trust (DST) Investment Sponsor Firms

Baker 1031 Investments strategically selects investment sponsors with whom to partner, based on a strict and perpetual due diligence process. Learn more about our most common institutional partners, who help us provide attractive opportunities to our clients.

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Realized DST Investment Performance by Investment Sponsor

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Investment Sponsor Avg. Annual Return (ARR) Equity Multiple (EM) Avg. Holding Period (Years) Total Investment Offerings Success Percentage
Griffin Capital17.64%1.642.905100.00%
Capital Square12.14%1.635.783494.12%
Peachtree21.30%1.782.3838597.66%
Net Lease Capital8.72%2.7410.823100.00%
Resource Royalty12.24%1.625.002100.00%
BridgeView32.89%2.593.2017100.00%
Bluerock22.20%1.813.8310994.50%
ExchangeRight8.60%1.455.1834100.00%
VERIFIED TOTALS 19.80% 1.76 3.25 607 98.29%

View All Investment Sponsors

Apollo Global Management

Apollo is a globally recognized powerhouse in alternative asset management, commanding a massive presence in credit, private equity, and real assets. The firm is known for its value-oriented approach and deep industry expertise, often targeting complex or less-liquid opportunities to drive alpha for its institutional and individual clients.

  • Headquarters: Los Angeles, CA

  • Assets Under Management (AUM): $1 Trillion

  • Net Annual Rate of Return (ARR): 9.37%

  • Equity Multiple: 1.47x

  • Average Hold Period: 3.27 Years

  • Founded Year: 1990

  • Website: apollo.com

Bluerock

Bluerock is an institutional alternative asset manager that bridges the gap between individual investors and high-quality institutional real estate and credit funds. By focusing on asset classes traditionally reserved for large institutions, the firm aims to provide retail investors with predictable income, capital growth, and significant tax advantages.

  • Headquarters: New York, NY

  • Assets Under Management (AUM): $1.8 Billion

  • Net Annual Rate of Return (ARR): 22.20%

  • Equity Multiple: 1.81x

  • Average Hold Period: 3.83 Years

  • Founded Year: 2002

  • Website: bluerock.com

BridgeView Capital (BV Capital)

Based in Dallas, BV Capital is a private equity firm that offers accredited investors and financial advisors direct access to institutional-quality real estate investments. As a member of the Bridgeview family of companies, the firm leverages its local Texas knowledge and developer roots to build ground-up projects and acquire cash-flowing assets.

  • Headquarters: Dallas, TX

  • Assets Under Management (AUM): $900 Million

  • Net Annual Rate of Return (ARR): 32.89%

  • Equity Multiple: 2.59x

  • Average Hold Period: 3.20 Years

  • Founded Year: 2011

  • Website: bvcapitaltx.com

Brookfield / Oaktree

This entity represents the strategic partnership between Brookfield Asset Management and Oaktree Capital, creating one of the largest alternative investment platforms in the world. They combine Brookfield’s expertise in real assets (infrastructure and real estate) with Oaktree’s industry-leading focus on opportunistic credit to deliver specialized wealth solutions.

  • Headquarters: New York, NY

  • Assets Under Management (AUM): $1 Trillion

  • Founded Year: 2021 (for the joint wealth platform)

  • Website: brookfieldoaktree.com

Capital Square

Capital Square is a leading real estate firm specializing in tax-advantaged investment programs, particularly Delaware Statutory Trusts (DSTs) for 1031 exchange investors. The firm focuses on essential housing solutions, including multifamily apartments, build-for-rent communities, and manufactured housing throughout the United States.

  • Headquarters: Glen Allen, VA

  • Assets Under Management (AUM): $8.9 Billion

  • Net Annual Rate of Return (ARR): 12.14%

  • Equity Multiple: 1.63x

  • Average Hold Period: 5.78 Years

  • Founded Year: 2012

  • Website: capitalsq.com

ExchangeRight

ExchangeRight is a vertically integrated real estate firm that specializes in creating diversified portfolios of net-leased assets within the necessity-based retail and healthcare sectors. Their strategy focuses on long-term stability and recession resilience, primarily leasing properties to investment-grade tenants like Walgreens and Kroger.

  • Headquarters: Pasadena, CA

  • Assets Under Management (AUM): $7.1 Billion

  • Net Annual Rate of Return (ARR): 8.60%

  • Equity Multiple: 1.45x

  • Average Hold Period: 5.18 Years

  • Founded Year: 2012

  • Website: exchangeright.com

Griffin Capital

Griffin Capital is an El Segundo-based investment management firm with a legacy of providing institutional-grade real estate solutions across the United States. The firm is cycle-tested and research-driven, focusing on thematic investments such as Opportunity Zone funds and private real estate strategies.

  • Headquarters: El Segundo, CA

  • Assets Under Management (AUM): $23 Billion

  • Net Annual Rate of Return (ARR): 17.64%

  • Equity Multiple: 1.64x

  • Average Hold Period: 2.9 Years

  • Founded Year: 1995

  • Website: griffincapital.com

Invesco

Invesco is a premier global independent investment manager, offering a vast array of active, passive, and alternative investment capabilities. With a presence in over 20 countries, they provide institutional and retail investors with deep expertise across equities, fixed income, and specialized real estate markets.

  • Headquarters: Atlanta, GA

  • Assets Under Management (AUM): $2.23 Trillion

  • Founded Year: 1935

  • Website: invesco.com

Net Lease Capital

Net Lease Capital is a specialist advisory and investment firm operating at the intersection of capital markets and tax-strategic real estate. The firm is a pioneer in the single-tenant net lease arena, helping high-net-worth investors navigate complex 1031 exchanges using institutional-quality, long-term leased properties.

  • Headquarters: Nashua, NH

  • Assets Under Management (AUM): $9.2 Billion

  • Net Annual Rate of Return (ARR): 8.72%

  • Equity Multiple: 2.74x

  • Average Hold Period: 10.82 Years

  • Founded Year: 1996

  • Website: netleasecapital.com

Peachtree Group

Peachtree Group is a private equity firm that focuses on opportunistic investments in commercial real estate, with a particularly strong reputation in the hospitality sector. The firm manages a fully integrated platform that spans across lending, development, and asset management to maximize returns on urban and suburban assets.

  • Headquarters: Atlanta, GA

  • Assets Under Management (AUM): $15 Billion

  • Net Annual Rate of Return (ARR): 21.30%

  • Equity Multiple: 1.78x

  • Average Hold Period: 2.38 Years

  • Founded Year: 2007

  • Website: peachtreegroup.com

Resource Royalty

Resource Royalty is a niche energy investment firm that focuses on acquiring oil and gas mineral and royalty interests. By focusing on high-quality acreage with proven production, the firm provides investors with a unique, non-correlated income stream that carries the specific tax advantages of mineral ownership.

  • Headquarters: Dallas, TX

  • Assets Under Management (AUM): $186 Million

  • Net Annual Rate of Return (ARR): 12.24%

  • Equity Multiple: 1.62x

  • Average Hold Period: 5 Years

  • Founded Year: 2011

  • Website: resourceroyaltyllc.com

FAQ: 1031 Exchange, DSTs, and 721 Exchanges

1031 Exchange & DST Fundamentals

A DST Delaware Statutory Trust 1031 is a fiduciary entity that allows for fractional ownership of institutional-grade real estate. It qualifies as "like-kind" replacement property under IRS Revenue Ruling 2004-86, enabling 1031 tax deferral.

The downside to a Delaware Statutory Trust includes total illiquidity (hold periods of 5-10 years), zero management control for investors, and the seven deadly sins which prevent the sponsor from taking specific financial actions to save the trust.

A statutory trust is a separate legal entity created under specific state law (the Delaware Statutory Trust Act). Unlike a common law trust, it offers corporate-style asset protection and "freedom of contract" for beneficial owners.

Key benefits include management-free real estate, diversification into Class-A assets, access to non-recourse debt, and lower investment minimums for institutional property.

It is often a "good idea" for retiring landlords who want to maintain income and tax-deferral status without the headache of managing tenants or maintenance.

At the end of a Delaware Statutory Trust, the property is sold, the trust dissolves, and proceeds are distributed. You must then pay capital gains or roll into another 1031 exchange.

A 1031 exchange is the tax-deferral method; a DST is the legal structure of the property used to satisfy the exchange.

In 2026, the average return is typically 4% to 6% in monthly cash distributions, with a target total return of 7% to 10% including capital appreciation.

The purpose of a DST is to facilitate passive fractional ownership for investors who want institutional assets while maintaining their individual tax benefits.

Are DSTs risky? Yes. Risks include market downturns, tenant defaults, illiquidity, and the loss of principal.

Most DST offerings have a projected lifecycle of 5 to 10 years.

To transition equity into a passive role, secure non-recourse debt, and diversify across high-growth geographic markets.

There is no active secondary market. You typically "get out" only when the sponsor sells the property at the end of the term.

Pros: 1031 eligibility, passive income, Class-A property access. Cons: No control, illiquidity, front-end fees.

721 Exchange & Alternative Strategies

A 721 property exchange (UPREIT) involves contributing real estate to a REIT's operating partnership in exchange for tax-deferred units.

A 1031 exchange keeps you in the "like-kind" loop; a 721 exchange is usually a final move into a REIT, ending 1031 eligibility.

It is a good idea for those who prioritize maximum portfolio diversification and future liquidity over the flexibility of choosing specific assets.

The primary disadvantage of the 721 exchange is that you can never perform another 1031 exchange once the units are issued.

Institutional investors or those with high-value assets looking to "exit" into a large, managed REIT portfolio.

Vetting the REIT's management, historical dividends, and the overall quality of their diversified holdings is essential.

Timeline is based on private negotiation with the REIT, not the statutory 45/180 day 1031 rules.

Yes. Navigating Section 721 requires tax attorneys and CPAs specialized in partnership law.

Section 721 property refers to assets transferred to a partnership in exchange for a partnership interest, deferring gain recognition.

Tax Compliance & Legal Guardrails

Complexity and the conversion of real estate equity into a taxable installment note via Section 453.

In 2026, the tax burden is high. A 1031 exchange is almost always better to keep your full principal working for you.

Related parties in an exchange must both hold their property for 24 months to preserve tax deferral.

Inventory, primary residences, and homes not held for "productive use in trade or business" are disqualified.

Taxes are deferred until a final cash-out sale. Heirs get a step-up in basis, potentially eliminating the tax forever.