1031 DST Investment Sponsors
List of Services
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AEI AEI Capital Corporation is a 55-year-old St. Paul-based sponsor of net-lease real estate investment programs. Since 1975, AEI has organized 17 public and 20 private commercial property programs, raising $750M+ from 21,386 investors and acquiring 421 single-tenant, triple-net-leased properties across 44 states for $1.0B+. AEI's distinctive calling card is its DEBT-FREE DST model — all DST programs use zero mortgage financing, trading lower cash yields for elimination of refinancing, maturity, and lender-covenant risk. The firm's early TIC-era portfolio (1992-2014) was heavily concentrated in restaurant tenants where 6 of 55 full-cycle properties produced capital losses. Modern DST programs (2014-2024) deliberately pivoted to healthcare, rural retail, and auto parts tenants.AEI
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Blue Door Blue Door Capital is the 1031 exchange/DST arm affiliated with SmartStop Self Storage REIT (parent: Strategic Storage). Specialized in self-storage DST offerings as replacement property for 1031 exchangers. The two known full-cycle DST programs (USA Self Storage I — 10 GA/NC/TX properties, and Southwest Colonial — 5 TX properties) were each 'rolled up' into the parent SmartStop REIT rather than sold on the open market (Feb 2011 and Q4 2013 respectively). Investors received SmartStop REIT shares in lieu of cash distributions. No deal-level return metrics are publicly disclosed for either DST. SmartStop itself merged with Extra Space Storage in an all-stock transaction completed in early 2024.Blue Door
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Bluerock Bluerock Real Estate is a NYC-based institutional alternatives manager specializing in value-add multifamily across Sun Belt growth markets. Founded in 2002, Bluerock operates through Bluerock Value Exchange (BVEX) for DST offerings and Bluerock Residential Holdings for the broader institutional platform. The sponsor has one of the largest and deepest full-cycle track records in the DST/TIC space with 131 exits since 2011, predominantly value-add multifamily in Texas, Florida, Georgia, the Carolinas, and Arizona. Average holds are relatively short (~3.9 years) with strong 20.7% average annual returns and a 94.7% success rate. Bluerock distinguishes itself with a disciplined value-add thesis and active asset management, often generating outsized returns through unit renovations and rent growth.Bluerock
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BridgeView BridgeView Real Estate is a Dallas-based multifamily DST sponsor founded around 2014 with a focus on Texas Sun Belt markets and student housing near Texas universities. The firm has produced extraordinary full-cycle returns on its limited portfolio — the Carriage Homes on the Lake I & II Portfolio (Garland TX, 2017-2023) delivered 6.05x EM over 5.2 years (51.9% AAR), while the Liberty Lofts + Midtown Urban student housing portfolio (Fort Worth/Arlington, 2021-2024) returned 1.60x over 2.4 years. These results are among the strongest in the entire workbook but reflect a small sample size (2 portfolios covering 4 underlying assets).BridgeView
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Cantor Fitzgerald Cantor Fitzgerald Investors is the institutional real estate arm of Cantor Fitzgerald L.P., a Wall Street financial services firm founded in 1945. The DST platform launched circa 2017 and has delivered 9 full-cycle multifamily DST exits through 2024 with consistent results — avg 11.7% AAR, 1.45x EM, 3.9-year holds, and a 100% success rate (no losses). Cantor's DST strategy emphasizes core-plus multifamily with national institutional-quality properties, typically using 50-60% leverage. The sponsor benefits from Cantor Fitzgerald's deep capital markets expertise and broker-dealer distribution network.Cantor Fitzgerald
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Capital Square Capital Square is a Virginia-based sponsor founded in 2012 that has grown into one of the most prolific DST sponsors in the industry. Led by Louis Rogers (a former DST attorney), the firm specializes in multifamily, student housing, and build-for-rent developments. Capital Square is notable for providing AUDITED full-cycle track record data — unusual transparency in the DST industry. 19 full-cycle multifamily DSTs have produced avg 15.2% annual returns, 1.83x EM, and 100% success rate across 4.8-year holds. The firm is also expanding into opportunity zones, REITs, and development programs.Capital Square
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Carter Exchange Carter Exchange is the 1031/DST platform of Carter Funds, an Atlanta-based sponsor that launched its DST program circa 2018-2020. The firm has completed 3 full-cycle DST exits — two Stations at Poplar Grove (Concord NC) and Savannah Pointe (Pooler GA) sold in 2023 with strong ~20% AARs and ~1.85x EMs on sub-3-year holds, plus CX Retreat at the Park (Burlington NC) sold in January 2026 with more modest 8.03% AAR / 1.55x EM over 5.7 years. Carter's strategy targets Sun Belt multifamily with relatively short hold periods and significant rent growth thesis.Carter Exchange
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ExchangeRight ExchangeRight is one of the largest and most disciplined net-lease DST sponsors in the industry, founded in 2012 by Warren Thomas and David Fisher. The firm specializes in 'Net-Leased Portfolios' — diversified bundles of triple-net-leased, investment-grade retail tenants (Walgreens, CVS, Dollar General, Tractor Supply, Hobby Lobby) designed for stable, predictable cash yield. ExchangeRight has completed 28 full-cycle DST exits with 100% success rate, averaging 7.77% AAR and 1.41x EM over 5.4-year holds. The firm also operates a multifamily platform (6 full-cycle exits) and a 721-UPREIT strategy enabling DST holders to roll into the ExchangeRight Essential Income REIT.ExchangeRight
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Four Springs Four Springs TEN31 Xchange is a Long Island, NY-based net-lease DST sponsor. Since 2008 the team has acquired $1.3B+ of net-lease real estate with 99%+ rent collection and sponsored 49 investment programs (including 31 DSTs and an affiliated REIT, Pilothouse Real Estate Trust, formerly Four Springs Capital Trust). The 6 modern full-cycle DSTs (TEN31 era, 2022-2026) delivered avg 151% Total Return (~1.51x EM) over 8.4 years with 100% success. One DST — Gander Mountain — experienced tenant bankruptcy in 2017 and was eventually absorbed by the sponsor's own REIT in a complex workout. The 18 legacy FSCL programs (2009-2012) were almost entirely rolled UP into the captive REIT rather than sold to third parties.Four Springs
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Griffin Capital Griffin Capital was founded in 1995 by Kevin Shields as a private real estate and broker-dealer platform. The firm sponsored multiple non-traded REITs and DST programs before being acquired by Apollo Global Management in 2022, which absorbed Griffin's wealth management distribution business. Griffin has 2 full-cycle multifamily DST exits on record: Griffin Capital (Southern Glen, Las Vegas NV, 2018-2022) returning 1.73x over 3.3 years at 23.3% AAR, and Griffin Capital (Heritage, Bedford NH, 2018-2024) returning 1.70x over 5.6 years at 12.8% AAR. Both delivered positive results. The firm's ongoing DST operations now operate under the Apollo umbrella.Griffin Capital
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Hines Hines is a 67-year-old Houston-based global real estate investment, development, and management firm founded by Gerald D. Hines. With $95B+ AUM across 30+ countries, Hines is one of the world's largest privately-held real estate firms. The Hines Real Estate Exchange (HREX) DST platform launched in 2020-2022 with multiple multifamily DSTs (HREX Multifamily I-IV, etc.), but ZERO DSTs have reached full-cycle exit as of 2026. All offerings remain actively held. Hines' institutional scale, global platform, and 67-year track record in direct real estate investment are uncontested, but their DST product is relatively new and unproven at the full-cycle level.Hines
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Inland Inland Private Capital Corporation (IPC) is the DST/1031 arm of The Inland Real Estate Group, founded in 1968 — one of the oldest and largest diversified real estate sponsors in the U.S. IPC has sponsored 300+ DST/DBT programs across every major asset class (multifamily, retail, office, industrial, net-lease, self-storage, healthcare). With 77 full-cycle DST/DBT exits, Inland has the second-deepest deal-level track record in the workbook. Avg 8.0% AAR, 1.52x EM, 6.9-year holds, 94.8% success rate. 8 programs produced losses (GFC-era multi-tenant retail primarily). Inland's breadth across asset classes and decades of history is unmatched.Inland
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JWCM JWCM Exchange is a newer, Texas-based DST sponsor with limited public disclosure. Form D filings from 2022-2025 indicate 3 multifamily DST offerings (JWCM Heights West, JWCM Republic Alamo Heights in San Antonio, and JWCM Vivian in Atlanta). ZERO full-cycle DST exits as of 2026 — all offerings remain actively held or in fundraising. The sponsor has been the subject of a White Law Group 'Investor Alert' (January 2024), which is a plaintiff-side law firm marketing tactic common in the DST industry (similar alerts exist for many other sponsors and don't necessarily indicate material investor losses). Prospective investors should conduct enhanced due diligence given the limited track record and disclosure depth.JWCM
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Livingston Street Capital Livingston Street Capital is a NYC-based DST sponsor founded around 2015 specializing in mission-critical office, healthcare, and industrial real estate leased to single tenants on long-term triple-net leases. The 4 full-cycle DSTs delivered ~8.5% implied AAR, 1.38x EM, over 4.2-year holds with 100% success rate (no losses). Livingston's niche is single-tenant specialty real estate where the tenant's operational dependence on the property creates renewal/credit strength. Deals include healthcare facilities (University of Kansas Health, Bio-reference Labs), office (FAUR), and industrial (AM Mission Critical).Livingston Street Capital
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Moody National Moody National Companies is a Houston-based real estate sponsor best known for hotel investments via Moody National REIT. The firm also operates a DST program with limited full-cycle exits — 2 multifamily DSTs have gone full-cycle: Moody DFW DST (Fort Worth/Arlington portfolio, 2018-2022/2023) delivered ≥2.00x EM over 5.1 years at 14.6% AAR, and Moody Village One DST (Village at Bellaire, 2018-2022) achieved 4.19-year hold with undisclosed EM (EM not disclosed by sponsor but property-level gain strong). The firm leverages Moody National Bank affiliate for debt financing and is predominantly focused on Texas markets.Moody National
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Net Lease Capital Net Lease Capital Advisors (NLC) is a 33-year-old specialty net-lease real estate firm founded in 1991 and based in Concord, NH. NLC specializes in a unique niche: zero-cash-flow (ZCF) debt structures on long-term triple-net leases, primarily to government tenants (GSA/federal agencies) and investment-grade corporate credits. 3 full-cycle DSTs have delivered strong results — Sun Microsystems HQ DST (San Jose, 2005-2018, 3.97x EM / 11.5% AAR / 12.7 yrs), GSA SSA Birmingham DST (2009-2022, 2.64x EM / 8.3% AAR / 12.2 yrs), GSA FBI/NARA Portfolio DST (2014-2022, 1.60x EM / 6.4% AAR / 7.6 yrs). The ZCF debt structure is unusual — debt service eats all property cash flow during the hold period, with returns coming entirely from principal paydown and residual value.Net Lease Capital
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NexPoint NexPoint is a Dallas-based alternative investment manager affiliated with Highland Capital Management and James Dondero. The firm sponsors the NexPoint Real Estate Advisors platform which includes NREA DST offerings targeting multifamily. 3 full-cycle DST exits: NREA Adair DST (2017-2022), NREA Estates DST (2018-2022), and NREA Meritage DST (2018-2023) — delivering avg 16.8% AAR, 1.65x EM over 4.6 years with 100% success. Two of the three exits were sold to NXRT (NexPoint Real Estate Trust), a related-party REIT — raising RELATED-PARTY EXIT concerns for DST/TIC comparisons since these are not arms-length third-party sales.NexPoint
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Passco Passco Companies is a 26-year-old Irvine-based DST sponsor that focuses exclusively on multifamily investments in Sun Belt growth markets. With 46 full-cycle DST exits — one of the deepest track records in the workbook — Passco has delivered consistent results: avg 11.7% AAR, 1.89x EM, 5.6-year holds, and a 100% success rate (zero losses across all 46 exits). Founded in 1998 by Bill Passo, the firm emphasizes institutional-quality Class A and B+ multifamily acquisitions with moderate leverage, active asset management, and targeted renovation programs. Passco's flat 100% success rate makes it one of the most reliable multifamily DST sponsors in the industry.Passco
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Peachtree Group Peachtree Group (formerly Peachtree Hotel Group) is an Atlanta-based hospitality and commercial real estate investor founded in 2007 by Greg Friedman, Jatin Desai, and Mitul Patel. The firm sponsors DST investments primarily in select-service and extended-stay hotels, but notably uses its 'Non-Fund Equity' proxy data (29 hotel acquisitions) as a disclosure baseline since DST-specific full-cycle exits are limited. Avg metrics across 29 acquisitions: 30.9% IRR, 2.15x EM, 5.05-year holds — reflecting the higher volatility and return potential of hotel real estate vs. multifamily. 100% success rate (no losses), but the IRR and EM data represents broader hotel acquisition track record, not DST-specific exits.Peachtree Group
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Starboard Starboard Realty Advisors is an Irvine-based real estate sponsor focused on multifamily and shopping center investments. Founded around 2013, Starboard has completed 4 full-cycle DST exits with mixed results — avg 6.3% implied AAR, 1.35x EM over 6.1-year holds, but with significant variance: two multifamily DSTs (Starboard Mountain Ranch Richland WA and Starboard Metro Atlanta GA) delivered strong double-digit AARs, while two shopping center DSTs (Starboard Mesa Ridge CO and Starboard Diagonal Longmont CO) delivered more modest results including one near-zero AAR (Diagonal at 0.95%). 100% success rate technically, but return variance is high.Starboard
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Syndicated Equities Syndicated Equities is a Chicago-based real estate sponsor with one of the deepest full-cycle track records in the workbook — 79 exits spanning TIC and DST structures across multiple asset classes (retail, office, hotel, industrial, multifamily). Founded in 1986, the firm has invested in over 190 properties representing $2B+ in acquisition value. The track record reflects an earlier era of heavier leverage and 2005-2007 vintage acquisitions, which resulted in significant GFC-impacted losses. 16 of 79 deals are flagged as GFC/COVID-impacted. Overall avg: 1.36x EM, 7.6-year holds, 1.9% simple AAR, 72.2% success rate — meaning ~22 of 79 deals produced sub-1.0x returns. Ex-impacted deals perform substantially better (1.62x EM).Syndicated Equities
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Time Equities Time Equities, Inc. (TEI) is a 58-year-old NYC-based diversified real estate firm founded by Francis Greenburger in 1966. TEI operates across residential, office, retail, and industrial in 33 US states, 5 Canadian provinces, Germany, the Netherlands, Italy, and Anguilla. Notable: TEI does NOT sponsor DSTs — all their 1031 programs are TIC-structured (Tenant-in-Common). The published 20 full-cycle TIC exits (1992-2017) delivered avg 2.68x EM, 20.1% IRR ex-loss, over 7.6-year holds, with 90% success rate (2 total losses: Renaissance OKC and Viscoe Road VA). Additionally, 14 'deals without remaining equity' have returned all capital plus $263M in distributions while still holding $230M+ residual NAV.Time Equities
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Trilogy Trilogy Real Estate Group is a Chicago-based multifamily-focused sponsor founded in 2002 by Neil Gehani. Trilogy has raised $935M+ in equity across 14 programs (10 LP funds + 3 DSTs + Pre-Fund Deals). However, Trilogy has NO FULL-CYCLE DST EXITS — all 3 DSTs (Riverset Memphis, Park 205 Park Ridge IL, Lansing MI) remain actively held. Only Trilogy Multifamily Fund I (2009, LP fund) is fully liquidated with 35.9% IRR / 2.97x EM. Fund II & III returns (19.5% / 19.4% IRR) are based on 2018 appraisal-based 'Restructuring' values, not actual market dispositions. Trilogy Riverset DST has a White Law Group investor alert (Jan 2024).Trilogy
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Apollo Apollo Global Management is one of the world's largest alternative asset managers, managing $840B+ across credit ($749B), private equity ($189B), and real assets including $46B+ in real estate/infrastructure as of year-end 2025. Founded in 1990 by Leon Black, Marc Rowan, and Joshua Harris, Apollo acquired Griffin Capital's wealth distribution business in 2022 and entered the DST market through the Apollo Asset Management DST platform. Apollo has recently sponsored DST offerings through Apollo Realty Income Solutions (ARIS) and related vehicles — but ZERO full-cycle DST exits to date. The firm's strength is institutional credit and private equity scale, with DST entry representing a private wealth channel expansion.Apollo
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Ares Ares Management is a Los Angeles-based global alternative investment manager with $623B+ total AUM, including $113.8B in real estate as of December 31, 2025. Founded in 1997 by Tony Ressler and others, Ares operates across credit ($391B), real estate/real assets ($132B), private equity ($25B), and secondaries/other ($47B). The firm sponsors DSTs through the 'Ares Diversified Real Estate Exchange' platform (also referred to as Ares Real Estate Exchange / AREX), targeting 1031 exchangers with institutional-quality diversified real estate. These DSTs feature a 721-UPREIT exit into Ares Real Estate Income Trust (AREIT). ZERO full-cycle DST exits to date — the platform is relatively new.Ares
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Blackstone Blackstone is the world's largest alternative asset manager with $1.275 trillion in total AUM as of December 31, 2025, including $319.3B in real estate across ~12,500 real estate assets. Founded in 1985 by Stephen Schwarzman and Peter Peterson, Blackstone is the dominant institutional real estate investor globally and operates BREIT (Blackstone Real Estate Income Trust), the largest non-traded REIT with $54B+ NAV and $50B+ equity. In November 2025 Blackstone launched a DST platform via BREIT — selling beneficial interests in DSTs holding individual BREIT-managed properties, with a 721-UPREIT exit into BREIT OP units. ZERO full-cycle DST exits since the platform is brand new.Blackstone
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Fortress Fortress Investment Group is a NYC-based diversified alternative investment manager founded in 1998 by Wesley Edens, Rob Kauffman, and Randal Nardone. The firm manages $54B+ across credit, real estate, private equity, and permanent capital strategies on behalf of 2,000+ institutional and private clients. Fortress has been owned by SoftBank (2017-2023) and is now owned by Mubadala and other shareholders. DST status: Fortress has NO dedicated DST sponsor platform. The firm's real estate strategies are primarily institutional separate accounts, closed-end funds, and credit. 1031 exchange investors are not a direct client channel. Fortress has ZERO full-cycle DST exits because they don't sponsor DSTs.Fortress
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Invesco Invesco Ltd. is a global asset management firm headquartered in Atlanta with $2.17 trillion in total AUM (preliminary month-end August 2025). Invesco Real Estate, founded in 1983, manages $88B+ in real estate across 21 regional offices globally. The firm operates INCREF (Invesco Real Estate Income Fund) for real estate debt ($4B+) and institutional real estate equity vehicles. DST status: Invesco has NO dedicated DST/1031 exchange sponsor platform targeting retail/private wealth investors. The firm's real estate products are primarily institutional separate accounts and private REITs. ZERO full-cycle DST exits because they don't sponsor DSTs.Invesco
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JLL JLL (Jones Lang LaSalle Incorporated, NYSE: JLL) is a Fortune 188 commercial real estate services and investment management firm with 113,000+ employees in 80 countries and $23.4B annual revenue. JLL's investment arm is LaSalle Investment Management, which manages $88.5B in real estate AUM (September 2025). JLL Income Property Trust (JLLIPT), managed by LaSalle, is a $7B+ non-traded REIT. The JLL Exchange (JLLX) DST platform, launched in recent years, sponsors DSTs as 1031 replacement property with a 721-UPREIT exit into JLLIPT. ZERO full-cycle DST exits to date — the JLLX platform is too new for full-cycle realizations (typical hold is 5-10 years).JLL
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