Hey WSO, was wondering if anyone here has ever heard or worked with Kingsbarn Realty? They seem to be a relatively small REPE firm that was founded not too long ago. I couldn't find much online and was wondering if anyone has known anyone to work there?
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Big DST players. The buy properties, raise DST money and then sell the property to the trust. They have a small dev team that does one-off multi and student housing deals around the country
Dumb question but what’s DST?
As others have said, they are a DST. Delaware Statutory Trust - sellers of cre can 1031 into the property (which will usually be a class-A or B/quasi-intuitional property owned or under contract by the trust) and the seller/now-buyer will own a certain amount of shares in the property along with other investors and relieve themselves of management duties while receiving a proportional amount of the rent.
DST's are effectively an alternative to the common strategy of mom-and-pop's selling their apartment building (or other cre assets but typically multifamily) and 1031'ing into a NNN; so instead of buying a run-of-the-mill Dollar General in Bullshit, Colorado you have access to a class-a office building in Bullshit-Metro, Colorado managed by a professional management team. Pros: You are investing in high-quality, well-located, and professionally managed real estate. Cons: You don't have control of your real estate, it's a bitch to sell your shares if you want out early.
Also, they own a fat ass catamaran sailboat that is parked in front of Ballast Point in Long Beach, CA. I could be wrong but that is the sales pitch I remember and I am definitely right about the boat (they also own a ranch somewhere).
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