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1031 Exchanges & Qualified Opportunity Zones

Dallas, TX | April 12-13, 2021


On April 12-13, 2021, at the Four Seasons Hotel and Resort and Club Dallas at Las Colinas, Texas, IPA members convened for our IPAConnect Due Diligence Symposium focused on 1031 Exchanges and Qualified Opportunity Zones. Attendees gained access to exclusive product updates from top asset managers and heard timely insights on market trends emerging from a recovering Covid-19 economy.


IPA members participated in small-group discussions on current and future DST and QOZ offerings from 10 leading asset managers.


Attendees reviewed the latest investment strategies and updated approaches to wholesaling and distribution in light of the ongoing pandemic.


Attendees connected with like-minded professionals on emerging trends, investor sentiment, product innovation and industry growth.


1031 Exchanges & Qualified Opportunity Zones


An Investor’s Perspective – What We Need to Know

Many retail investors have amassed real estate portfolios through decades of determination and hard work. These  assets are a financial blessing and a management challenge.  As investors reach retirement, they are often overwhelmed with the responsibility of managing their own properties.  Broker-dealers and advisors provide critical advice and exchange opportunities to preserve potential tax advantages, among other important considerations and benefits.

The syndicated DST/1031 market allows investors to exchange out of direct owned investments into multiple-owner institutionally managed, investment grade commercial real estate, previously accessible only to institutional investors.

As 2020 unfolded, advisors proactively responded to the concerns and needs of their investors through ongoing engagement and advocacy.  A panel of elite broker-dealer and advisory professionals share direct insights and challenges as they help their clients navigate what continues to be one of the most challenging times in recent history.

  • Volatility across all sectors of commercial real estate poses challenges with identifying the most suitable investment opportunity. What clarity is needed to assist the financial professional to help them gain comfort around the investments they represent?
  • What challenges has the financial community faced in communicating and managing investor expectations during these uncertain times?
  • How are broker-dealers and advisors navigating the evolving market conditions and how can industry partners support their efforts?

David M. Sengstock
President, Mick Law P.C. LLO

Mike O’Toole
DAI Securities

Fred Baerenz
President & Chief Executive Officer,
AOG Wealth Management

Rob Johnson
Head of Wealth Management,

Rick Murphy
Executive Vice President & Director,
Berthel Fisher & Company Financial Services, Inc.

Jason Kavanaugh
Founder, Concorde Investment Services, Founder, Concorde Holdings, Board Member, Concorde Holdings

Keynote Speaker

Representative Suzan DelBene, a former Microsoft executive and business leader, discusses preserving the 1031 Exchange

Attendees participated in an engaging conversation with Representative Suzan DelBene on preserving the 1031 Exchange.   Congresswoman Suzan DelBene represents Washington’s First Congressional District.  First sworn into the House of Representatives in 2012, Suzan brings a unique voice to the nation’s capital, with more than two decades of experience as a successful Microsoft executive and business leader.

Suzan currently serves on the House Ways and Means Committee, which is at the forefront of the debate on taxes, healthcare and retirement security. She serves on the Select Revenue Measures, Trade, and Oversight Subcommittees. Suzan also serves as Chair of the New Democrat Coalition, a Congressional coalition made up of 95 forward-thinking Democrats who are committed to pro-economic growth, pro-innovation, and fiscally responsible policies, and co-chair of the Women’s High-Tech Caucus, Internet of Things Caucus, Dairy Caucus and Aluminum Caucus.

Attendees had the opportunity to engage directly with Congresswoman DelBene, who continues to be a strong advocate and a key influential legislator for the preservation of 1031 like-kind exchanges.


Acquiring and Managing DST Assets Through Uncertain Times

As market forces and the lingering pandemic puts pressure on all aspects of our economy, including commercial real estate, portfolio managers are actively engaged in maximizing the financial performance of existing assets and identifying emerging opportunities.

If you’re wondering what the next hot sector will be, hear directly from leading portfolio professionals about what is on the horizon and where to invest now. Some believe the pandemic does not necessitate a strategic change.  Hear from the top portfolio managers on why it is more important than ever to be experts in the regions and sectors that are stronger and healthier given the inequities across the country created by Covid-19.

Leading portfolio managers shared what they have learned over the past year and how these lessons have better prepared them to build on their strong performance and continue to offer industry leading investment opportunities.

Daniel Wolfe

Member, Snyder Kearney, LLC

Dallas Whitaker
Chief Executive Officer,
Carter Exchange

Michael T. Ezzell
President & Chief Executive Officer,
Inland Securities Corporation

Warren Thomas, CPA
Managing Partner,

John Good
Chief Executive Officer,
Nextpoint Storage Partners

Whitson Huffman
Chief Strategy & Investment Officer,
Capital Square


What Does an Impactful 1031 LKE Advocacy Initiative Look Like? An Engaged Community!

1031 Like-Kind Exchanges (LKE) have been an integral part of real estate’s recovery for a hundred years. Now the government may be looking to eliminate 1031 LKE programs to help fund other initiatives.  We must unite and mobilize as an industry to advance a broader initiative around the critical benefits of 1031 LKE to Main Street investors.

For decades, real estate investors and business owners have used 1031 LKE to deliver institutional investment strategies for retail investors, strengthening and diversifying their investment portfolios and creating a strong retirement foundation.  The key to preserving this critical wealth building tool is an effective advocacy platform.  The IPA has built an impactful advocacy team keenly focused on the preservation of 1031 LKE.  Working with other coalition members, we have proactively defended the syndicated 1031 market through active education, industry leading data and research, and advocacy efforts.  But there is more to do, and as the new administration settles in and seeks to advance new priorities, they may eliminate these investments with other wish-list initiatives. We must act now; we must come together as an industry and drive the conversation.  Our industry and the investors we serve are depending on it.

Learn what is happening on Capitol Hill that may impact broader tax reform, the 1031 LKE market, as well as key players and policymakers that will affect these decisions.  The IPA’s policy discussed the key strategies and initiatives we are advancing on behalf of the industry.

Anya Coverman

SVP, Government Affairs & General Counsel, IPA

Greg Mesack
Senior Government Affairs Consultant,

Chris McCannell
Senior Government Affairs Consultant,

Taylor Garrett
Managing Director,
Mountain Dell Consulting

Dan Wagner
Senior Vice President, Government Relations,
The Inland Real Estate Group, LLC

Dave Fisher, CPA
Managing Partner,
Exchange Right


Wealth Management Benefits of 721 Exchange/UPREIT Transactions

The 721 exchange/UPREIT is wealth management solution that benefits owners of real estate seeking an exit strategy and the opportunity to diversify their real estate holdings, while deferring capital gains.

Section 721 of the Internal Revenue Code allows real estate owners to convert, tax-deferred, their physical property into shares of a real estate investment trust (“REIT”) using an Umbrella Partnership Real Estate Investment Trust (UPREIT) structure. The 721 exchange/UPREIT is an alternative solution to a traditional 1031 exchange.

Using a 721 exchange/UPREIT may be a preferred tax mitigation strategy,  especially for property owners with a low tax basis where a sale could potentially trigger a substantial capital gain. It also can be used as an estate planning tool that disposes of real estate tax-free to provide equitable liquidity among heirs. Given the uncertain future of the 1031 exchange, a 721 exchange/UPREIT may be a timely wealth management tool to explore.

In this session, our panel discussed which types of investors may find this transaction beneficial, how it is structured and different from a 1031 exchange, and why publicly registered non-traded REITs, as perpetual life vehicles, may be particularly helpful to investors who may wish to defer the recognition of a capital gain in perpetuity.

Gail Schneck

CEO, Factright

Kevin Shields
Chairman and CEO,
Griffin Capital Company

Aaron Wessner
Managing Director,
Cantor Fitzgerald Investment Management

Due Diligence Symposium - Presentations


Bluerock Value Exchange, a top tier national sponsor of syndicated 1031 exchange offerings since 2005, will detailed its primary investment strategy of targeting premier multifamily properties that deliver stable cash flow with embedded value creation opportunities. Bluerock described how its acquisition focus towards knowledge economy growth markets and properties designed to appeal to the “renter by choice” has proven resilient through the pandemic and subsequent event-driven recession.

Dustin Zachmeyer
Senior Vice President, Due Diligence Officer,

Lisa Bock
Senior Vice President, National Accounts,

Jeff LaFayette
Senior Vice President, Director of Securities Operations,


Elevate your understanding of how tax deferred real estate solutions including DSTs, 721s and Qualified Opportunity Funds can be implemented to bring value to high-net-worth clients and further differentiate your firm’s value proposition. Cantor Fitzgerald, with over 12,000 employees across 22 countries, leverages 75 years of financial and real estate market expertise to bring sophisticated real estate investment solutions to the wealth management industry.

Aaron Wessner
Managing Director,
Cantor Fitzgerald Investment Management

Jeff Hertz
Senior Vice President,
Cantor Fitzgerald Capital


Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investment opportunities, as we explore the benefits of multifamily real estate via multiple vehicles, including 1031 exchanges via Delaware statutory trusts and opportunity zone funds. Capital Square discussed the unique advantages available in the manufactured housing sector. Since 2012, Capital Square has sponsored nearly 90 investment offerings and completed in excess of $2.7 billion in real estate transactions on behalf of more than 3,000 investors. Learn more about our firm at

Whit Huffman
Chief Strategy & Investment Officer,
Capital Square

Margo Steahly
Senior Vice President,National Accounts,
Capital Square

Nick Headley
Senior Regional Vice President, Central Sales,
Capital Square


Dallas Whitaker of Carter Exchange explored investment opportunities in the 1031/DST space focused on value creation in high-growth markets with good economic demand drivers. Carter Exchange is capitalizing on today’s investment trends and is has positioned its investments in real estate for growth, not just today, but through any phase of the market cycle.

Dallas Whitaker
Chief Executive Officer,
Carter Exchange

Ryan Gray
SVP Investments,
Carter Exchange


ExchangeRight explain their strategy for protecting investor capital and providing stable income by providing diversified REIT and 1031 DST portfolios of long-term, net-leased assets backed by investment-grade corporations that successfully operate essential businesses in the necessity-based retail and healthcare industries.  ExchangeRight’s presentation illustrated  how the company has achieved 100% rent collections since its inception and about its plan to leverage its fully scalable platform to grow and aggregate its $3.2 billion in assets under management to provide investors with increased yield, enhanced liquidity, and long-term strategic exits.

Warren Thomas
CPA, Managing Partner,

Dave Fisher, CPA
Managing Partner,
Exchange Right


Four Springs TEN31 Xchange is a sponsor of institutional-quality replacement properties for 1031 exchange investors. The company is a subsidiary of Four Springs Capital Trust, a Real Estate Investment Trust, and focuses on industrial and medical properties net leased to creditworthy tenants.

Eric Paul
Four Springs Capital Markets

William Dioguardi
Chief Executive Officer,
Four Springs Capital Trust


Delivering value to investors for more than 50 years, Inland explores the flexibility needed to structure distinctive real estate investments that are appropriate in the current market. Inland focused on its deep institutional knowledge and experience, range of investment strategies, performance of real estate sectors and the importance of asset management

Michael T. Ezzell
President and Chief Executive Officer,
Inland Securities Corporation

Phil Graham
Executive Vice President, Strategic Relations,
Inland Securities Corporation

Drew Dedelow
Senior Vice President, Strategic Relations,
Inland Securities Corporation


NexPoint is a leader in real estate alternative investments with over $12.5 billion in real estate acquisitions across multifamily, single family rental, industrial, self-storage and others. NexPoint discussed how its diversified alternatives platform and how its capital markets expertise has set us the company for a record-breaking year in 2021.  The company also discussed its pipeline of self-storage DSTs after its recent $900 million acquisition of a top self-storage operator, and previewed other offerings coming soon.

John Good
Chief Executive Officer,
NexPoint Storage

Brian Mitts
Chief Financial Officer,
NexPoint Real Estate Advisors

Angela Barbera
Managing Director,


Sandy Bay Partners is a forward-thinking alternative investment sponsor that provides unique and dynamic real estate programs to accredited investors. They design and manage opportunistic offerings that include energy development and conservation easement options.  Their strategies are environmentally, socially, and economically impactful. By working with best-in-class landowners, legal and industry partners, the company’s goal is to deliver market-leading, innovative, tax-advantaged investment opportunities to our investors.

David Johnson
Managing Partner,
Sandy Bay Partners


Eric Pueschel
EVP – Western Region,
Sandy Bay Partners

Nick Dolya
Sandy Bay Partners


If your firm isn’t looking at direct energy investments, you may be missing out on growth opportunities by the way of offering unique HNW case planning tools. Often, we think of OZs as a way to defer capital gains but overlook the other ways we can help clients utilize OZ structures to build long-term, tax free wealth. As the largest capital raise company in the direct energy space, U.S. Energy provides access to institutional style investments which capitalize on current markets, lower fees, and access to projects alongside some of the world’s largest oil companies in core areas.


Matthew Iak
Executive Vice President and Director


Michael Haven
Vice President – Broker Dealer Relations




Four Seasons Resort and Club Dallas at Las Colinas

4150 North MacArthur Boulevard,
Irving, TX 75038

Critical Information for Attendees:
The health and safety of our members is paramount, and the IPA is committed to conducting a quality
event while ensuring strict health and safety protocols remain a priority. .

The health and safety of our members is paramount, and the IPA is committed to conducting a quality event while ensuring strict health and safety protocols remain priority. 

The event will be limited to no more than 125 attendees. This number was determined after thorough consultation with the event venue’s management staff, who provided assurance that a program with proper physical distancing as well as thorough sanitization is possible. For more information regarding the Four Seasons Hotels and Resorts’ global safety program – Lead With Care – please visit their website.

Outlined below are some additional important details on the event format and our plan to keep attendees safe and healthy: 

  • The event will begin 11:45 a.m. Monday, April 12 and will conclude 3:00 p.m. Tuesday, April 13. 
  • The Due Diligence Symposium (DDS) will be conducted in a controlled environment with each of the 12 presenting asset management firms assigned to a personal Villa.
  • Broker-dealers and RIAs attending the DDS will rotate to each Villa for presentations in groups of no more than 4; including a maximum of 2 individuals from each presenting asset management firm, no more than 6 individuals will be permitted in a single Villa at any time.
  • Each Villa will be sanitized before a new group is rotated for the next presentation; personal sanitation stations will be stationed throughout the venue, and – at a minimum for PPE – face coverings must be worn at all times when rotating Villas and between common areas.
  • Two general sessions will be held in the hotel’s grand ballroom which accommodates 650 people, ensuring proper space for sufficient physical distancing; face coverings will be required upon entering and can be removed once seated.
  • Venue staff will coordinate accommodations for various, physically distant dining options.

TRAVEL POLICY (Distribution Partner Attendees):

BDs/RIAs are complimentary to attend as well as qualify for complimentary hotel rooming and transportation related expenses up to $500 applicable to air, train or car travel for up to 2 individuals per firm. IPA will cover a maximum of 1 rooming night based on qualified event attendance per person. You will be notified by IPA Staff if more than 2 representatives has registered from the same firm.

IPA will cover up to $500 in travel costs. Travel should be booked by the individual. IPA will process reimbursements after your attendance has been confirmed after the event.
Note: If traveling by air, travel reimbursement will be based on Main Cabin travel only.

IPA will be providing the Four Seasons with a rooming list. You do not need to book your own room. Charges will only be incurred for incidentals, additional rooming beyond 1 day or if you do not show up/cancel your room. Your room must be cancelled 72 hours prior to your arrival date for no charge to be incurred. If you must cancel, please notify Angela Skipper at 202-548-7190.

** IMPORTANT ** Hotel, airfare, and similar charges are paid for by IPA Sponsor members as part of a qualified due diligence event, based on the understanding that registrants will attend all event sessions and other activities as may be specified. IPA reserves the right to no refund amounts, or a portion thereof, of any registrant who does not adhere to announced attendance requirements. It is the IPA’s expectation that attendees will participate in a majority of the event sessions.

  • Monday, April 12, 2021 – 11:45 a.m. CT – 9:00 p.m. CT – please plan to arrive no later than 11:00 a.m. CT
  • Tuesday, April 13, 2021 – 7:15 a.m CT –  3:00 p.m. CT – for air travel please plan to depart no earlier than 5:00 p.m CT.