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Rogers Aims to Grow DST Business into Bigger Investment Manager

July 21, 2016

July 21, 2016

Louis Rogers, a long-time specialist in structuring tax-deferred property exchanges, is aiming to buy more than $100 million of real estate through the rest of the year that would be syndicated through Delaware Statutory Trusts, or DSTs.

Rogers is widely viewed as a pioneer in the securitized tax-deferred exchange business. In the late 1990s, he helped launch Triple Net Properties, which until its acquisition by Grubb & Ellis in 2007 was the top player in the tenant-in-common, or TIC, business. He later formed Rogers Realty Advisors, and four years ago he launched Capital Square 1031, which has grown to some $485 million of real estate under management. Those properties are overseen on behalf of 29 DSTs it has structured.

Rogers’ goal is to build his company into a broader-based investment manager. He’s aiming to increase assets under management to at least $1 billion within the next 24 months by structuring additional DSTs and by launching two investment vehicles, a preferred-equity fund and a private REIT that would be capitalized by investors not necessarily looking for tax-deferred exchanges. Each of those will have a total equity capitalization of up to $30 million that when leveraged, could end up owning some $60 million to $75 million of real estate.

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