What Keystone National Properties does

Keystone National Properties (KNPRE) is a privately held Delaware LLC founded in 2016 by Mike Packman, headquartered in Jericho, New York, with additional offices in Los Angeles and Orlando and a decentralized team of 11-50 employees. The firm specializes in sponsoring and managing Delaware Statutory Trust (DST) offerings that enable accredited investors and family offices to complete tax-deferred 1031 exchanges into single-tenant, net-leased commercial real estate occupied by nationally recognized credit tenants such as FedEx, Walgreens, 7-Eleven, Starbucks, Sherwin-Williams, and O'Reilly Auto Parts. Across 2022-2023 KNPRE acquired multiple properties aggregating roughly $120 million in value (including a $32.5 million Walgreens call center in Orlando, a $35.65 million eight-property retail portfolio, and a $24 million FedEx Ground facility in Lansing, Michigan) and launched two flagship DSTs — Keystone 1031 Net Leased Portfolio I and Portfolio II (the latter raising $17.7 million and fully subscribing). The core product suite, distributed through the Keystone 1031 sub-brand, includes DST portfolio offerings and ancillary 1031 exchange services supported by free educational guides and thought-leadership content.

KNPRE's revenue model is asset-light and recurring: the firm earns sponsor fees on DST equity raises and ongoing asset management fees on the underlying property portfolios held in trust. Securities are offered exclusively to accredited investors through private placements, distributed via FINRA-registered broker-dealers — primarily Emerson Equity LLC, with American Alternative Capital and Dempsey Lord Smith supporting specific offerings — and are only available in states where the relevant broker-dealer is registered. The go-to-market motion is sales-led and education-driven, built on free 1031/DST guides, regular articles in the New York Real Estate Journal, conference presentations at family-office and ADISA events, and consultation bookings through the firm website.

Operationally, KNPRE relies on cloud-based platforms enabling decentralized team execution and electronic document processing for investor onboarding and ongoing servicing. The firm is founder-led, with no disclosed institutional venture or private-equity backing, and operates within a DST market that raised nearly $5.66 billion industry-wide in 2024 (up approximately 12% year-over-year).

Name

Keystone National Properties

Legal name

Keystone National Properties LLC

Website

https://knpre.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Keystone National Properties is a private real estate sponsor that sponsors Delaware Statutory Trust offerings, enabling accredited investors and family offices to complete tax-deferred 1031 exchanges into net-leased commercial properties occupied by nationally recognized credit tenants.

Ownership category

akta.pro rank

Product category

Alternative Investment Management

NAICS

Other Financial Investment Activities (5239), Trusts, Estates, and Agency Accounts (52592)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industries

Private Placement Agents (Reg D/144A) (FSAEALAA), Private Placements (144A/Reg S/MTN) (FSACABAK)

Keywords

• Delaware statutory trust
• 1031 exchange investments
• Net leased properties
• Tax-advantaged real estate
• Alternative investments

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Revenue model

1. DST Sponsorship and Management Fees: KNPRE sponsors Delaware Statutory Trust (DST) offerings for accredited investors, earning sponsor fees and ongoing management fees from the DST portfolios. The firm constructs portfolios of net-leased properties occupied by credit tenants and offers fractional ownership to investors through private placement offerings.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Keystone National Properties (KNPRE) sponsors and manages Delaware Statutory Trust (DST) real estate investment offerings that allow accredited investors to complete 1031 exchanges and defer capital gains taxes. The firm acquires single-tenant net-leased properties occupied by nationally recognized credit tenants (e.g., FedEx, Walgreens, 7-Eleven, Starbucks) and packages them into private placement securities distributed through registered broker-dealers.

Product overview

KNPRE operates as a single-platform real estate investment sponsor offering tax-advantaged investment products centered on Delaware Statutory Trust (DST) offerings. The core product consists of two Keystone 1031 Net Leased Portfolios (I and II) that enable 1031 exchange investors to diversify into single-tenant net-leased properties leased to nationally recognized credit tenants. The platform also provides 1031 Exchange Services and educational resources including a free DST Complete Guide. All offerings are structured as private placements available only to accredited investors through registered broker-dealers.

Differentiator

Problem solved

Functional benefit

Products and services

• Keystone 1031 Net Leased Portfolio I A Delaware Statutory Trust (DST) offering focused on single-tenant net-leased retail properties that enables 1031 exchange investors to defer capital gains taxes while generating passive income from institutional-grade real estate.
• Keystone 1031 Net Leased Portfolio II A Delaware Statutory Trust (DST) offering that invests in single-tenant, net-leased properties in prime markets, providing tax-deferred income and capital preservation opportunities for accredited investors.
• 1031 Exchange Services Tax-advantaged investment services that enable property owners to defer capital gains taxes by exchanging appreciated investment properties for like-kind replacement properties, with support for identifying replacement properties within 45-day identification periods.

Quantifiable outcome

• DST market raised nearly $5.66 billion in 2024, up 12% from 2023
• +1 more outcomes

Named customers1 record

Segments3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Emerson Equity LLCcoreChannel Partner/ Reseller/ DistributorEmerson Equity LLC serves as the primary broker-dealer distributing KNPRE's DST offerings (Keystone 1031 Net Leased Portfolios I and II). Securities are offered exclusively through this FINRA/SIPC member firm in states where registered.
• American Alternative Capital, LLCminorChannel Partner/ Reseller/ DistributorAmerican Alternative Capital, LLC is a broker-dealer member of FINRA that distributes securities for KNPRE's Orlando-based offerings. Only available in states where registered.
• Alternative & Direct Investment Securities Association (ADISA)coreStrategic or Co-development PartnerADISA is a prominent industry organization with over 4,500 decision-makers representing more than 220,000 alternative investment professionals. KNPRE joined ADISA to support advocacy and educational efforts in the alternative investment sector, with team member Heidi Wheatley serving on its conference planning committee.
• Sun Coast Realty Inc.minorStrategic or Co-development PartnerRay Sun serves as President of Sun Coast Realty Inc., a company that provides real estate due diligence and consulting services to KNPRE and various other companies. Ray has been active in acquiring and syndicating more than $1.3 billion in real estate investments since 2001.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Regional players

• RealSource Properties: RealSource Properties specializes in 1031 exchange replacement properties, primarily in the Western U.S., serving HNW investors seeking tax-deferred real estate investments. They overlap with KNPRE's investor base but focus on different geographies.

Direct peers

• Carter Validus Mission Critical REIT / DSTs: Carter Validus sponsors DST offerings and REITs focused on net-leased and mission-critical properties, targeting similar accredited investor segments through broker-dealer networks. They are a comparable sponsor competing for 1031 exchange capital.
• Inland Private Capital: Inland Private Capital is a major DST sponsor and 1031 exchange provider offering a broad menu of alternative real estate investment products to HNW investors. They operate in the same broker-dealer distribution ecosystem as KNPRE.
• Capital Square: Capital Square is an active DST sponsor offering tax-advantaged real estate investment programs, including multifamily and net-leased DSTs to HNW investors. They compete with KNPRE in the Reg D private placement DST market with a similar broker-dealer distribution model.
• Passco Companies: Passco Companies is a private real estate investment firm sponsoring DST offerings for 1031 exchange investors, with a portfolio including multifamily and commercial properties. They target similar accredited investors and operate through comparable broker-dealer distribution channels.
• IPX1031: IPX1031 is one of the largest qualified intermediaries facilitating 1031 exchanges and also sponsors DST offerings. They serve a similar accredited investor base with comparable DST investment products, making them a direct competitor.
• Carter Exchange: Carter Exchange is a leading 1031 exchange intermediary and DST sponsor offering similar tax-advantaged real estate products to accredited investors. They compete directly with KNPRE for investor allocations in single-tenant net-leased DSTs.

Others

• ADISA (Alternative & Direct Investment Securities Association): ADISA is the leading trade association for the alternative and direct investment securities industry, of which KNPRE is a member. While not a competitor, ADISA's conferences, advocacy, and member network are central to deal flow and credibility in the DST industry.
• Emerson Equity LLC: Emerson Equity LLC is the primary FINRA/SIPC broker-dealer distributing KNPRE's DST offerings and also distributes offerings from other sponsors. While not a direct competitor, they are a critical channel partner whose strategy affects KNPRE's distribution access.

Broad incumbents

• Lightstone (DST offerings): Lightstone is a diversified real estate investment firm that sponsors DST offerings alongside its broader private equity and real estate development activities. While larger and more diversified, they compete for similar 1031 exchange investor allocations.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keystone National Properties