NAI Legacy has closed on the 1031 syndication of the RH|Minneapolis Gallery in Edina, Minnesota.
NAI Legacy established RH|Minneapolis under a Delaware Statutory Trust (DST), which is a popular legal structure that is used to hold investment real estate assets. The DST structure allows multiple investors to directly invest in beneficial shares of the Trust.
This legal structure provides investors with flexibility over traditional ownership and qualifies for 1031 treatment. As a DST Sponsor of RH Minneapolis, NAI Legacy provided more than 20 investors from 11 states with flexibility and other benefits over traditional ownership. The investors came from Minnesota, California, New York, Georgia, Louisiana, Washington, Texas, Virginia, Nevada, Michigan and Florida.
DeeAnn Peissig, Senior Vice President for Accounting with NAI Legacy, said, “This was a very satisfying moment for our company. When the pandemic hit, investors were wary of the retail market, but RH found a way to open safely with shopper distancing.”
RH|Minneapolis provides an individualized and unparalleled experience to each of their customers which made the property a resounding success over the past year. The property dominates three levels and 58,000 square feet of indoor and outdoor space. The iconic experience features artistic installation of luxury home furnishings in a gallery setting, allowing the shopper a unique experience when visiting this location.