721 and 1031 strategy is a tax conversation, not a property hunt.

721 Hub publishes independent research on 721 UPREIT exchanges, DSTs, and 1031 strategy for accredited investors weighing replacement options. We cover the structural questions that determine your after-tax return: 721 UPREIT conversions, swap-til-you-drop estate planning, the math behind boot avoidance, and state-by-state differences in 1031 treatment.

721 UPREIT1031 StrategyDST · Tax · Markets

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Markets we cover

West Coast first. National coverage.

Market-specific analysis on 1031 exchange volume, cap-rate conditions, state tax exposure, and the 721 UPREIT options available to sellers in each region.

San Diego

Coastal cap-rate compression with strong 1031 demand

Inland Empire

Industrial-driven exchange activity in the fastest-growing CA submarket

Orange County

High-basis sellers navigating CA clawback and coastal appreciation

Los Angeles

Multifamily exchange volume among the highest in the nation

SF Bay Area

Tech-adjacent equity gains concentrated in commercial and NNN sectors

Phoenix

No state clawback risk; popular replacement market for CA sellers

Dallas

No state income tax; deep NNN and industrial inventory for exchanges

Houston

Energy-corridor NNN and mixed-use exchange depth in a no-tax state

Denver

Mountain-West growth corridor with rising cap-rate opportunities

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Strategy Library

The structural decisions that change your after-tax return.

STRATEGY · TAX · 2026

1031 vs 721 UPREIT: when the conversion makes sense

The 721 exchange converts your deferred gain into REIT operating-partnership units, offering liquidity and diversification that a direct 1031 cannot. The conversion is not always the right call.

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STRATEGY · ESTATE · 2026

Swap-til-you-drop: how the basis step-up works at death

Heirs inherit appreciated property at fair market value on the date of death, eliminating deferred gain entirely. Coordinating a lifetime exchange program with an estate plan is the structural play.

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STRATEGY · TIMING · 2026

Reverse 1031 exchanges: when the timing is wrong but you still want the deferral

A reverse exchange lets you acquire replacement property before your relinquished property closes. Exchange accommodation titleholders, safe-harbor rules, and strict deadlines govern the mechanics.

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THE 721 HUB REGIONAL BRIEF · TUESDAYS

Regional cap-rate analysis and tax-strategy notes. Tuesdays.

West Coast first, national coverage. New tax rulings, sponsor research, and a single editorial piece. Free.

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