If you’ve ever explored using a 1031 exchange, you already know it’s not the kind of strategy you can approach casually. The rules are precise, the timelines are unforgiving, and the financial stakes are real. In an environment where markets shift quickly and opportunities don’t wait, you need more than a surface‑level understanding of tax law—you need a partner who can help you move confidently through every step of the process.
That’s where CWS Capital Partners comes in. Since 1969, the firm has been quietly building a reputation rooted in discipline, experience, and a long-standing commitment to protecting and advancing investor outcomes. And since delayed 1031 exchanges first became part of the tax code, CWS has been actively executing them for more than forty years. In that time, they’ve completed over $3.5 billion in exchange transactions, acquired 100+ properties, and guided more than 300 investors—many of whom return repeatedly as their needs and goals evolve.
As Gary Carmell, Partner at CWS, shares, “Across more than 100 apartment investments, CWS has delivered an average net internal rate of return of 15.37%[1], driven by consistency, longevity, and effective risk management—not by chasing short‑term wins.” This performance was delivered under the guidance of their leadership team, spanning both their tenure at CWS Capital Partners since 1998, and at predecessor affiliated organizations under their management.
The Race Against the 1031 Clock
If you’ve ever sold a property for a 1031 exchange, you know what happens next: the countdown begins instantly. You get 45 days to identify replacement properties and 180 days to close. And the IRS doesn’t hand out grace periods. One hiccup—an unresponsive seller, a lender delay, a snag in due diligence—can put your entire exchange at risk.
CWS helps investors stay ahead of these challenges. Because the firm is constantly active in its target markets, it maintains a deep, ongoing pipeline of potential acquisitions. That means when your exchange begins, you’re not starting from scratch—you’re stepping into a process already in motion.
As Marcus Lam, Vice President of Investments, puts it, “The more advance notice we have, the better. Early runway gives us time to identify the right property, analyze it thoroughly, and secure financing before the deadlines become tight.”
There’s also the question of leverage—one of the most misunderstood parts of a 1031 exchange. Many investors believe debt must be replaced exactly as it existed on the relinquished property. Not necessarily. “If investors have the liquidity, they can reduce or eliminate debt and still complete a successful exchange,” Lam notes. That flexibility can open doors that might otherwise seem closed.
A Home for Investors Ready for Simplicity
Many investors who turn to CWS with 1031 needs are people who previously owned and managed real estate themselves. They’re knowledgeable, seasoned, and increasingly ready for a more passive way to invest—one that still gives them quality, control, and transparency.
To accommodate this shift, CWS offers tenant‑in‑common (TIC) structures integrated directly into its multifamily acquisition pipeline. As exchanges have grown larger—often $5 million and frequently $20 million or more—CWS’s integrated model becomes a major advantage.
Everything from acquisitions and financing to reporting, property operations, redevelopment, and risk oversight happens inside one organization. No handoffs. No gaps. No shifting accountability.
This structure allows CWS to engineer financing that satisfies 1031 requirements while giving investors the flexibility to refinance, reposition, or sell when the market suggests it’s time. For you, it means the whole process works more smoothly and predictably.
Capital Preservation Comes First
CWS’s philosophy is simple: protect your capital before seeking growth. Instead of chasing complicated turnaround stories, the firm focuses on investments where value is clear at the moment of purchase. Over decades of market cycles, this approach has proven reliable.
Many of the firm’s strongest results come from acquisitions where the business plan is straightforward—buy well, operate well, and let time work in your favor. This mindset reduces reliance on everything going perfectly and increases your flexibility to hold, reposition, or sell depending on the market.
As Carmell explains, “Our culture blends decades of seasoned experience with newer perspectives, creating a balance that helps us think clearly and adjust intelligently.”
Powering Decisions With Real‑Time Data
Managing a portfolio of more than 100 properties—about 30,000 units—gives CWS a unique advantage: immediate insight into real-time market conditions. Through its own property management arm, the firm tracks thousands of data points across markets like Austin, Dallas–Fort Worth, San Antonio, Houston, Atlanta, Raleigh, Charlotte, Nashville, Denver, Phoenix, and Seattle.
That kind of data clarity allows CWS to spot trends early, compare performance across regions, and make informed decisions about both acquisitions and existing assets.
It’s also earned the firm recognition: awards from organizations like J Turner Research (2023), ApartmentRatings (2021), and the Apex Awards (2025)—acknowledgment of operational excellence built over more than 55 years.
When Complexity Hits, Experience Matters
Consider a real exchange where a family had more than $100 million of equity at stake. Three properties were identified and placed under contract—but one seller failed to perform at closing. For most investors, that would be catastrophic.
Instead, the deal was restructured: leverage was reduced on the remaining two properties, and the full equity was allocated across them. The exchange stayed intact. The tax hit was avoided. And later, the lower leverage created the opportunity for a cash‑out refinance that funded the acquisition of another asset.
A potential disaster became a long‑term win—an example of the steady, calm decision‑making required when timing is tight and stakes are high. This case study is an example of one investment experience and an illustration of CWS’ commitment to its investors; however, results will vary and not all investors will achieve similar outcomes. Performance is influenced by numerous factors, including market conditions, asset-level execution, and individual investor circumstances.
Trust Through Alignment and Transparency
One of the reasons investors stay with CWS is the alignment of interests. The firm’s partners invest substantial portions of their own net worth alongside clients, creating shared outcomes—good or bad. Communication is customized, whether you prefer infrequent updates or active dialogue. A sophisticated reporting system supports more than 1,500 investors and issues roughly 11,000 K‑1s per year.
CWS’s competitive position is further strengthened by its relationships. The firm has maintained a strong relationship with Fannie Mae which has been cultivated over decades through consistent collaboration and mutual confidence—positioning the firm to capitalize on compelling opportunities.
Looking forward, CWS is evaluating an evergreen fund structure to help investors participate in opportunities expected to emerge as debt originated in more aggressive periods starts to mature. It’s a strategy grounded in the same principles that have guided the company for decades: discipline, preparedness, and thoughtful risk management.
Against the backdrop of DSTs—which can offer convenience but often come with higher fees and rigid constraints—CWS’s approach focuses on giving you options, not restricting them.
As Carmell summarizes, “We’re not chasing sweeping reinvention. We’re committed to doing what has always worked—executing well, managing risk, and earning trust. Sometimes the best story is the quiet one.”
[1] Past performance should not be considered an indication of future returns. A complete track record offering specific performance for TIC, Private Fund, and 1031 Exchange investment history is available at CWSCapital.com.
This article is provided for informational purposes only and is general in nature. The information provided herein represents CWS Capital Partners’ views as of the date of the article. These views are subject to change at any point without notice. The content should not be considered specific investment advice, and no investment decision should be made based solely on the content. Past performance should not be considered to be an indication of future returns. Any forward-looking statements or forecasts are based on assumptions and actual results are expected to vary. No reliance should be placed on, and no guarantee should be assumed from, any such statements or forecasts. There is a risk of loss when investing in real estate and specific risks pertaining to 1031 exchanges that an investor should fully understand before proceeding with any transactions.