That’s actually a good observation, and you’re right to bring up the 1031 structure; it’s a valid point. A lot of Primior’s legacy projects were likely formed as LLCs under deferred exchange provisions, and converting those entities into a tokenized ownership model would almost certainly break “like-kind” status and trigger capital gains. So yes, nobody’s suggesting they’d take those existing LLCs and tokenize them directly.
Where I think the misunderstanding is happening is in assuming that the only potential participants are those legacy 1031 entities. That’s not the case. Primior’s client base is a lot broader. These are high-net-worth investors and family offices with ongoing capital allocations, constant refinancing, and liquidity events happening every year. They have plenty of dry powder outside of their deferred portfolios.
Those investors are exactly who a product like Gaia is built for, not to replace or convert their 1031 holdings, but to offer a parallel channel for new deployments. If they can earn the same 6 to 8% yield they’re used to, with fractional liquidity and full transparency through a regulated platform, that’s a compelling diversification move for any sophisticated investor.
And that’s the key. The structure Primior has built doesn’t rely on shifting existing 1031 assets; it’s designed to capture new capital flowing from the same network that already trusts them. Real estate capital is always turning over, loans mature, properties sell, depreciation schedules end, new developments start. Each of those creates fresh allocation opportunities, and that’s where Gaia fits perfectly.
So in short, you’re right about the tax friction on legacy properties, but that doesn’t block the path forward. The strategy isn’t about retrofitting the old; it’s about launching the next generation of projects under a structure that’s compliant, scalable, and already connected to an investor base that’s been redeploying capital with Primior for years.
Bullish
AI
Market Data 
Markets 
