After decades of disciplined investing, many commercial real estate owners find themselves sitting on portfolios worth $10, $25, even $50 million or more. Yet at the moment they consider selling, a new reality sets in—exiting can cost them a third or more of their hard-earned equity in capital gains taxes. This is the $50 Million Legacy Trap: a silent constraint that limits liquidity, restricts options, and forces even the most sophisticated investors into decisions that don’t always align with their long-term vision.
Industry professionals like Adrian Del Rio of PCG Commercial see this challenge play out in real time with multifamily investors navigating high-stakes exits. The difference between those who simply sell and those who exit wise comes down to strategy. Forward-thinking investors are no longer settling for outdated approaches—they’re seeking solutions that preserve capital, unlock flexibility, and transform a single transaction into a lasting legacy.
Episode Highlights Here:
Brett
Before we jump into this episode, I want to invite you to join our community to help you become a better steward scale to billions and ultimately give more or all of it away. All I want
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Thank you so much for subscribing. It means the world to me. Welcome to the build to billions podcast where we guide successful entrepreneurs and investors on their journey from millions to billions. We believe that the key to scaling and compounding your wealth and life starts every single day with the mindset and practice of stewardship over ownership and applying billionaire biblical principles. Our ultimate goal is to have to scale and compound your wealth and life so you can give more all that away to help MVPs. My name is Brett Swarts, and each and every episode, we’re joined by the world’s top entrepreneurs, millionaires or billionaires, and they share their secrets, insights and wisdom with us, so we can all level up and make bigger impact. I’m excited about our next guest. He’s a friend of mine, and he’s also an expert in all things, really, multifamily properties and mobile home parks, being that he’s invests and he brokers, and he’s from original state of tax California, like me. In fact, we would, we would compete for listings back in the day for multifamily opportunities when I was still brokering out there. But he sells commercial properties. He buys invest properties, mostly in his preferred market of Tennessee these days. But he also has a team and helps to people to exit a lot most of the deals in California. And we’re going to be talking today about the top mistakes that commercial real estate owners are making, and so much more. Please welcome the show with me. Adrian Del Rio, Adrian, how you doing?
Adrian
Hey, thanks. Brett, love being here. Always great to see you and talk to you, man.
Brett
yeah, great to have you on the show, and for our listeners, get to know you for the first time, maybe just give a little bit more about your background and your current focus.
Adrian
Sure, my background is I grew up in the bay area for 18 years, and I went to UC Davis. I played soccer at Davis five, five years. One red shirt. I met my wife there. Lived in Roseville, California. I moved from Davis to Roseville and lived there for 20 some years and in2008 so going back, I actually grew up in real estate. My family owned, still owns a roofing company via my parents, and then they slowly were investing in real estate. SFRs then transitioned from multifamily out into industrial, multi-tenant and commercial real estate. Growing up in high school, if I generally when I got in trouble, if I was out too late, stayed out past curfew or just general, I would drive around with my dad, and I would be in charge of getting the units, rent ready, get clean out the units, power washing them, getting all things real estate. My dad has been super influential. He loves real estate. He would jump off of a roof. If a person calls him with the deal, he’ll just go. And we grew up that way. And then I moved to Roseville with my wife, and 22 years ago, and then shortly thereafter, in about 20152016 I started investing in Tennessee. I thought the opportunities were, were too expensive in the Sacramento region. Little did I know that that the market would take off there. In 2015 16, we started the brokerage in 2008 during the great financial crisis. We knew that banks were going to be the ultimate sellers via foreclosures, and we did foreclosures up until about 2014until the market transitioned into a traditional market. And in 2022 the opportunity came up where I could expand in in the Nashville region with an office, and we, my family moved, and myself moved, and have expanded in Middle Tennessee. I knew it was very familiar with the market from owning already multi family here, plus have a team set up in continued in California. And I go back, and I go between both, both states and in between selling multifamily and mobile home and RV parks.
Brett
Amazing, Adrian, I love it. I love it. I love the background. I don’t know if you knew, but I originally from Michigan, San Jose, Fremont, and I would build houses with my parents, and they had rentals. And so very similar, like, we’re mostly on the job site building the things, but they had the rentals that were passive. And it’s, it’s, it’s an interesting world to be built, to be brought up in the real estate world, and then, and then Eminem Marcus and Millichap, and then here we are. And so, you know, it’s great to we spent some time in San Diego together at the multifamily conference down there. That was awesome. And it’s great to now kind of reflect based upon all of that, and where what we’ve seen over these basically 20 years that we’ve been in the business, and some of the top mistakes that clients, you know, and owners make. And I think let’s just dive right into that, right. We’re talking about, you know, legacy and planning and being proactive and such. And so, what, what would you say is the Top, Top Mistakes You see, multifamily owners, mobile home park owners, that are making, right? They own this real estate they’ve built this up for many. Years, and now they’re looking at an exit and or they’re just looking at a legacy transfer. Like, what are some of the top things that we want to touch on today.
Adrian
things that I see with when speaking with private owners? I mean, these people are what we refer to as mom and pops. They’ve owned other businesses and have spent the majority
Brett
so, if you like this little, short clip of the interview I just did, click over here to watch the full interview, and please don’t forget to subscribe. Thanks so much, everybody.
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About Adrian Del Rio
Adrian Del Rio is a commercial real estate advisor with PCG Commercial, specializing in multifamily investment sales across California. He works closely with private investors, apartment owners, and syndicators to help them navigate acquisitions and dispositions, with a strong focus on maximizing property value and aligning transactions with long-term wealth goals. Known for a relationship-driven approach, he supports clients through every stage of the deal cycle—from underwriting and valuation to negotiation and closing.
Through his work in high-volume multifamily markets, Adrian has developed insight into the challenges investors face when transitioning out of appreciated assets, particularly around timing, tax exposure, and reinvestment strategy. His role often places him at the center of critical exit decisions, where strategic guidance can significantly impact an investor’s ability to preserve capital and reposition wealth for future growth.
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