In 1989 brothers Michael and David Marcus, along with their tax attorney father Leslie Marcus, formed APEX Property Exchange.
APEX was a pioneering specialist in the field of IRC Section 1031 Tax-Free Exchanges. When the family sold APEX to JPMorgan in 2002 the company was processing in excess of B$25 annually in transactions. Among their clients were the largest Fortune 500 companies, many of the top REITs, and numerous high-net-worth individuals and developers.
Within six months of the sale Michael Marcus left JPMorgan and established BOONER Capital.