Starboard: Makley DST
Investment Overview
Starboard Makley DST is offering accredited investors the opportunity to acquire interests in a Delaware statutory trust that owns the multifamily, mid/high rise apartment community known as “Makley Place.” Completed in 2022, this 140-unit, Class A property is located in Columbus, Ohio, and features an array of high-end amenities.
Offering Strengths
Makley Place is a newly built Class A, mixed-use property (2022) in Columbus’s University/Downtown submarket, supported by strong renter demand from OSU, healthcare, and downtown employers. The asset benefits from a CRA tax abatement worth ~$3.75M (NPV), lowering expenses and boosting projected returns.
Offering Weaknesses
Assumes higher rent growth than expense growth. The unit mix is heavily weighted to studios and one-bedrooms, creating reliance on a younger, more transient renter base and limiting family appeal. Occupancy at acquisition was below stabilized levels (91.4% vs. 94%).
Key Facts
Sponsor: Starboard Realty Advisors
Structure: Delaware Statutory Trust (DST)
Location(s): Ohio
Property Type(s): Multifamily
Assumable Loan: 52.64% LTV
Estimated Hold Period: 10 Years
Key Features
1031 Exchange: Yes
721 Exchange/UPREIT: No
Cash-Out Refinance: No
Income Guarantee: No
Distribution Forecast
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Investor Cash Flow | 4.25% | 4.30% | 4.35% | 4.43% | 4.50% | 4.70% | 5.00% | 5.22% | 5.45% | 5.69% |
Sponsor Overview
Starboard Realty Advisors, headquartered in Irvine, California, is a privately held, fully integrated real estate investment firm specializing in acquiring, developing, and managing multifamily and commercial properties across the United States. With nearly 40 years of experience, Starboard focuses on identifying well-located assets with growth potential, aiming to build wealth for investors through strategic acquisitions and proactive management. Their comprehensive platform encompasses the entire investment lifecycle, offering opportunities for those seeking to diversify their real estate portfolios.