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Offering Summary

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Starboard Makley DST

Starboard Makley DST offers beneficial interests in a 140-unit multifamily community in Columbus, Ohio, completed in 2022. Total capitalization is $44,994,000, supported by $23,684,000 in debt and $5,000,000 in offering equity.

Capital structure

Offering Equity$30.36M50.6% · $121,449 / unit
Offering Debt$29.64M

Offering price

$60.0M

Price / unit

$240,000

Units

250

Property age

12 yrs

Projected distribution rate

Avg 6.75%
Yr 1Term avg.
Yr 1 4.28%Term avg. 98.00%

Year-one distribution of 6.25% stepping to 7.20% by year seven.

The property

140-Unit 2022-Vintage Multifamily in Columbus, OH

$37,325,000 acquisition price

Starboard Makley DST

Multifamily

The property was completed in 2022.

Upper Arlington/Downtown submarket, Columbus, Ohio

Upper Arlington/Downtown submarket, Columbus, Ohio

140 unitsMultifamily

$37,325,000

100.0% of portfolio

Seller
Property manager
Starboard Realty Advisors
Sponsor

Starboard Realty Advisors

Asset Type

Multifamily

Location

Upper Arlington/Downtown submarket, Columbus, Ohio

Units

140

Property Age

The property was completed in 2022.

Offering Price

$44,994,000

Offering Debt

$23,684,000

Offering Equity

$5,000,000

Offering LTV

52.64%

Income % (Yr. 1)

4.28%

Avg. Income (Full Term)

98%

Minimum Cash Investment

Minimum 1031 Investment

Strengths

  • 2022 construction vintage reduces deferred capex risk
  • Multifamily asset class in Columbus, OH submarket

Concerns

  • 6% syndication load on offering price
  • Master lease dependency for trust distributions