Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
Starboard Bradley DST is offering interests in a 144-unit garden-style/low-rise multifamily property located at 355 Bradley Blvd. in Richland, Washington. Completed in 2024, the newly constructed asset was acquired for an acquisition price of $34,700,000 against a total acquisition and offering cost of $41,868,000. Financing comprises a fixed-rate loan of $19,298,000 with an interest rate of 9.11% across an approximate 10-year term, yielding a 2.00x DSCR and an offering LTV of 46.09%. The projected Year 1 income distribution is 4.43%, with an acquisition cap rate stated at 4%. Total front-end offering expenses and fees amount to $2,370,575, alongside structured capital improvement and operational reserve allocations.
0.0% of the offering is closed
$2,550,000 still available
$2,550,000
$0
0.0% of offering$0
Pending subscription$2,550,000
Open for subscriptionThe trust is raising equity toward the total offering price of $41,868,000, supporting the equity capitalization above the $19,298,000 debt facility. Front-end syndication and organization fees total $2,370,575, which includes broker-dealer allowances, marketing fees, and wholesaling expenses. Projected Year 1 cash distributions to equity investors are targeted at 4.43%.
Sector
Multifamily
Investment Category
DST
Projected First Year Cashflow
4.43%
Avg. — over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$41,868,000
$290,750 per unit
Offering Debt
$19,298,000
9.11% · approximately 10 years
LTV
55.62%
On acquisition price
Units / Tenants
144
355 Bradley Blvd., Richland, WA 99352
Property Age
The property was completed in 2024.
The offering covers a 2024-vintage 144-unit multifamily community located in Richland, WA, capitalized at an offering price of $41,868,000. Debt financing represents $19,298,000 at a fixed 9.11% interest rate with a 2.00x DSCR. Year 1 projected income is 4.43% based on a 4% acquisition cap rate.
Newly Built Vintage
2024 CompletionThe property was completed in 2024, minimizing near-term deferred maintenance and structural capital demands across its 144 units.
Moderate Leverage & Strong DSCR
46.09% LTV / 2.00x DSCRThe offering carries an offering LTV of 46.09% alongside a 2.00x debt service coverage ratio on fixed-rate debt.
Capital Reserves Funded
$1,300,000The capital stack includes $1,300,000 dedicated to improvement reserves, alongside specific lender and master tenant reserve allocations.
High Debt Cost
9.11% Fixed RateThe 10-year debt carries a 9.11% interest rate, exceeding the stated 4% acquisition cap rate.
Front-End Load & Fees
$2,370,575Total front-end fees and offering expenses represent $2,370,575 of the $41,868,000 total acquisition cost.
Stringent Prepayment Structure
Yield Maint. / LockoutPrepayment carries yield maintenance, a two-year post-securitization lockout with defeasance, and a 1% exit fee.
The property offers new 2024 construction with low initial capital expenditure requirements and a modest offering leverage profile of 46.09% LTV. Debt coverage is robust at a 2.00x DSCR under fixed-rate terms for approximately 10 years. In addition, the sponsor organization brings over 50 years of collective real estate industry experience.
Offering Equity
6.1% of offering
Offering Debt
55.62% LTV on acq.
Acquisition Cost
100.0% of offering
Offering Expenses
5.7% of offering
Reserves
5.3% of offering
Total Offering
$41.87M
Equity $2.55M + debt $19.30M
Acquisition Cost
$41.87M
100.0% of offering to the property
Total Fees & Expenses
$2.37M
6.00% of offering
Reserves
$2.21M
5.3% of offering
Sources include $19,298,000 in debt proceeds and equity proceeds applied toward the $34,700,000 purchase price and $41,868,000 total acquisition cost. Uses comprise property acquisition, $2,370,575 in front-end dealer and syndication expenses, $1,300,000 in improvement reserves, and additional lender and master tenant reserves.
Tone reflects relative strength, not a rating
Financing Cost
NegativeThe loan carries a 9.11% fixed rate across an approximate 10-year term, presenting high debt service obligations relative to the 4% acquisition cap rate.
Leverage & Coverage
PositiveThe offering maintains conservative leverage at 46.09% offering LTV with an initial DSCR of 2.00x.
Fee Structuring
NegativeFront-end offering fees total $2,370,575 (6% load on offering price), with an additional $528,138 acquisition fee.
Prepayment Terms
NeutralThe debt includes yield maintenance, a securitization lockout with defeasance, and fixed premiums prior to September 2035.
Primary risks include a high fixed borrowing rate of 9.11% on the $19,298,000 debt facility and a tight spread between the 4% acquisition cap rate and borrowing costs. Furthermore, the syndication includes $2,370,575 in upfront transaction fees and substantial prepayment penalty constraints, including yield maintenance and defeasance provisions. Master tenant income participation is set at 80% above hurdle thresholds.
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load on Offering
6.00%
Total fees ÷ offering price
Load on Equity
92.96%
Total fees ÷ offering equity
Premium / Discount
1%
Offering price vs. appraised value
Offering vs. Acquisition
120.7%
Offering price ÷ acquisition price
Price per Unit
$290,750
Offering price ÷ 144 units
Distribution rates as extracted from the offering materials.
The transaction shows an acquisition price of $34,700,000 and total acquisition cost of $41,868,000, reflecting a 6% load on offering price and $2,370,575 in total front-end fees. Debt capitalization stands at an acquisition LTV of 55.62% and an offering LTV of 46.09%. Initial Year 1 cash flow is projected at 4.43% against a 4% acquisition cap rate.
Sponsor
Starboard Realty oversees $435,332,462 in assets under management. Management highlights more than 50 years of industry experience across multiple real estate cycles, though specific DST performance data is not detailed.
• During Mr. Winn’s tenure as CEO of ValueRock Realty Partners, its portfolio consisted of 24 retail properties either owned 100% by the company or with limited partners or tenant in common.
Properties owned or managed
$435,332,462
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
Multifamily
Stated strategy
The offering is sponsored by Starboard Realty, whose leadership reports over 50 years of hands-on real estate industry experience across acquisition, asset management, and disposition. The firm oversees $435,332,462 in assets under management. Specific track record details regarding prior Delaware Statutory Trust structures are not detailed in the offering excerpts.
Over 50 years of cycle-tested commercial real estate experience
Substantial asset base with $435,332,462 in AUM
Dedicated sector focus in multifamily property operations
No specific historical DST track record narrative provided in excerpts
Employee count for trust and sponsor operations is not disclosed
The property
$34,700,000 acquisition price
Starboard Bradley DST
Multifamily - Garden-Style / Low Rise
The property was completed in 2024.
355 Bradley Blvd., Richland, WA 99352
355 Bradley Blvd., Richland, WA 99352
$34,700,000
100.0% of portfolio
Financing consists of a $39,215,000 fixed-rate loan at 5.01% interest with a 46.93% LTV and a 2.06x debt service coverage ratio.
$19,298,000
Approximately 10 years
9.11%
Fixed
Greater of yield maintenance amount or 1% of the then outstanding principal balance; 1% of principal if prepaid between June 1, 2035 and September 1, 2035; no prepayment premium on or after September 1, 2035; lockout to prepayment after securitization with defeasance option after two-year lockout
2.00x
55.62%
46.09%
The asset is acquired for $79,352,943 at a 5% acquisition cap rate, with total acquisition cost reported at $73,086,065 excluding certain capitalized reserves.
Premium / discount to appraised value
1%
$34,700,000
$41,868,000
—
—
—
6%
4%
—
1%
105.76%
—
Uses of capital include the property purchase, $4,212,057 in improvement/lumped reserves, $1,116,013 in carry costs, and $3,392,775 in total offering expenses.
Total Fees & Expenses
$2,370,575
% of equity
92.96%
% of offering
6.00%
$4,197,425 including reserves (10.03% of offering)
Total fees & expenses
$2.37M
6.00% of offering
Offering expenses
$2.37M
5.66% of offering
Reserves held
$2.21M
5.29% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $528,138 | 20.71% | 1.26% |
| Title & Recording Costs | $54,147 | 2.12% | 0.13% |
| Reserves (Loan Proceeds) | $255,721 | 10.03% | 0.61% |
| Reserves (Lender Required) | $331,465 | 13.00% | 0.79% |
| Reserves (Master Tenant) | $250,000 | 9.80% | 0.60% |
| Reserves (Lumped) | $75,744 | 2.97% | 0.18% |
| Reserves (Improvements) | $1,300,000 | 50.98% | 3.10% |
| Loan & Lender Expenses | $145,827 | 5.72% | 0.35% |
| Finance Expenses | $48,866 | 1.92% | 0.12% |
| Total Acquisition Cost | $41,868,000 | 1641.88% | 100.00% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $2,370,575 | 92.96% | 5.66% |
| Placement Agent Fee | $225,700 | 8.85% | 0.54% |
| Wholesaling Fee | $203,130 | 7.97% | 0.49% |
| BD Due Diligence Allowance | $112,850 | 4.43% | 0.27% |
| BD Marketing Allowance | $225,700 | 8.85% | 0.54% |
| O&O Expenses | $170,000 | 6.67% | 0.41% |
| Third Party DD | $2,025 | 0.08% | 0.00% |
| Total Offering Expenses | $2,370,575 | 92.96% | 5.66% |
| Total Upfront Fees (Reserves) | $4,197,425 | 164.60% | 10.03% |
Disclosed fees include $510,025 in placement agent fees, $443,500 in BD marketing allowance, $221,750 in BD DD allowance, and $286,000 in O&O expenses.
$528,138
20.71%
$2,370,575
92.96%
$203,130
7.97%
$2,370,575
6.83%
The investment targets an average full-term income yield of 5.19% underpinned by master tenant and lender escrows totaling over $744,700.
$22,555
per calendar year
80%
Two
of percent (2%) of the gross sales price of the Property
$34,700,000
An
initial fee, monthly fees, and document execution fees
Standing
54 of 57
Blended percentile across 12 extracted metrics.
Pricing
28th pct
Leverage
28th pct
Cost
57th pct
Ongoing
91st pct
Structure
36th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Acquisition cap rate
0th pct4.00%median 5.50%
Year 1 distribution
33rd pct4.43%median 4.60%
Acquisition LTV
10th pct55.62%median 46.50%
DSCR
50th pct2.00xmedian 1.99x
Interest rate
0th pct9.11%median 5.11%
Total upfront load
57th pct5.66%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 4.00% | 5.50% | 5.07% – 6.00% | −1.50% | 0th |
| Price per unitPricing | $291K | $287K | $180K – $434K | +$4K | 50th |
| Year 1 distributionPricing | 4.43% | 4.60% | 4.40% – 5.00% | −0.17% | 33rd |
| Acquisition LTVLeverage | 55.62% | 46.50% | 18.89% – 49.80% | +9.12% | 10th |
| Offering LTVLeverage | 46.09% | 46.17% | 2.67% – 49.80% | −0.08% | 51st |
| DSCRLeverage | 2.00x | 1.99x | 1.73x – 2.12x | +0.01x | 50th |
| Interest rateLeverage | 9.11% | 5.11% | 5.00% – 5.35% | +4.00% | 0th |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 5.66% | 7.50% | 4.89% – 9.50% | −1.84% | 57th |
| Disposition feeOngoing | 2.00% | 2.95% | 2.00% – 3.50% | −0.95% | 91st |
| Equity share of capitalStructure | 6.09% | 100.00% | 52.93% – 100.00% | −93.91% | 0th |
| Hold periodStructure | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 71st |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| CF Biscayne Multifamily DST | Cantor Fitzgerald Investors, LLC | — | 52.30% | — | 3.90% | — | 80% |
| Net-Leased Portfolio 76 DST | ExchangeRight Real Estate, LLC | — | 43.32% | 1.35x | 4.08% | 14.7 yrs | 76% |
| Starboard Makley DST | Starboard Realty Advisors | 5.25% | 84.00% | 1.70x | 5.33% | 10 yrs | 75% |
| HPI Deer Creek DST | Hamilton Point Investments LLC | 6.00% | 47.50% | 2.02x | 5.14% | 10 yrs | 75% |
| FREX DB SERIES I DST | Fortress Real Estate Exchange LLC | — | 47.10% | — | 5.55% | 11 yrs | 73% |
| BDP Southlake DST | BDP Holdings, LLC | — | 50.40% | 1.98x | 5.36% | — | 72% |
| NexPoint Oasis DST | NexPoint Real Estate Advisors IV, L.P. | 4.84% | 53.05% | 1.81x | 4.39% | 10 yrs | 71% |
| NewStar 17 Sweetwater Springs DST | Newstar Exchange | 4.76% | 45.00% | 2.53x | 5.67% | 10 yrs | 70% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.