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 Makley DST is a Delaware Statutory Trust offering sponsored by Starboard Realty Advisors to acquire Makley Place, a 140-unit multifamily residential community located in the Upper Arlington/Downtown submarket of Columbus, Ohio. The property was completed in 2022 and acquired for an acquisition price of $37,325,000, with a total offering price and total acquisition cost of $44,994,000. The transaction is financed with $23,684,000 in fixed-rate debt at an interest rate of 5.44% across an approximate 10-year term, resulting in an offering LTV of 52.64% and an acquisition LTV of 84%. Upfront offering fees and expenses include $2,397,375 in total front-end fees and an acquisition fee of $1,226,200. Underwriting metrics reflect a 5.25% acquisition cap rate, an 8.38% syndicated cap rate, a projected Year 1 income of 4.28%, and an initial DSCR of 1.70x. The sponsor manages $479,212,462 in assets under management and brings over 50 years of collective real estate experience.
0.0% of the offering is closed
$5,000,000 still available
$5,000,000
$0
0.0% of offering$0
Pending subscription$5,000,000
Open for subscriptionThe offering seeks $5,000,000 in offering equity to complement $23,684,000 in long-term debt financing. Total upfront syndication and offering expenses total $2,397,375, including selling commissions, placement agent fees, and dealer fees.
Sector
Multifamily residential community
Investment Category
DST
Projected First Year Cashflow
4.28%
Avg. 98% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$44,994,000
$321,386 per unit
Offering Debt
$23,684,000
5.44% · approximately 10 years
LTV
84%
On acquisition price
Units / Tenants
140
Upper Arlington/Downtown submarket, Columbus, Ohio
Property Age
The property was completed in 2022.
The offering encompasses a 140-unit, 2022-vintage multifamily asset in Columbus, Ohio, with a total acquisition cost of $44,994,000. Capitalization comprises $23,684,000 in fixed-rate debt at 5.44% and $5,000,000 in offering equity. The acquisition reflects a 5.25% acquisition cap rate and a 52.64% offering LTV.
Recent Asset Vintage
2022 CompletionThe 140-unit multifamily property was recently completed in 2022, mitigating near-term structural capital expenditure needs.
Fixed-Rate Debt Profile
5.44% Fixed / 1.70x DSCRThe loan features a 10-year fixed rate of 5.44% and a comfortable initial debt service coverage ratio of 1.70x.
Moderate Offering Leverage
52.64% Offering LTVOffering leverage is moderate at 52.64% based on the $23,684,000 debt load against the $44,994,000 offering price.
Front-End Syndication Load
$2,397,375 Total Front-End FeesFront-end offering fees and syndication costs represent a 6% load on the offering price.
High Acquisition LTV
84% Acquisition LTVLeverage calculated against the base purchase price of $37,325,000 stands high at 84%.
Prepayment and Defeasance Terms
Yield Maintenance / DefeasanceThe loan is subject to yield maintenance or a 1% minimum penalty, two-year lockout upon securitization, and defeasance procedures.
The asset benefits from recent construction completed in 2022 and favorable debt terms including a 10-year fixed rate of 5.44% with a 1.70x DSCR. In addition, the sponsor brings an established operating history managing $479,212,462 in assets under management alongside an experienced property management partner.
Offering Equity
11.1% of offering
Offering Debt
84% LTV on acq.
Acquisition Cost
100.0% of offering
Offering Expenses
5.3% of offering
Reserves
1.2% of offering
Total Offering
$44.99M
Equity $5.00M + debt $23.68M
Acquisition Cost
$44.99M
100.0% of offering to the property
Total Fees & Expenses
$2.40M
6.00% of offering
Reserves
$533K
1.2% of offering
Sources and uses reflect a purchase price of $37,325,000 within a total acquisition cost of $44,994,000. Total upfront fees with reserves equal $4,471,625, including a $1,226,200 acquisition fee, $264,005 in financing expenses, and $275,000 in Master Tenant reserves.
Tone reflects relative strength, not a rating
Leverage & Refinancing
ModerateOffering LTV is 52.64%, but acquisition LTV against the $37,325,000 purchase price is 84%, supported by a 1.70x initial DSCR.
Fee Load
CautionUpfront fees and offering expenses total $2,397,375, including a $1,226,200 acquisition fee and $213,100 placement agent fee.
Asset Quality
Favorable140-unit multifamily community constructed in 2022 in the Columbus, OH submarket with minimal anticipated initial capital expenditure.
Exit Flexibility
ModerateDebt structure imposes yield maintenance or 1% penalty until three months prior to maturity in 2035, with defeasance post-securitization.
Key considerations include a high initial acquisition LTV of 84% and the syndication load, with total upfront fees of $2,397,375 embedded into the $44,994,000 total offering price. Prepayment is subject to yield maintenance or a 1% penalty prior to late-term windows, and defeasance restrictions apply post-securitization.
Syndicated Cap Rate
8.38%
NOI ÷ offering price
Upfront Load on Offering
6.00%
Total fees ÷ offering price
Load on Equity
47.95%
Total fees ÷ offering equity
Premium / Discount
1%
Offering price vs. appraised value
Offering vs. Acquisition
120.5%
Offering price ÷ acquisition price
Price per Unit
$321,386
Offering price ÷ 140 units
Distribution rates as extracted from the offering materials.
The spread between the $37,325,000 acquisition price and the $44,994,000 total acquisition cost reflects $2,397,375 in total front-end fees and a 6% load on offering price. The acquisition cap rate stands at 5.25% against a syndicated cap rate of 8.38%, while initial Year 1 income is projected at 4.28%.
Sponsor
Starboard Realty Advisors brings more than 50 years of hands-on real estate operating experience with $479,212,462 in current AUM. Offering documents confirm its role as DST sponsor, though historical syndication metrics are not individually itemized.
• Village Green manages 4,917 units spread across 21 properties in the Columbus market. • Mr. Carlton managed properties totaling approximately 1.6 million square feet in New England and worked on acquiring the “Flatley” portfolio for approximately $500 million. • Charles Dunn Company manages 30 million square feet of commercial properties in California, including office, retail, industrial, self-storage and multi-family properties, within which Mr. Winn managed a portfolio of Class A office and grocery-anchored shopping centers and served as Regional Manager of the Orange County office.
Properties owned or managed
$479,212,462
Across all programs
—
Prior DST offerings
—
DST-held assets
Makley Place’s 140 units support 1.5 full-time employees for managerial and leasing functions, and onsite staff will be reduced from 2.0 to 1.5 employees by sharing staff with another nearby asset owned by the Master Tenant.
Disclosed headcount
multifamily residential community
Stated strategy
Starboard Realty Advisors has over fifty (50) years of hands-on real estate experience across acquisitions, development, leasing, and dispositions. The sponsor currently oversees $479,212,462 in assets under management. However, offering documents do not provide a detailed historical track record specifically for prior DST syndications.
Principals possess over 50 years of hands-on real estate experience
Current assets under management exceed $479,212,462
Partnership with regional property manager overseeing 4,917 local units
No standalone historical performance table for past DST offerings provided in documents
Upfront acquisition fee of $1,226,200 collected at closing
The property
$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
$37,325,000
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.
$23,684,000
Approximately 10 years
5.44%
Fixed
The prepayment premium will be equal to the greater of: (1) the yield maintenance amount, as calculated in accordance with a formula set forth in the Loan Documents and (2) 1% of the then outstanding principal balance of the Loan; provided, however, if the prepayment is made (a) on or after March 1, 2035 but before June 1, 2035, the prepayment premium will be 1% of the amount of principal being prepaid, or (b) on or after June 1, 2035, no prepayment premium will be due. After securitization, except as noted in the following sentence, the Loan will be locked out to prepayment for the remainder of the term of the Loan except during the three-month period directly prior to the Maturity Date; however, after a two-year lockout period that commences upon securitization, the Loans may be defeased pursuant to the procedures set forth in the Loan Documents.
1.70x
84%
52.64%
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%
313 bps of spread between acquisition and syndicated cap rate.
$37,325,000
$44,994,000
—
—
—
6%
5.25%
8.38%
1%
—
3.67%
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
$2,397,375
% of equity
47.95%
% of offering
6.00%
$4,471,625 including reserves (9.94% of offering)
Total fees & expenses
$2.40M
6.00% of offering
Offering expenses
$2.40M
5.33% of offering
Reserves held
$533K
1.18% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,226,200 | 24.52% | 2.73% |
| Title & Recording Costs | $72,566 | 1.45% | 0.16% |
| Reserves (Loan Proceeds) | $201,675 | 4.03% | 0.45% |
| Reserves (Lender Required) | $56,000 | 1.12% | 0.12% |
| Reserves (Master Tenant) | $275,000 | 5.50% | 0.61% |
| Reserves (Improvements) | $275,000 | 5.50% | 0.61% |
| Loan & Lender Expenses | $466,504 | 9.33% | 1.04% |
| Finance Expenses | $264,005 | 5.28% | 0.59% |
| Total Acquisition Cost | $44,994,000 | 899.88% | 100.00% |
| Total Acq. Cost (Reserves) | $44,994,000 | 899.88% | 100.00% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $213,100 | 4.26% | 0.47% |
| Placement Agent Fee | $213,100 | 4.26% | 0.47% |
| Wholesaling Fee | $191,790 | 3.84% | 0.43% |
| BD Due Diligence Allowance | $106,550 | 2.13% | 0.24% |
| BD Marketing Allowance | $213,100 | 4.26% | 0.47% |
| O&O Expenses | $266,375 | 5.33% | 0.59% |
| Third Party DD | $2,025 | 0.04% | 0.00% |
| Total Offering Expenses | $2,397,375 | 47.95% | 5.33% |
| Total Upfront Fees (Reserves) | $4,471,625 | 89.43% | 9.94% |
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.
$1,226,200
24.52%
$10,000
0.20%
$213,100
4.26%
$191,790
3.84%
$2,397,375
6.42%
The investment targets an average full-term income yield of 5.19% underpinned by master tenant and lender escrows totaling over $744,700.
$52,877
98%
Managed
apartments for roughly 70 years
2.0%
A
of construction management fee for supervising any construction of repair of the Property, as provided for in the approved annual budget of the Property
Standing
49 of 57
Blended percentile across 14 extracted metrics.
Pricing
44th pct
Leverage
17th pct
Cost
74th pct
Ongoing
91st pct
Structure
37th 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
30th pct5.25%median 5.50%
Year 1 distribution
12th pct4.28%median 4.60%
Acquisition LTV
0th pct84.00%median 46.50%
DSCR
21st pct1.70xmedian 2.00x
Interest rate
25th pct5.44%median 5.11%
Total upfront load
64th pct5.33%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 5.25% | 5.50% | 5.00% – 6.00% | −0.25% | 30th |
| Syndicated cap ratePricing | 8.38% | 5.49% | 4.84% – 5.82% | +2.89% | 95th |
| Price per unitPricing | $321K | $284K | $180K – $434K | +$37K | 40th |
| Year 1 distributionPricing | 4.28% | 4.60% | 4.40% – 5.00% | −0.32% | 12th |
| Acquisition LTVLeverage | 84.00% | 46.50% | 18.89% – 49.80% | +37.50% | 0th |
| Offering LTVLeverage | 52.64% | 46.09% | 2.67% – 49.53% | +6.55% | 9th |
| DSCRLeverage | 1.70x | 2.00x | 1.79x – 2.12x | −0.30x | 21st |
| Interest rateLeverage | 5.44% | 5.11% | 5.00% – 5.39% | +0.33% | 25th |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 5.33% | 7.50% | 4.89% – 9.50% | −2.17% | 64th |
| ReservesCost | 10.65% | 5.53% | 1.67% – 8.66% | +5.12% | 83rd |
| Disposition feeOngoing | 2.00% | 2.95% | 2.00% – 3.50% | −0.95% | 91st |
| Equity share of capitalStructure | 11.11% | 100.00% | 52.93% – 100.00% | −88.89% | 2nd |
| Hold periodStructure | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 71st |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| CS1031 Colony at Centerpointe Apartments DST | Capital Square | 5.28% | 54.30% | 1.89x | 4.89% | — | 81% |
| NexPoint Waterford DST | NexPoint Real Estate Advisors IV, L.P. | 5.28% | 48.60% | 2.01x | 4.80% | 10 yrs | 79% |
| BR Parkview Multifamily DST | BVEX | 5.81% | 49.45% | 1.91x | 4.78% | 10 yrs | 79% |
| FREX DB SERIES I DST | Fortress Real Estate Exchange LLC | — | 47.10% | — | 5.55% | 11 yrs | 79% |
| Griffin Capital Tulsa BTR DST | Griffin Capital Residential Partners Institutional Property Exchange, LLC | 5.77% | 46.50% | — | 5.00% | 10 yrs | 79% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 79% |
| Passco Preston Ridge DST | PASSCO | 5.00% | 46.93% | 2.06x | 4.06% | — | 78% |
| CF Biscayne Multifamily DST | Cantor Fitzgerald Investors, LLC | — | 52.30% | — | 3.90% | — | 78% |
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.