The Starling
Multifamily property in Princeton, TX · sponsored by Origin Investments
The Starling was a DST sponsored by Origin Investments that owned a multifamily property in Princeton, TX (300 units). Its last Form D, filed Mar 3, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Mar 3, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $37,211,669Equity offered, per the Form D
- Sold
- 99.95%Form D, Mar 3, 2025; the % is our arithmetic
- Investors reported
- Form D, Mar 3, 202550
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: The Starling. Top1031 is not a broker-dealer.The Starling · Princeton, TX · Photo: origininvestments.com
What did The Starling own?
NRP Group developed The Starling and completed it in 2022. Origin Investments describes the Class A, garden-style community as sitting on a roughly 12-acre site at 149 Princeton Crossroad in Princeton, Texas, in the northeast suburbs of the Dallas–Fort Worth metroplex. 1 Origin closed on the purchase in early September 2024, the first acquisition for its Origin Exchange 1031 platform. 1
- Reported location
- Princeton, TX
- Property size
- 300 units (11 three-story garden-style buildings)
How was it financed, and what did it cost to sell?
The Form D filings do not state the Trust's leverage. Multi-Housing News reported a $30 million construction loan from Zions Bank tied to the property's development; that report does not establish the loan balance or loan-to-value at the DST's acquisition. 3
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $974,044 · 2.6% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of organizational fees and acquisition fees that may accrue to one or more Related Persons.”
- Date of first sale
- Sep 18, 2024
- Minimum investment
- $250,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind The Starling?
Origin Investments is a private real estate investment manager that launched Origin Exchange, its 1031 exchange program, in 2024; The Starling was the program's inaugural DST acquisition. 1 On May 21, 2025 the firm announced a Charlotte, North Carolina multifamily DST, describing it as its second such offering of 2025 and third in ten months. 4 The Trust's own legal name and the sponsor's other offerings appear below.
- Sponsor
- Offerings on record
What does the SEC record show?
The Offering was made under Rule 506(c), the private-placement exemption that permits general advertising but limits purchasers to verified accredited investors. An initial Form D — the brief SEC notice of an exempt offering — was followed by a series of amendments that tracked subscriptions until the raise closed.
- Legal Trust name
- Origin Starling, DST
- SEC CIK
- 2037812
- First Form D
- Oct 2, 2024
- Latest Form D
- Mar 3, 2025
- Filings on record
- 9
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $37,211,669 | $37,193,432+$1,158,873 | 50+2 | EDGAR | |
| Form D/A | $37,211,669 | $36,034,559+$14,477,986 | 48+13 | EDGAR | |
| Form D/A | $37,211,669 | $21,556,573+$1,649,881 | 35+6 | EDGAR | |
| Form D/A | $37,211,669 | $19,906,692+$2,304,423 | 29+3 | EDGAR | |
| Form D/A | $37,211,669 | $17,602,269+$2,405,180 | 26+4 | EDGAR | |
| Form D/A | $37,211,669 | $15,197,089+$4,608,894 | 22+5 | EDGAR | |
| Form D/A | $37,211,669 | $10,588,195+$6,079,418 | 17+12 | EDGAR | |
| Form D/A | $37,211,669 | $4,508,777 | 5 | EDGAR | |
| Form D | $37,211,669 | $4,508,777 | 5 | EDGAR |
Show all 9 SEC Form D filings
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to The Starling?
- The Starling is a Historical offering. The last Form D, filed Mar 3, 2025, reports the offering fully sold.
- What does the DST structure do for a 1031 exchange investor?
- A Delaware Statutory Trust holds title to the property and issues beneficial interests that the IRS treats as replacement property for a 1031 exchange. That lets an investor defer capital gains on a sale without buying and managing a whole building. The trade-off is passivity: the trustee and sponsor control operations, financing, and the eventual sale, and interests are generally illiquid.
- What exactly does the Trust own?
- Origin Starling, DST owns The Starling, a 300-unit Class A garden-style apartment community completed in 2022 and located at 149 Princeton Crossroad in Princeton, Texas, in the northeast Dallas–Fort Worth suburbs. Origin Investments reported the property comprises eleven three-story residential buildings on a roughly 12-acre site.
- Is there debt on the property, and how much?
- The public record is incomplete. Multi-Housing News reported on September 8, 2024 that a $30 million Zions Bank construction loan was associated with The Starling, but that report does not establish the outstanding balance or loan-to-value at the time the DST acquired the asset, and the Form D filings do not disclose leverage. The offering documents are the governing source on the Trust's debt.
- Could this Trust convert into a REIT through a 721/UPREIT exit?
- The record here shows no 721/UPREIT exit feature — a structure in which DST investors contribute their interests to a REIT's operating partnership in exchange for OP units. Absent that, the expected path is a conventional sale of the property, on timing controlled by the sponsor and trustee.
- Is the reported occupancy figure current?
- No. The roughly 92% occupancy and $1,542 average in-place rent that Origin Investments published were measured at acquisition in September 2024. Research as of September 11, 2026 did not establish current occupancy, current rents, or a current property operator.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.