Top1031

Arden Woods

Class A garden-style multifamily property in Spring, TX — sponsored by Starboard Realty Advisors

Files with the SEC as Starboard Arden DST

Minimum investment
$25k
Offering size
$48.2M
How much has sold
100.0%
Asset type
Class A garden-style multifamily property
Location
Spring, TX
Financing
All cash. This offering reports no mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Starboard Arden DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — formed to own Arden Woods, a Class A garden-style apartment community in Spring, Texas, north of Houston.1 Starboard Realty Advisors sponsored it, the raise ran through 2022 under Rule 506(b), and the Offering is now closed to new investors.8

Show sources (13)Hide sources (13)

These links support the historical public record; individual details may come from different sources.

On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.

Chapter 2

What exactly is the property?

An April 15, 2022 release from Starboard Realty Advisors said the firm had acquired Arden Woods, which it described as a highly amenitized Class A garden-style community in Spring, Texas.1 The property's leasing site places it at 24530 Gosling Road, in the far northern Houston metro.2 A Harris County appraisal case captioned "Starboard Arden DST (Arden Woods)" was filed August 24, 2023 and disposed as final, moving the account's value from $54,469,018 to $53,530,010.3

Reported location
Spring, TX
Property size
308 units
Chapter 3

Who is the tenant, and what's the lease?

No single corporate tenant sits behind this income — it comes from individual residents. Apartments.com lists lease terms of three to 18 months, so rents reset often rather than being locked in by a long triple-net lease, where one tenant covers taxes, insurance and upkeep.4 Avenue5 Residential, LLC is listed as the property's management contact.5

Chapter 4

How did it end?

What happened

No sale or other ending on record

JRW Investments' sponsor tracker lists Starboard Arden DST as 'Active' (not Full Cycle), and no full-cycle announcement has been published on AltsWire, PR Newswire, BusinessWire, or the sponsor's newsroom; the underlying 308-unit Arden Woods property (Spring, TX) is still held by the trust, and an active securities-fraud lawsuit investigation by White Law Group is ongoing.

A court-exhibit caption directly associates Starboard Arden DST with Arden Woods; acquisition coverage describes the property as a 308-unit Class A garden-style apartment community. No news evidence that this Arden offering was fully subscribed, sold out, or closed was located.

308 units
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

Neither Form D discloses debt, and the reviewed public record does not establish a lender, mortgage balance, or loan-to-value for this Trust — so whether it is leveraged or all-cash is not publicly settled. Those terms would appear in the PPM, the private placement memorandum that governs the offering.

Chapter 7

What does the paperwork say?

The initial Form D of June 22, 2022 reported a first sale on June 2, 2022 against a $47,800,000 offering.9 The November 4, 2022 amendment revised that size upward and is the last filing on record.6 It was sold under Rule 506(b): no general advertising, and buyers must be accredited — meeting SEC income or net-worth tests.

  1. First Form D filedThe public offering record begins.
  2. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
2
How it may be offered
Rule 506(b)Not advertised publicly. Offered through existing relationships.
Source filing
Read the filings on SEC EDGAR

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.

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 Private Placement Memorandum before investing.

Chapter 8

Common questions

What happened to Arden Woods?

Top1031 lists Arden Woods as historical. It is no longer raising money.

Where does Top1031 get the data for Arden Woods?

Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

What property does Starboard Arden DST own?

Arden Woods, a 308-unit Class A garden-style apartment community at 24530 Gosling Road in Spring, Texas, in the northern Houston metro. Starboard Realty Advisors announced the acquisition in an April 15, 2022 release, and a Harris County appraisal record captioned "Starboard Arden DST (Arden Woods)" ties the Trust directly to the property.

Can I still invest in this Trust?

No. The Offering is closed to new investors. The last filing on record is the Form D amendment dated November 4, 2022, and the SEC submissions record for CIK 1933642 shows no later filing. JRW Investments' sponsor page also lists Arden DST's offering status as closed.

Who pays the rent at Arden Woods?

Individual apartment residents, not a single corporate tenant. Apartments.com lists lease options of three to 18 months, meaning the rent roll turns over continuously rather than being fixed by one long-term lease. Avenue5 Residential, LLC appears as the property's management contact.

How much debt is on the property?

Not publicly established. Form D does not require an issuer to disclose loan terms, and the reviewed public record does not identify a lender, mortgage principal, or loan-to-value for this Trust. Debt terms, if any, would be described in the PPM and the Trust's investor reporting.

Has there been any litigation or regulatory activity?

Two public items exist. The White Law Group published an investigation notice on July 11, 2025 referencing Starboard Arden DST and its offering; a law-firm investigation notice is not a legal finding. Separately, a Harris County property-tax appraisal matter filed August 24, 2023 was disposed as final, with the account value moving from $54,469,018 to $53,530,010.

What does Rule 506(b) mean for this offering?

506(b) is the private-placement exemption that lets an issuer sell without registering with the SEC, provided it does not advertise publicly and sells to accredited investors — people meeting SEC income or net-worth thresholds — typically ones the sponsor already had a relationship with. That is why this Trust was never marketed openly.

Chapter 9

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