Makley Place Apartments
Legal trust name Starboard Makley DST
Talk to a 1031 specialistData updated Sep 2, 2025
Offering size$21.3M
Asset typeMultifamily
LocationColumbus, OH
FinancingLeveraged
Regulation D exemptionRule 506(c)
Sponsor-reported potential 721/UPREIT exitNo
First filedSep 2, 2025
Last filedSep 2, 2025
Minimum$25k
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.
Makley Place Apartments is a 140-unit Class A mixed-use community at 210 West 5th Avenue in Columbus, Ohio, completed in 2022 and held through Starboard Makley DST, sponsored by Starboard Realty Advisors. It combines roughly 102,768 square feet of residential space with three ground-level commercial units on a 1.177-acre site with 111 parking spaces. Starboard closed the acquisition on August 4, 2025, capitalizing it with about $21.31 million of equity and a $23.68 million fixed-rate Freddie Mac loan. A City of Columbus Community Reinvestment Area agreement abates the assessed-value increment in exchange for 28 income-restricted units.
LTV 52.64%; min $100k; occ 91.4% in-place; retail: Kida House, Sweetly Bronzed; $45M total
140 unitsBased on issuer-filed Form D notices through Sep 2, 2025. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Reported sold as a percentage of stated offering amount0.0%Current Form D data does not support a reliable raise-progress estimate.
Not enough filing history for a trend line.
Capital sold, per latest Form D—
Remaining amount reported in latest Form D$21,310,000
Investor count reported in latest Form DNot disclosed
Stated minimum investment$25,000
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First filedSep 2, 2025
Latest filingSep 2, 2025
Filings tracked1
View filing on SEC EDGARForm D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.
Offering profile
SEC filings + cited sources
Property
Makley Place Apartments sits at 210 West 5th Avenue, Columbus, OH 43201 — a 140-unit Class A mixed-use community completed in 2022, with about 102,768 square feet of residential net rentable area and 6,128 square feet of commercial space (108,896 square feet total) on a 1.177-acre site with 111 parking spaces 1.
Leases and occupancy
Commercial space accounts for roughly 6% of net rentable area across three ground-level units. Kida House leases 1,945 square feet through June 30, 2035, with base rent escalating from $47,128 to $58,954 and three five-year renewal options, while Sweetly Bronzed occupies 2,089 square feet through October 31, 2029, with rent stepping to $46,906 2. In-place residential occupancy was 91.4% in the sponsor's May 2025 materials 2.
Capitalization
Total capitalization is approximately $44.99 million, combining a $21.31 million equity raise with a $23.684 million Freddie Mac loan originated through Newmark at a fixed 5.44% rate on a 10-year interest-only term maturing September 1, 2035, at 52.64% loan-to-value 1. Starboard closed escrow on the acquisition on August 4, 2025, and the issuer filed a Form D for the Regulation D 506(c) offering on September 2, 2025 14.
Tax abatement and affordable set-aside
The property is covered by a City of Columbus Community Reinvestment Area agreement that abates 100% of the assessed-value increment for 15 years from certificate of occupancy, in exchange for 28 income-restricted units — 14 at or below 80% of area median income and 14 at or below 100% 2.
Sponsor and management
Starboard Realty Advisors, LLC, a privately held, integrated real estate firm headquartered in Irvine, California, was founded in January 2014 by William H. Winn Jr. and Stephen J. Carlton; Makley Place is its second Columbus DST offering, following Starboard Elan DST 2. AltsWire reported the acquisition on August 22, 2025, describing a private placement seeking $21.3 million 3. Day-to-day management is handled by affiliate Starboard Management Services LLC, with unaffiliated Village Green Management Company LLC — which operates about 47,000 units and has been in real estate since 1919 — engaged as sub-manager 2.
In the news
Frequently asked questions
Is Makley Place Apartments currently active?
Makley Place Apartments is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.
Where does Top1031 get the data for Makley Place Apartments?
Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.