Top1031

Makley Place Apartments

Multifamily property in Columbus, OH · sponsored by Starboard Realty Advisors

Active offeringLatest Form D filed Sep 2, 2025 (opens in a new tab)

Makley Place Apartments is a DST sponsored by Starboard Realty Advisors that owns a multifamily property in Columbus, OH (140 units). Its latest Form D, filed Sep 2, 2025, lists a $21.3 million offering with a $25,000 minimum.

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$21,310,000
Equity offered, per the Form D
Sold so far
None reported as of Sep 2, 2025
Form D, Sep 2, 2025
Selling commissions
$1,278,600 · 6.0% of offering
Form D Item 15; the % is our arithmetic
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.
Sponsor buyout right
Yes
Offering documents, Aug 2025 · Deal terms ↓

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 →

Sales so far

Latest Form D
Sep 2, 2025 · 1 filing

No sales reported in a Form D amendment yet. Latest notice Sep 2, 2025.

Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.

Ask a 1031 specialist about this recordFree. About: Makley Place Apartments. Top1031 is not a broker-dealer.
Makley Place Apartments image 1 of 2

Makley Place Apartments · Columbus, OH · Photo: makleyplace.com

Location map210 W 5th Ave, Columbus, OHAddress matched to a cited source

What does Makley Place Apartments own?

The Trust acquired Makley Place on August 4, 2025 for $37,325,000. 1 Bare legal title is held for the Trust by Makley Place Holding LLC, and the apartments sit above three ground-floor commercial suites. 1 The August 2025 memorandum reported property occupancy of 91.4% — a dated snapshot that does not establish occupancy today. 1 Day-to-day property management is subcontracted to Village Green Management Company LLC, which is not affiliated with the sponsor. 2

Property address
210 W 5th Ave, Columbus, OH
Property size
140 units

How is it financed, and what did it cost to sell?

The Trust took title subject to mortgage debt rather than owning the building free and clear, so the lender is paid before investors and the loan documents — not the Trust's discretion — shape refinancing and sale timing. The memorandum describes a fixed-rate acquisition loan with interest-only monthly payments, so the payment does not float with market rates. 1

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.
May convert to a REIT (721)
See Deal terms ↓

Costs and terms from the Form D

Selling commissions
$1,278,600 · 6.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,394,975 · 11.2% of offering
Form D Item 16
· The filing’s note: “Est. certain fees, including Administrative Fee, Due Diligence Allowance, Placement Agent Fee, Marketing Allowance, Wholesaler Fee, Sponsor Acquisition Fee, Depositor Capitalization Costs & Organization Costs that may accrue one or more related persons.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$25,000

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.

What are the deal terms?

From Starboard Realty Advisors’ offering documents (Aug 2025).

Your exit

Can the sponsor's affiliate buy investors out?
Yes

Rent and the bills

Who pays rent to the trust?
A master tenant affiliated with the sponsor
Who pays for roof and structural repairs?
Investors, through the trust
Who pays if taxes or insurance go up?
Investors, through the trust
Was the property bought from a sponsor affiliate?
No

Your rights

Can investors remove the manager?
Only for cause
How are disputes with the sponsor resolved?
Mandatory arbitration

What does the SEC record show?

The issuer's launch notice is the whole federal record here — no amendment has followed it, so EDGAR still shows the Offering as it began. The exemption relied on permits general advertising but obliges the sponsor to verify each buyer's accredited status rather than accept a self-certification.

Legal Trust name
Starboard Makley DST
SEC CIK
2084041
First Form D
Sep 2, 2025
Latest Form D
Sep 2, 2025
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$21,310,000
$0
EDGAR

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

Is Makley Place Apartments an active offering?
Makley Place Apartments is an Active offering: its latest Form D was filed Sep 2, 2025. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
Does Makley Place Apartments have a 721 UPREIT exit?
The record lists a possible 721 exit for Makley Place Apartments. It is an option, not a completed transaction; the offering documents set whether and when it can happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
How a DST-to-721 UPREIT exit works
What exactly would I own?
A beneficial interest in Starboard Makley DST, the Delaware statutory trust that holds Makley Place Apartments at 210 West 5th Avenue in Columbus, Ohio — 140 apartments plus three ground-floor commercial suites. Bare legal title is held for the Trust by Makley Place Holding LLC. DST interests can qualify as replacement property in a 1031 exchange. Holders are passive: the Trust master-leases the property to a sponsor affiliate, and leasing, financing and sale decisions rest with the trustee and sponsor affiliates as described in the offering documents.
What is the minimum investment?
The Form D filed with the SEC on September 2, 2025 reports a $25,000 minimum, while listing data compiled for this Trust shows a $100,000 minimum. Those two figures do not agree, and offering documents commonly set different minimums for 1031-exchange buyers than for all-cash buyers. Confirm which applies to you, and the figure in force today, with the sponsor or your own representative before subscribing.
How is the property financed?
The sponsor's memorandum describes an acquisition loan of $23,684,000 at a fixed 5.44% annual rate, with interest-only monthly payments and a stated maturity of September 1, 2035. It puts total capitalization at $44,994,000 — that debt plus the equity being raised — and states the loan equals 52.64% of that capitalization, a figure separate from the $37,325,000 purchase price. The loan documents are not public; the offering documents and the loan agreement control.
What does the master lease do?
The Trust leases the whole property to Starboard Makley MT LLC, a wholly owned subsidiary of the sponsor, for an initial term of 10 years and 150 days expiring December 31, 2035. Base rent under that lease equals the scheduled payments due to the property lender, with the master tenant directed to pay the lender monthly. Anything the master tenant collects above its obligations funds operations and whatever flows to the Trust; the offering documents set out the full waterfall and the risks if the master tenant underperforms.
How full is the building, and what about the retail suites?
The August 2025 memorandum reported property occupancy of 91.4%, below its own stabilized-occupancy estimate. On the retail side, it described all three suites as leased, with two occupied and the third being built out, and does not identify which tenant was in build-out. Ask the sponsor for a current, dated rent roll alongside the offering documents.
Has anything changed since the Offering launched?
No amended Form D has been filed, so the federal record is unchanged since September 2, 2025. Outside that record, Baker 1031 Investments describes a December 2025 supplement that replaced the original forecast and incorporated proposed income from five furnished corporate-rental units and a resident-protection plan; the supplement itself was not reviewed, and the same page carries only an "Available" status label rather than a subscription balance.

In the news

Sources

Show sources (9)Hide sources (9)

These links support the record as a whole; individual details may come from different sources.

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.