The Banks on Bradley

Top1031 lists The Banks on Bradley as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

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.

A 144-unit apartment community called The Banks on Bradley, at 355 Bradley Blvd in Richland, Washington, part of the Tri-Cities. Sponsor materials describe it as Class A, garden-style and low-rise, completed in 2024, with roughly 105,516 net rentable square feet across 12 studios, 72 one-bedroom units and 60 two-bedroom units averaging 733 square feet.[1] Tri-Cities Business News reported construction completion of the 144-unit complex at that address on December 13, 2024.[4]

There is no single corporate tenant; individual residents lease apartments. Sponsor materials state the Trust master-leased the entire property to Starboard Bradley MT LLC, a wholly owned subsidiary of the sponsor, which subleases units to residents and acts as day-to-day operator.[1] The same materials state that investor distributions depend on that affiliated master tenant paying rent, that the master tenant is newly formed and thinly capitalized behind a $250,000 demand note, and that its payments are not guaranteed.[1] A DST is barred from actively operating real estate, so a sponsor-affiliated master tenant typically stands between the trust and its residents.

No. The sponsor's offering summary reports 88.9% occupancy as of February 2, 2026, with the property still stabilizing.[1] A property still in lease-up carries absorption and concession exposure that a stabilized asset does not. No verified occupancy figure later than February 2, 2026 was located in the sources reviewed as of August 29, 2026.

Sponsor materials state the Trust acquired the asset on November 26, 2025 from an affiliate of the sponsor rather than from an unrelated third party.[1] The affiliate is not named, and no deed or purchase agreement establishing the seller was located in the sources reviewed. Separately, broker blog Multifamily Mason reported a November 2025 close on the 144-unit Banks on Bradley at $34,500,000, or $239,583 per unit, without naming the seller.[2]

The sponsor's offering summary reports total capitalization of $41,868,000, of which $19,298,000 is debt, an in-place loan-to-value of 46.09%, and a $19,298,000 KeyBank National Association Freddie Mac conventional fixed-rate loan at 5.11% fixed maturing December 1, 2035, interest-only through approximately January 1, 2033 before amortizing.[1] The same page cites an as-is appraisal of $36,700,000 dated September 2025 and a second appraisal of $36,740,000 dated November 2025, against a stated contribution value of roughly $34.7 million.[1] Those are sponsor-stated figures as of that page's May 20, 2026 update; the loan documents and the PPM (private placement memorandum) govern. The Form D's total offering amount is smaller than the sponsor's total capitalization figure, and the sources reviewed do not reconcile the two.

The Form D filed March 2, 2026 claims the Rule 506(c) exemption — meaning the offering may be generally advertised, but every investor's accredited status must be verified — and reports estimated sales commissions of $1,354,200 and a $25,000 minimum investment from any outside investor.[3] Marketing material summarized in this record lists a $100,000 minimum instead, and the two are not reconciled in the sources reviewed. A Baker 1031 marketplace page for the offering, last updated May 20, 2026, also displayed a status label reading "Rejected" without describing any issuer withdrawal or regulatory action, and the label's meaning is unresolved.[1] Confirm current terms and availability with the sponsor or a broker-dealer carrying the offering.