Starwood Multifamily Portfolio Exchange I, D.S.T.
Multifamily (2 properties sourced from Starwood REIT portfolio) property — sponsored by Starwood
506(b), no min stated; $66.2M/$124.1M sold, 112 investors, first sale 4/24/2024; master lease to SREIT OP thru 1/2/2031
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These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
Starwood Multifamily Portfolio Exchange I is a Delaware statutory trust — a passive vehicle 1031 exchangers use to hold replacement property — organized in 2023.1 It owns two multifamily properties sourced from Starwood Real Estate Income Trust and master-leases them back to a subsidiary of that REIT's operating partnership through January 2, 2031.2 It is still raising from accredited investors, and SEC filings name no individual property.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The real estate came out of Starwood Real Estate Income Trust's own portfolio rather than a third-party purchase, and the specifics stay out of the public record: no property schedule, city, occupancy figure, or purchase price appears in the Form D filings.1 For accounting purposes SREIT still consolidates the DST properties on its balance sheet, citing continuing involvement and a fair-value repurchase option.2 The private placement memorandum — the private offering document — carries the property details.
- Property size
- 2 properties; $157.8M net real estate (12/31/2025)
Who is the tenant, and what's the lease?
One master lease covers the portfolio: a wholly owned subsidiary of Starwood REIT's operating partnership subleases the apartments to occupying tenants, bears the operating costs, and pays rent to the trust through January 2, 2031.2 That structure keeps the trust passive, as DST rules for 1031-exchange treatment require.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $66,229,560
- Reported unsold
- $57,856,960
- Investors reported
- 112
- Total offering
- $124,086,520
How is it financed, and what does it pay?
No public filing states whether the trust carries mortgage debt, names a lender, or sets out loan terms. Whether an exchanger inherits a share of debt — which matters when the relinquished property carried a mortgage — is a question only the PPM answers here.
Who's behind it?
Starwood 1031 Exchange, L.L.C. is the named sponsor, with Starwood 1031 Multifamily Portfolio I Manager, L.L.C. as manager and signatory trustee and a third Starwood affiliate as depositor.1 Parent Starwood Capital Group reported roughly $130 billion of assets under management after closing a $10.2 billion opportunistic real estate fund on July 2, 2026.3 On August 5, 2026, Starwood Real Estate Income Trust — parent of the master tenant here — formed a $1.02 billion joint venture giving Apollo a 41.5% interest in roughly 120 affordable-housing properties, retaining operational control.4
- Sponsor
- Starwood
- May convert to a REIT
- No
- Offerings from this sponsor
- 1 active / 1 total offerings from Starwood
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Starwood filed one Form D at launch, then amended it twice nearly two years later, eight days apart, each amendment raising the reported amount sold and the investor count. Interests are offered privately, without general solicitation or advertising, to accredited investors — those meeting SEC income or net-worth tests — reached through pre-existing relationships.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- Starwood Multifamily Portfolio Exchange I, D.S.T.
- Filings on record
- 3
- 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.
Common questions
Is Starwood Multifamily Portfolio Exchange I, D.S.T. still raising money?
Availability unconfirmed. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.
Where does Top1031 get the data for Starwood Multifamily Portfolio Exchange I, D.S.T.?
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 does this Trust actually own?
Two multifamily properties sourced from Starwood Real Estate Income Trust's portfolio, carried at $157.8 million of net real estate as of December 31, 2025 in Top1031's data. SEC filings disclose no property names, addresses, or occupancy figures, so the private placement memorandum is the source for that information. Public research also could not confirm which two buildings they are.
Is the Trust still open to new investors?
Top1031 classifies the offering as raising. The first sale was recorded April 24, 2024, and the most recent Form D amendment, filed April 21, 2026, updated the reported amount sold and investor count. A Form D reports what was sold as of its filing date, not what is available today; availability is confirmed only by the sponsor or a selling broker-dealer.
Who pays the rent?
A wholly owned subsidiary of Starwood REIT's operating partnership master-leases the portfolio through January 2, 2031, subleases the units to residents, bears the underlying operating costs, and pays rent to the trust, according to Starwood Real Estate Income Trust's March 20, 2026 prospectus supplement. That single-tenant affiliate lease is what keeps a DST from being treated as an active business.
Is there a 721/UPREIT exit into Starwood REIT?
Starwood Real Estate Income Trust's March 20, 2026 prospectus supplement states that the Operating Partnership retains a fair-market-value option to acquire DST interests from investors in exchange for operating-partnership units or cash, at its discretion — a 721/UPREIT-style path, but one the operating partnership controls rather than the investor. Top1031's record does not flag a conversion feature for this Trust, and the PPM governs the actual terms.
What does Rule 506(b) mean for me here?
506(b) is the private-placement exemption that bars general solicitation and advertising. Interests can only be offered to accredited investors the sponsor or its broker-dealers already have a relationship with. You cannot buy from a public listing; you need an introduction through a registered representative.
Does the Apollo joint venture affect this Trust?
No public source links them. On August 5, 2026, Apollo took a 41.5% interest in roughly 120 SREIT affordable-housing properties for about $1.02 billion, with SREIT retaining operational control. Reporting does not name this DST or its properties as part of that transaction, though a subsidiary of SREIT's operating partnership is this Trust's master tenant.