Starwood Multifamily Portfolio Exchange I, D.S.T.
Multifamily property · sponsored by Starwood
Starwood Multifamily Portfolio Exchange I, D.S.T. is a DST sponsored by Starwood that owns 2 multifamily properties. Its latest Form D, filed Apr 21, 2026, lists a $124 million offering.
Key facts
- Minimum investment
- Not in the Form DFrom the Form D
- Offering size
- $124,086,520Equity offered, per the Form D
- Sold so far
- Form D, Apr 21, 2026; the % is our arithmetic53.3%
- Investors reported
- Form D, Apr 21, 2026112
- Selling commissions
- Form D Item 15; the % is our arithmetic$5,046,582 · 4.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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
- Apr 21, 2026 · 3 filings
- First sale
- Apr 24, 2024
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
- Not yet sold
- $57,856,960
- Investors
- 112
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
53.3% of $124,086,520 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $2.7 million a month
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Ask a 1031 specialist about this recordFree. About: Starwood Multifamily Portfolio Exchange I, D.S.T. Top1031 is not a broker-dealer.No photo on record. Location not stated in the SEC filings.
What does the Trust own?
The real estate came out of Starwood Real Estate Income Trust's existing portfolio rather than a third-party purchase, and the specifics stay out of the public record: the Form D filings carry no property schedule, city, occupancy figure, or purchase price. The issuer files from Starwood's Miami Beach office at 2340 Collins Avenue. 2 Property-level detail sits in the offering documents.
- Property size
- 2 properties; $157.8M net real estate (12/31/2025)
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
No public filing names a lender, states a debt amount, or sets out loan terms for this trust. Whether an exchanger takes on a share of mortgage debt — which matters when the relinquished property carried a loan — is answered in the offering documents rather than in the Form D record.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $5,046,582 · 4.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 6 named in the Form D
Show the firms
- Patrick Capital Markets, LLC · CRD 16518
- RM Securities, LLC · CRD 323671
- Realized Financial, Inc. · CRD 22333
- Saxony Securities, Inc. · CRD 115547
- Starwood Capital, L.L.C. · CRD 146057
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Apr 24, 2024
- Minimum investment
- Not in the Form D
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.
Who's behind the Trust?
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. 1 Both sit under Starwood, a large private real estate investment firm whose non-traded REIT supplies this Trust's two properties and its master tenant. On August 5, 2026, that REIT formed a $1.02 billion joint venture handing Apollo a 41.5% interest in roughly 120 affordable-housing properties while keeping 58.5% and operational control. 3
- Sponsor
- Offerings on record
What does the SEC record show?
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 reached through pre-existing relationships.
- Legal Trust name
- Starwood Multifamily Portfolio Exchange I, D.S.T.
- SEC CIK
- 2019884
- First Form D
- May 7, 2024
- Latest Form D
- Apr 21, 2026
- Filings on record
- 3
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $124,086,520 | $66,229,560+$3,982,342 | 112+8 | EDGAR | |
| Form D/A | $124,086,520 | $62,247,218+$60,374,218 | 104+102 | EDGAR | |
| Form D | $124,086,520 | $1,873,000 | 2 | 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 Starwood Multifamily Portfolio Exchange I, D.S.T. an active offering?
- Starwood Multifamily Portfolio Exchange I, D.S.T. is an Active offering: its latest Form D was filed Apr 21, 2026. 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.
- 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. The SEC filings disclose no property names, addresses, or occupancy figures, and web research as of September 18, 2026 could not identify the two buildings. The offering documents are the source for that information.
- Who pays the rent?
- Starwood REIT's operating partnership master-leases the portfolio through January 2, 2031, operates the apartments and pays rent to the trust. Because the tenant is a sponsor affiliate rather than an unrelated third party, an investor's rent stream depends on that affiliate's performance and its willingness to perform under the lease. The offering documents set out the lease terms and any guarantees.
- Is there a 721/UPREIT exit into Starwood REIT?
- Top1031's record does not show a REIT conversion feature for this Trust, and the Form D filings describe none. A 721/UPREIT exit is a structure in which DST interests are exchanged for operating-partnership units in a REIT instead of being sold for cash. Any such option, and who controls it, would be spelled out in the offering documents rather than in the SEC filings.
- 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 Starwood Real Estate Income Trust affordable-housing properties through a joint venture valued at about $1.02 billion, with the REIT retaining 58.5% and operational control. That reporting does not name this Trust or its two properties, though the REIT's operating partnership is the master tenant here.
- What does the public record not tell me?
- The Form D filings do not identify the properties, their cities, occupancy, purchase price, any lender, loan terms, or how mortgage debt is allocated to investors. They also state no minimum investment. Those items live in the offering documents, which a registered representative provides to accredited investors.
Sources
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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.