Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Starwood Multifamily Portfolio Exchange I is a Delaware statutory trust (DST) — organized in 2023 — that lets 1031 exchangers hold fractional interests in replacement real estate.1 It holds two multifamily properties sourced from Starwood Real Estate Income Trust and master-leases them back to that REIT's operating partnership through January 2, 2031. It is still raising from accredited investors, and SEC filings name no individual property.
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.
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 holdings are two multifamily properties drawn from Starwood Real Estate Income Trust's own portfolio, and Starwood has kept the addresses out of the public record. The trust's Form D filings identify the issuer, its sponsor and its manager, and little else about the real estate.1 No property schedule, city, occupancy figure, or purchase price appears in SEC filings; the private placement memorandum — the private offering document — is where those details are settled.
- Property size
- 2 properties; $157.8M net real estate (12/31/2025)
Who is the tenant, and what's the lease?
The portfolio is master-leased to Starwood REIT's operating partnership through January 2, 2031 — one lease covering the whole portfolio to a Starwood affiliate, which operates the buildings and pays rent to the trust, keeping the trust itself passive as 1031 treatment requires.
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
- Still available
- $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 for replacing debt carried on the relinquished property — 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.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, 2026.2 On August 5, 2026, Starwood Real Estate Income Trust — 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.3
- Sponsor
- Starwood
- Legal Trust name
- Starwood Multifamily Portfolio Exchange I, D.S.T.
- 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 a single Form D at launch, then amended it twice 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 — 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.
- 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?
Top1031 lists Starwood Multifamily Portfolio Exchange I, D.S.T. as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
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.
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. Availability changes daily and is confirmed only by the sponsor or a selling broker-dealer, never by a filing.
Who pays the rent?
The properties are master-leased to Starwood REIT's operating partnership through January 2, 2031. A master lease means one affiliate tenant leases the entire portfolio, handles day-to-day operations, and pays rent to the trust — the arrangement that keeps a DST from being treated as an active business.
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.
Is there a 721/UPREIT exit into Starwood REIT?
Top1031's record does not indicate a 721/UPREIT conversion feature — the option some DSTs have to swap trust interests for REIT operating-partnership units at the end of the hold. Because the master tenant is SREIT's operating partnership, ask specifically whether the PPM grants any such right or a purchase option.
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 SREIT's operating partnership is this Trust's master tenant.