Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Starboard Realty Advisors is a privately held, fully integrated real estate firm headquartered in Irvine, California, founded by William H. Winn Jr. and Stephen J. Carlton, whose principals describe more than 30 years of experience across acquisition, development, leasing, repositioning, management, financing and disposition. Its stated acquisition criteria primarily target Class A multifamily properties of at least 100 units for 1031-exchange investors holding through Delaware statutory trusts, with asset management, property management and leasing performed in-house by wholly owned Starboard Management Services LLC. Top1031 tracks 18 Starboard-sponsored trusts with first filings from 2015 through 2026, and the sponsor reported two full-cycle apartment sales in December 2021.
Sponsor-stated figures are as reported by the sponsor.Evidence 1234567
Published Grade summary
The audit tracks 18 Programs over 11 yrs — 6 lifecycle-eligible, 5 seasoned — including 4 sold with the result unknown, 1 unknown and levered at age 7–10y, and 1 levered and still operating. The outcome-disclosure ledger shows 4 entries with a published figure, 0 acknowledged without a figure, and 0 silent. No material adverse events, 0 distress, or recorded floor appear across 15 citations at proof depth 3; that absence is not proof of safety.
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6Programs with an ending or 7+ years of history
0 of 6Programs with a documented problem
100%Finished Programs with a published result
YesPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth65.1Published-outcome coverage100%
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Published Grade historyOne published letter, unchanged since
B2026-Q3 · Moved from B. Binding constraints: proof depth below 4; fewer than 10 lifecycle-eligible Programs; H below 85.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
Starboard Realty Advisors describes itself as a privately held, fully integrated real estate firm headquartered in Irvine, California, whose principals have more than 30 years of experience spanning acquisition, development, leasing, repositioning, management, financing and disposition, and identifies William H. Winn Jr. and Stephen J. Carlton as its founders 1. Asset management, property management and leasing are handled in-house through Starboard Management Services LLC, described as a wholly owned subsidiary of Starboard Realty Advisors LLC 2.
The firm states that its multifamily acquisition criteria primarily target Class A properties of at least 100 units acquired for 1031-exchange investors in a Delaware statutory trust structure, and it describes both stabilized and value-add acquisition strategies 3.
Sponsored programs
Top1031 tracks 18 Starboard-sponsored Delaware statutory trusts, with first filings running from Starboard Diagonal DST in 2015 and Starboard Lemon Grove DST in 2017 through Starboard Ridgeview DST in 2023, Starboard Elan DST in 2024, Starboard Makley DST in 2025 and Starboard Bradley DST in 2026 4.
Material for Starboard Makley DST identifies a 140-unit Class A mixed-use property in Columbus, Ohio, and states that Starboard closed escrow on August 4, 2025 5.
Reported full-cycle sales
Starboard Mountain Ranch DST held Badger Mountain Ranch Apartments in Richland, Washington, which sold on December 14, 2021 after a hold of roughly 3.8 years; Starboard stated that the sale delivered investors a 145% total return 6. Starboard Metro DST held The Metro, a 200-unit apartment community in the Atlanta area, which sold on December 9, 2021 after roughly 3.3 years, and Starboard stated that investors received a 128% return 7.
Banks on Bradley // New Construction Tri-Cities SaleBroker recap of the 144-unit brand-new Banks on Bradley asset in Richland, WA, sold at $34,500,000 ($239,583/unit) in stabilized institutional pricing to a 'LA-based DST equity partner' — property-level sale coverage for the underlying asset of the Starboard Bradley DST.
Starboard Realty Advisors Announces Second DST Offering in Columbus MarketStarboard Realty Advisors LLC acquired Makley Place Apartments, a 140-unit Class A mixed-use multifamily community in Columbus, OH with three ground-floor retail suites, as a private placement seeking to raise $21.3 million ($45M total) via the Starboard Makley DST for 1031-exchange investors.
Starboard Ridgeview DST ExamplesLists Starboard Ridgeview DST as a 112-unit single-family rental community in Fort Worth, TX, with loan of $16,176,000, investment cost ~$40,426,000, appraised value $33,300,000, and ~93% occupancy.
Starboard Ridgeview DST: Investor AlertLaw firm announces investigation into broker-dealer suitability issues for investors in the Starboard Ridgeview DST, referencing the 2023 Form D filing and $24,250,000 offering amount.
