Real Estate Funds Built for Markets Under Pressure
Structured Real Estate Funds for Today’s Market
Real estate remains one of the few asset classes where structure, timing, and execution still create durable returns. Starboard invests where those elements converge, delivering income-focused and time-sensitive real estate strategies designed for supply-constrained California markets.
Our funds emphasize cash flow, capital protection, and defined liquidity events by solving execution problems other real estate funds avoid, rather than relying on speculative development or market cycles.
Starboard DST Bridge Fund I, LP
The Starboard DST Bridge Fund I, LLC is a real estate fund that provides time-sensitive preferred equity and debt capital to support DST acquisitions operating under compressed 1031 timelines.
Target Fund Size
$30 million
Minimum Investment
$250,000
Fund Term
7 years from final closing (extendable up to 3 years)
Investment Period
up to 5 years from final closing (extendable 1 year)
Preferred Return
10% annual, non-compounded
Carried Interest
20% after preferred return and return of capital
Management Fee
1.5% annually (0.375% quarterly)
Redemptions
semi-annual after 2-year lock-up, subject to liquidity
Redemption Gate
10% of aggregate commitments per six-month period
The 1031 exchange market drives consistent demand for DST replacement properties, but rigid 45-day identification and 180-day closing deadlines often force sponsors to secure assets before syndication capital or permanent financing is finalized.
This timing gap creates a recurring need for fast, flexible bridge capital that preserves structure and control. This real estate fund is designed to address this inefficiency by providing short-duration capital at the point where execution risk is highest and certainty matters most.
Capital Commitments
Investors commit capital to the Fund, which is drawn as needed with advance notice in accordance with Fund terms.
Bridge Capital Deployment
Capital is deployed as preferred equity or debt into DST depositor entities to facilitate time-sensitive acquisitions or related financing requirements.
Syndication or Refinancing
Assets may be syndicated to 1031 exchange investors, refinanced, or otherwise recapitalized at the discretion of the General Partner.
Return of Capital
Proceeds generated from syndications, refinancings, or other liquidity events are returned to the Fund, subject to transaction performance.
Distributions or Redeployment
Returned capital may be distributed to investors or redeployed into new opportunities, based on Fund terms, available liquidity, and General Partner discretion.
Starboard Multifamily Income Fund I, LP
The Starboard Multifamily Income Fund I, LP focuses on acquiring multifamily properties in Southern California and expanding cash flow through ADU-driven unit growth.
Target Fund Size
$25 million
Preferred Return
8%
Portfolio IRR
22.14%
Portfolio MOIC
1.82x
Total Fund Life
6 years with extensions
Investor Type
HNWIs, Family Offices
Primary Markets
Southern California
California’s housing shortage continues to intensify as traditional development slows under rising costs, long approval timelines, and regulatory friction. Accessory dwelling units have emerged as one of the fastest and most efficient ways to add supply under updated state laws, particularly within existing multifamily properties in high-demand markets.
This multifamily fund is positioned to capitalize on this environment by increasing unit count and net operating income without the risks associated with ground-up construction or speculative development.
Acquire with Structured Leverage
Properties are acquired using upfront acquisition debt of approximately 37.5% of total project cost, or about 55% LTV on purchase price, with all debt funded at closing to simplify execution.
Fund Improvements Through One Capital Stack
Capex and ADU construction are funded through the original capital structure, avoiding separate construction loans, draw risk, and lender friction.
Add ADUs and Increase NOI
ADUs are built under California’s streamlined permitting process and leased into strong rental markets, increasing unit count and net operating income.
Refinance and Return Capital
Following stabilization, typically around Year 3, this multifamily fund refinances to replace and upsize acquisition debt, returning capital to investors with post-refinance leverage targeted at approximately 59% loan-to-ARV.
Hold for Income or Exit Opportunistically
Stabilized assets are held for cash flow or sold selectively based on market conditions, with interest-only debt repaid at exit.
Request Exclusive Access
Starboard’s private real estate funds are designed for accredited investors seeking income, capital protection, and execution certainty in today’s market. As opportunities are sourced and deployed on a rolling basis, access is intentionally selective to align capital with strategy and timing.
Request access to review current offerings, fund terms, and upcoming opportunities, and determine how Starboard fits into your portfolio.