Starboard Capital Fund

Western U.S.

  • Target Annual Cash 12%
  • Target IRR 12%
  • Target Equity Multiple 1.5x
  • Asset Profile Value Add
  • Min. Investment $25K
  • Estimated Hold 1-5Y

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Starboard Realty Advisors Irvine, CA

Mixed-Use Fund

About this Fund

The Starboard Capital Fund will make monthly distributions to investors from distributions it receives from the real estate investments it makes. The distributions will originate from preferential returns, equity fees and profit participations from each Fund investment. The Fund is projecting a 12% annualized return paid monthly, which is derived from investments the Fund makes that earn a return of 16-19% annualized, and then is reduced or diluted because the Fund projections assume an average of 70% of the offering proceeds will be deployed at any given time and the remaining 30% held in cash by the Fund.

The Fund has two investment strategies: 1031 Exchange Property or Value-Add Bridge Equity/Debt (projected 75% allocation), and Co-Invest equity investments in value-add property purchases (projected 25% allocation).

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Key Points

  • 1031 Exchange Property or Value Add Bridge Equity/Debt: The primary business of Starboard is to acquire stabilized investment property and then to package the investment into a Delaware Statutory Trust ("DST") investment structure which qualifies as a like-kind exchange under IRS section 1031 code. For each purchase Starboard seeks the equity to close escrow from sources other than the permanent DST investors completing the 1031 exchange. Also, in purchasing value-add properties, occasionally permanent investors are not able to fund in time to close escrow with Sellers. The Fund will provide equity or loans to either the entity purchasing the property or Starboard to provide the "bridge equity."
  • Investor Returns - Bridge Equity/Debt: In exchange for providing equity or loans, the Fund will receive equity fees of ½ of 1% per month on the equity balance and a 12% annualized Preferential Return paid monthly on the equity investment in a particular property. The blended return including preferred return and equity fees is 16-18%, however, the Manager projects that this return will be diluted, assuming that at any one time, an average of 70% of the offering proceeds will be deployed with the remaining 30% held in cash by the Fund.
  • Investment Collateral - Bridge Equity/Debt: The Fund's collateral will be an equity interest in the entity that owns the property, a pledge of membership interest and/or a guaranty from Starboard. The Fund may provide all or some of the equity alongside Starboard, Starboard's affiliates or other investors' capital depending upon the transaction size.
  • Co-Invest Equity Investments in Value Add Property Purchases: When Starboard acquires a value-add property, the hold period is typically 2-5 years and Starboard will contribute a Co-Invest of between 5-20% of the equity. The balance, 80-95% of the equity, will be contributed by multiple or a single accredited investor(s) or institutional JV partner(s). The Company may provide all or some of the Co-Invest equity alongside Starboard, Starboard's affiliates and other investors' capital depending upon the transaction size.
  • Investor Returns - Co-Invest Equity Investments: The investor return is projected to be composed of a 10-12% Annualized Preferential Return (10% paid in monthly distributions) and a profit participation for the Fund equity investment projected to average 7% per year that is paid when the property is sold or refinanced. The average return is projected to be 17-19% annualized, however, the Manager projects that this return will be diluted, assuming that at any one time, an average of 70% of the offering proceeds will be deployed with the remaining 30% held in cash by the Fund.

Financials

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Offering Financial

Location Details

Western U.S.

The Fund will invest in multi-family, grocery anchored and single NNN lease properties in primarily the western U.S.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The first projected distribution is scheduled for March 2018.

Distributions are scheduled to go out on a monthly basis.

No, this offering is only available to US residents.

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