<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002019884</cik>
        <entityName>Starwood Multifamily Portfolio Exchange I, D.S.T.</entityName>
        <issuerAddress>
            <street1>2340 COLLINS AVENUE</street1>
            <city>MIAMI BEACH</city>
            <stateOrCountry>FL</stateOrCountry>
            <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
            <zipCode>33139</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(305) 695-5500</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Delaware Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2023</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Starwood 1031 Exchange, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2340 Collins Avenue</street1>
                <city>Miami Beach</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33139</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Starwood 1031 Multifamily Portfolio I Manager, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2340 Collins Avenue</street1>
                <city>Miami Beach</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33139</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager and Signatory Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Starwood 1031 Multifamily Portfolio I Depositor, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2340 Collins Avenue</street1>
                <city>Miami Beach</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33139</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Depositor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Nora</firstName>
                <lastName>Creedon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2340 Collins Avenue</street1>
                <city>Miami Beach</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33139</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Executive Officer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0002019884-24-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2024-04-24</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>RM Securities, LLC</recipientName>
                <recipientCRDNumber>323671</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>100 S. Clinton Avenue</street1>
                    <street2>#2432</street2>
                    <city>Rochester</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>14604</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Starwood Capital, L.L.C.</recipientName>
                <recipientCRDNumber>146057</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>591 West Putnam Avenue</street1>
                    <city>Greenwich</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                    <zipCode>06830</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Patrick Capital Markets, LLC</recipientName>
                <recipientCRDNumber>16518</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11152 South Towne Square</street1>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <stateOrCountryDescription>MISSOURI</stateOrCountryDescription>
                    <zipCode>63123</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>ME</state>
                    <description>MAINE</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Saxony Securities, Inc.</recipientName>
                <recipientCRDNumber>115547</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11152 South Towne Square</street1>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <stateOrCountryDescription>MISSOURI</stateOrCountryDescription>
                    <zipCode>63123</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>David A. Kangas</recipientName>
                <recipientCRDNumber>6591398</recipientCRDNumber>
                <associatedBDName>Wealthforge Securities, LLC</associatedBDName>
                <associatedBDCRDNumber>152550</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3015 W. Moore St.</street1>
                    <street2>Suite 102</street2>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>23230</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Edwin P. Charlton</recipientName>
                <recipientCRDNumber>2135631</recipientCRDNumber>
                <associatedBDName>Wealthforge Securities LLC</associatedBDName>
                <associatedBDCRDNumber>152550</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3015 W. Moore St.</street1>
                    <street2>Suite 102</street2>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>23230</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Realized Financial, Inc.</recipientName>
                <recipientCRDNumber>22333</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>400 West 15th Street</street1>
                    <street2>Suite 700</street2>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78701</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AK</state>
                    <description>ALASKA</description>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>DE</state>
                    <description>DELAWARE</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>KS</state>
                    <description>KANSAS</description>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>124086520</totalOfferingAmount>
            <totalAmountSold>62247218</totalAmountSold>
            <totalRemaining>61839302</totalRemaining>
            <clarificationOfResponse>Regarding Item 11, the Issuer may accept smaller investments in its sole discretion.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>104</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>5046582</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Sales Commissions include estimates of the maximum amount of Selling Commissions, Dealer Manager Fees and Facilitation Fees that may be paid.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Starwood Multifamily Portfolio Exchange I, D.S.T.</issuerName>
                <signatureName>/s/Nora Creedon</signatureName>
                <nameOfSigner>Nora Creedon</nameOfSigner>
                <signatureTitle>Chief Executive Officer</signatureTitle>
                <signatureDate>2026-04-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
