Arapaho Business Park & Deerfield Property
2 small bay industrial properties in 2 states · sponsored by NexPoint
Arapaho Business Park & Deerfield Property is a DST sponsored by NexPoint that owns 2 small bay industrial properties in 2 states. Its latest Form D, filed Oct 6, 2026, lists a $50.3 million offering with a $100,000 minimum.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $50,382,493Equity offered, per the Form D
- Sold so far
- Form D, Oct 6, 2026; the % is our arithmetic65.9%
- Investors reported
- Form D, Oct 6, 2026101
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,408,469 · 8.7% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Can I still invest?
No new interests: the offering is reported fully subscribed.
By Top1031’s calculation from the latest Form D, filed Oct 6, 2026, 65.9% of the offering had sold.
Other NexPoint offerings on record
- NexPoint Marina II DSTAndersonville, TN · $100,000 minimum · $48,968,013 offeringActive offering · latest Form D Oct 6, 2026
- The Outlook at GreystoneBirmingham, AL · $100,000 minimum · $32,903,006 offeringActive offering · latest Form D Oct 6, 2026
- Waterford Place Apartment HomesGreensboro, NC · $100,000 minimum · $31,360,817 offeringActive offering · latest Form D Sep 17, 2026
- Kindeva Drug Delivery Global HeadquartersWoodbury, MN · $100,000 minimum · $30,661,253 offeringActive offering · latest Form D Aug 11, 2026
Availability changes without a filing. The sponsor or a registered representative can confirm what is open.
Looking for an offering like this one? A licensed 1031 specialist from our affiliated partner can talk through what is on record.
Ask a 1031 specialist about this recordFree. About: Arapaho Business Park & Deerfield Property. Top1031 is not a broker-dealer.Arapaho Business Park & Deerfield Property · Photo: nexpoint.com
Multiple property locations are on record; no single map.
What does the Trust own?
Two multi-tenant small-bay industrial parks are packaged as one portfolio: Arapaho Business Park in Richardson, Texas, and the Deerfield Property in Deerfield Beach, Florida. 1 Small-bay space is cut into modest units leased to local contractors, distributors and light manufacturers rather than to one large user. NexPoint states that all buildings at the Deerfield property underwent significant renovations in 2024 and 2025. 3
- Property address
- 1202 E Arapaho Rd
- Property size
- 509,914 total rentable SF: Arapaho Business Park 407,669 SF / 19 buildings / 31.55 acres (built 1976-1980, >90% occupied) + Deerfield Property 102,245 SF / 7 buildings / 8.25 acres (built 1987-1988)
- Total funding
- $91,382,493Investor money plus any loan.
- Property acquisition cost
- $86,671,730
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
A mortgage sits alongside investor equity and is repaid ahead of beneficial owners in any sale or refinancing. The loan pays interest only, so the balance does not shrink over time and the full amount falls due at maturity, payable by selling the properties or refinancing them.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- Loan amount
- $41,000,000
- Interest rate
- 5.708% fixed
- Loan term
- Interest-only for full term
- Loan share of total funding
- 44.9%The loan measured against investor money plus the loan.
- Reserves held by the lender
- $6,467,631
- May convert to a REIT (721)
- Target hold
- 5–10 years From NexPoint’s offering documents (Oct 2025). As reported by the sponsor.
Costs and terms from the Form D
- Selling commissions
- $4,408,469 · 8.7% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,736,295 · 3.4% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of offering expenses and acquisition/facilitation fees that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 16 named in the Form D
Show the firms
- 1031 Securities Inc. · CRD 326590
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Calton & Associates, Inc. · CRD 20999
- Capulent LLC · CRD 155155
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- McDermott Investment Services, LLC · CRD 154926
- Metric Financial, LLC · CRD 33324
- Quincy Wells Capital, LLC · CRD 334163
- Realized Financial, Inc. · CRD 22333
- Realta Equities, Inc. · CRD 23769
- Wealthforge Securities, LLC · CRD 152550
- Westpark Capital, Inc. · CRD 39914
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Oct 28, 2025
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
What are the deal terms?
From NexPoint’s offering documents (Oct 2025).
Your exit
- Can the sponsor's affiliate buy investors out?
- Yes, after 1 year
All investors must hold 1 year. No reply: cash (taxable sale)
Rent and the bills
- Who pays rent to the trust?
- A master tenant affiliated with the sponsor
- Who pays for roof and structural repairs?
- Investors, through the trust
- Who pays if taxes or insurance go up?
- Investors, through the trust
- Was the property bought from a sponsor affiliate?
- Yes
Your rights
- Can investors remove the manager?
- No
- How are disputes with the sponsor resolved?
- In court
Who's behind the Trust?
NexPoint sponsors this Trust, and Small Bay III is the third program in its small-bay industrial DST series. Trade coverage on October 13, 2025 reported that the three programs together cover more than 1.3 million square feet. A DST is passive by design: leasing, renewals and day-to-day decisions sit with the sponsor and its operating partner, while investors hold beneficial interests and take no management role.
- Sponsor
- Sponsor entity in the Form D
- NexPoint Real Estate Advisors IV, L.P.
- Manager and signatory trustee
- NREA Small Bay III, LLC
- Property manager
- Basis Industrial
- Offering launched
- Oct 13, 2025
- Offerings on record
Note from the sponsorRichardson address exact (Arapaho Business Park, zip 75081, confirmed via linkparks.com flyer and bayspace.com). Deerfield street address not published; zip 33073 and Basis Industrial management suggest possible match with BaySpace Crystal Pointe, 4500-4870 N Powerline Rd, but SF differs (96,888 vs 102,245) so left unconfirmed.
What does the SEC record show?
The Trust is offered under the SEC exemption that permits general advertising but requires the sponsor to verify each buyer's accredited status rather than accept a self-certification. The issuer reported October 28, 2025 as the date of first sale. 4 Amendments since have refreshed the issuer's reported figures.
- Legal Trust name
- NexPoint Small Bay III DST
- SEC CIK
- 2094145
- First Form D
- Nov 7, 2025
- Latest Form D
- Oct 6, 2026
- Filings on record
- 19
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $50,382,493 | $33,225,473+$6,290,695 | 101+8 | EDGAR | |
| Form D/A | $50,382,493 | $26,934,778+$1,222,637 | 93+2 | EDGAR | |
| Form D/A | $50,382,493 | $25,712,141+$3,297,906 | 91+15 | EDGAR | |
| Form D/A | $50,382,493 | $22,414,235+$697,308 | 76+5 | EDGAR | |
| Form D/A | $50,382,493 | $21,716,927+$834,004 | 71+4 | EDGAR | |
| Form D/A | $50,382,493 | $20,882,923+$898,315 | 67+4 | EDGAR | |
| Form D/A | $50,382,493 | $19,984,608+$2,639,780 | 63+13 | EDGAR | |
| Form D/A | $50,382,493 | $17,344,828+$596,032 | 50+4 | EDGAR | |
| Form D/A | $50,382,493 | $16,748,796+$1,432,766 | 46+7 | EDGAR | |
| Form D/A | $50,382,493 | $15,316,030+$2,216,342 | 39+4 | EDGAR | |
| Form D/A | $50,382,493 | $13,099,688+$1,947,586 | 35+6 | EDGAR | |
| Form D/A | $50,382,493 | $11,152,102+$3,535,827 | 29+7 | EDGAR | |
| Form D/A | $50,382,493 | $7,616,275+$600,000 | 22+1 | EDGAR | |
| Form D/A | $50,382,493 | $7,016,275+$1,444,172 | 21+5 | EDGAR | |
| Form D/A | $50,382,493 | $5,572,103+$683,457 | 16+3 | EDGAR | |
| Form D/A | $50,382,493 | $4,888,646+$495,238 | 13+4 | EDGAR | |
| Form D/A | $50,382,493 | $4,393,408+$2,511,731 | 9+3 | EDGAR | |
| Form D/A | $50,382,493 | $1,881,677+$733,271 | 6+3 | EDGAR | |
| Form D | $50,382,493 | $1,148,406 | 3 | EDGAR |
Show all 19 SEC Form D filings
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- Can I still invest in Arapaho Business Park & Deerfield Property?
- No new interests: Arapaho Business Park & Deerfield Property is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active offering.
- Does Arapaho Business Park & Deerfield Property have a 721 UPREIT exit?
- The record lists a possible 721 exit for Arapaho Business Park & Deerfield Property. It is an option, not a completed transaction; the offering documents set whether and when it can happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- What does the Trust actually own?
- It owns two multi-tenant small-bay industrial parks held as one portfolio: Arapaho Business Park in Richardson, Texas, and the Deerfield Property in Deerfield Beach, Florida. Investors hold beneficial interests in the Delaware statutory trust, not deeds to the buildings. Baker 1031's offering page describes the parent trust as holding all of the Class 2 beneficial interests in two operating trusts, one for each property. NexPoint states that the total acquisition cost it publishes covers purchase prices plus other closing costs, so it is not a purchase price on its own.
- Who are the tenants?
- There is no single corporate tenant. Both parks are leased in modest units to many occupants on relatively short terms. NexPoint's offering page lists a weighted-average lease term of 1.50 years at Arapaho Business Park and 2.85 years at the Deerfield property, with average rents of $12.73 and $15.96 per square foot, each measured as of August 31, 2025. Income therefore depends on many small leases rolling and renewing rather than on one credit tenant.
- How is the Trust financed?
- With investor equity plus a mortgage. NexPoint's offering page reports a $41,000,000 loan at a fixed rate that is interest-only for its full term, meaning no principal is retired along the way and the whole balance comes due at maturity, repayable only from a sale or a refinancing. The lender also holds reserves funded at closing. Mortgage debt is repaid ahead of beneficial owners when the properties are sold or refinanced.
- Who manages the two parks day to day?
- The sources name two parties. NexPoint's October 13, 2025 launch announcement identifies Basis Industrial as its partner on the Small Bay III assets, and Baker 1031's offering page names WMG Small Bay Management, LLC as the manager of both properties. Either way, management and leasing sit with the sponsor and its operating partner; holders of beneficial interests in a DST have no operating role.
- What is the minimum investment?
- $100,000, for either cash investors or 1031 exchange proceeds. The offering is made only to accredited investors, meaning people who meet the SEC's income or net-worth tests, and because it uses the exemption that permits general advertising, the sponsor verifies that status rather than relying on a signed self-certification.
In the news
Sources
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These links support the record as a whole; individual details may come from different sources.
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 offering documents before investing.