Arapaho Business Park & Deerfield Property
Small bay industrial in Multi-state (2) — sponsored by NexPoint
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Multi-state (2) · multiple property locationsMultiple property locations are on record. A single map would not represent this portfolio.
What is this, in one paragraph?
NexPoint Small Bay III DST is a $50,382,493 Delaware statutory trust — a structure that lets 1031 exchangers hold fractional real estate passively — owning two multi-tenant small-bay industrial parks, one in Richardson, Texas, and one in Deerfield Beach, Florida.1 It carries mortgage debt, is offered only to accredited investors (buyers meeting SEC income or net-worth tests) under Rule 506(c), and contemplates no 721/UPREIT conversion into REIT operating-partnership units.
Minimum investment
$100k
Offering size
$50.4M
How much has sold
53.0%
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Two multi-tenant small-bay industrial parks are packaged here as one portfolio: Arapaho Business Park in Richardson, Texas, and the Deerfield Property in Deerfield Beach, Florida.1 NexPoint publishes no street address for the Florida asset; Top1031's record flags a possible match to a similarly managed park in the same ZIP code, but the square footage does not line up. No primary record of an acquisition closing date was located.
- 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
Who is the tenant, and what's the lease?
No single tenant anchors this Trust, and none is named in the public record. NexPoint reported Arapaho Business Park 92.1% occupied and the Deerfield Property 95.0% occupied as of August 31, 2025, with weighted-average lease terms of 1.50 and 2.85 years and weighted-average in-place rents of $12.73 and $15.96 per square foot.2
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
53.0% reported sold
- Amount sold
- $26,934,778
- Reported unsold
- $23,447,715
- Investors reported
- 93
- Total offering
- $50,382,493
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
How is it financed, and what does it pay?
Leveraged means mortgage debt sits alongside investor equity, and the lender is repaid ahead of beneficial owners in any sale or refinancing. On an interest-only loan nothing amortizes, so the whole principal comes due at maturity and must be met by a refinancing or a sale. No lender is named in the public record.
- 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
Who's behind it?
Small Bay III is the third program in NexPoint's small-bay industrial DST series; trade coverage at launch reported that the three programs together cover more than 1.3 million square feet. NexPoint said it partnered with a privately held real estate owner and operator to run the buildings across all three small-bay offerings.1 A Delaware statutory trust is passive by design — it cannot renegotiate leases, refinance debt, or redevelop — so leasing and operations sit with that outside operator.
- Sponsor
- NexPoint
- Property manager
- Basis Industrial
- Offering launched
- Oct 13, 2025
- May convert to a REIT
- No
- Offerings from this sponsor
- 6 active / 17 total offerings from NexPoint
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.
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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. Filings report a first sale on October 28, 2025, and each amendment since has done one thing: update the running tally of sales and investors.3
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- NexPoint Small Bay III DST
- Filings on record
- 18
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
Is Arapaho Business Park & Deerfield Property still raising money?
Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for Arapaho Business Park & Deerfield Property?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Is this offering still open, or fully subscribed?
The record points both ways. Top1031's pipeline data marks the raise as fully subscribed, and a trade item carrying a full-subscription headline appears among the sources for this record, but the issuer's own Form D amendments — the most recent filed September 9, 2026 — still report sales below the total offering amount, and no filing confirms a closing. A web research pass on September 13, 2026 did not locate a primary record establishing that this Trust had been fully subscribed. Confirm current availability with NexPoint or your representative before naming this Trust in a 45-day identification.
What does "small-bay industrial" mean for an investor here?
Small-bay parks are divided into modest units leased to many local businesses — contractors, service firms, distributors, light manufacturers — rather than to one large corporate tenant. Exposure is spread across dozens of leases, but those leases are short, turnover is routine, and results depend on the manager's ability to keep re-leasing space at the rents underwritten in the PPM, the private placement memorandum that governs the deal.
Who actually runs the buildings?
NexPoint announced at launch that it partnered with a privately held real estate owner and operator for all three of its small-bay DST programs, and Top1031's record names the property manager for this portfolio. A Delaware statutory trust is a passive holder: beneficial owners make no operating decisions, cannot replace the manager, and cannot force a sale. Read the management and leasing sections of the PPM for the actual chain of control.
What happens when the mortgage matures?
The loan is interest-only for its full term, which means no principal is repaid along the way — the entire balance has to be retired at maturity by selling the properties or refinancing. Neither the maturity date nor the lender's identity appears in the SEC filings or the sponsor materials reviewed for this record, so read the debt summary in the PPM and compare it against the projected hold period.
Do we know exactly where the Florida property is?
Not precisely. NexPoint publishes only Deerfield Beach, Florida for that asset, with no street address. Top1031's own record notes a possible match to a similarly managed industrial park at 4500-4870 North Powerline Road in the same ZIP code, but the published square footage there does not match the Trust's stated Deerfield square footage, so the parcel is left unconfirmed. Verify the legal description in the PPM and title documents.
Could this Trust convert into REIT shares?
No 721/UPREIT exit — the arrangement in which a DST's real estate is contributed to a REIT's operating partnership in exchange for units — appears in the record for this Trust. The path described is an eventual sale of the real estate; confirm the exit language in the PPM.
Chapter 9NexPoint Launches Small Bay III DST OfferingNexPoint announced the launch of NexPoint Small Bay III DST, a $50,382,493 Delaware statutory trust offering of two small bay industrial properties — the 102,245 sq ft Deerfield Property in Deerfield Beach, FL and the 407,669 sq ft, 19-building Arapaho Business Park in Richardson, TX. NexPoint Expands Industrial DST Portfolio With $50.4M Multi-State OfferingTrade-press coverage of the Small Bay III DST launch, noting the $100,000 minimum, partnership with Basis Industrial for property management, and that the offering brings NexPoint's DST industrial portfolio to over 1.3M sq ft across three programs.