Arapaho Business Park & Deerfield Property
Legal trust name NexPoint Small Bay III DST
Talk to a 1031 specialistData updated Jun 10, 2026
Offering size$50.4M
Asset typeIndustrial
LocationRichardson, TX
FinancingLeveraged
Regulation D exemptionRule 506(c)
Sponsor-reported potential 721/UPREIT exitNo
First filedNov 7, 2025
Last filedJun 10, 2026
Minimum$100k
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.
Arapaho Business Park & Deerfield Property is the two-asset industrial portfolio held by NexPoint Small Bay III DST, a Delaware statutory trust sponsored by NexPoint and offered to accredited investors. Arapaho Business Park in Richardson, Texas spans 407,669 rentable square feet across 19 buildings, and the Deerfield Property in Deerfield Beach, Florida adds 102,245 square feet across seven buildings — a combined roughly 509,914 square feet across 179 units. Basis Industrial serves as operating partner, managing both properties through its BaySpace platform. The trust was capitalized at approximately $91.4 million at its 2025 launch, including a $41 million fixed-rate senior mortgage.
Based on issuer-filed Form D notices through Jun 10, 2026. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Reported sold as a percentage of stated offering amount44.0%
Capital sold, per latest Form D$22,414,235
Remaining amount reported in latest Form D$27,968,258
Investor count reported in latest Form D76
Stated minimum investment$100,000
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First filedNov 7, 2025
Latest filingJun 10, 2026
Filings tracked16
View filing on SEC EDGARForm D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.
Offering
- Offering size
- $50,382,493
- Total capitalization
- $91,382,493
- Total acquisition cost
- $86,671,730
- Min investment
- $100,000 (cash or 1031)
Financing
- Interest rate
- 5.708% fixed
- Loan term
- Interest-only for full term
- Lender reserves
- $6,467,631
Management
- Property management
- Basis Industrial
- Launched
- 2025-10-13
Details
- Total loan amount
- $41,000,000
- Loan to capitalization
- 44.9%
Sponsor-reported detailsRichardson 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.
Offering profile
SEC filings + cited sources
Portfolio
NexPoint Small Bay III DST holds two small-bay industrial properties. Arapaho Business Park in Richardson, Texas comprises 407,669 rentable square feet across 19 buildings on more than 31 acres, built between 1976 and 1980 in the Dallas–Fort Worth MSA. The Deerfield Property in Deerfield Beach, Florida adds 102,245 rentable square feet across seven buildings on 8.25 acres, built 1987–1988 with two buildings dating to 2017 and select renovations in 2024–2025, located about 15 miles from downtown Fort Lauderdale in the Miami–Fort Lauderdale–West Palm Beach MSA. The combined footprint is approximately 509,914 square feet across 179 units.1
Operations
Basis Industrial, a privately held, vertically integrated real estate owner-operator, serves as operating partner and manages the assets through its in-house property manager BaySpace, a partnership that spans all three of NexPoint's Small Bay DST programs.1
Capitalization
At the October 2025 launch, the offering page reported a total acquisition cost of $86,671,730 plus lender reserves of $6,467,631, for total capitalization of $91,382,493. It is financed with a $41,000,000 senior mortgage, fixed at 5.708% and interest-only for the full term, alongside $50,382,493 of DST equity, for a loan-to-capitalization ratio of 44.9%.2
Occupancy
As of August 31, 2025, the Deerfield Property was 95.0% occupied with weighted-average in-place rent of $15.96 per square foot and a weighted-average lease term of 2.85 years, while Arapaho Business Park was 92.1% occupied with weighted-average in-place rent of $12.73 per square foot and a weighted-average lease term of 1.50 years.2
Offering
NexPoint announced the launch of the $50,382,493 offering on October 13, 2025.3 The Private Placement Memorandum is dated October 10, 2025, the minimum investment is $100,000, and eligibility is limited to accredited investors.1
In the news
Frequently asked questions
Is Arapaho Business Park & Deerfield Property currently active?
Arapaho Business Park & Deerfield Property is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.
Where does Top1031 get the data for Arapaho Business Park & Deerfield Property?
Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.