NexPoint Small Bay I
Industrial property · sponsored by NexPoint
NexPoint Small Bay I was a DST sponsored by NexPoint that owned an industrial property. Its last Form D, filed Jun 26, 2024, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Jun 26, 2024, reports the offering fully sold.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $59,505,817Equity offered, per the Form D
- Sold
- 100%Form D, Jun 26, 2024; the % is our arithmetic
- Investors reported
- Form D, Jun 26, 2024190
- Selling commissions
- Form D Item 15; the % is our arithmetic$5,206,759 · 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 →
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Ask a 1031 specialist about this recordFree. About: NexPoint Small Bay I. Top1031 is not a broker-dealer.What did NexPoint Small Bay I own?
NexPoint announced on June 20, 2023 that the Trust had indirectly acquired four Central Florida small-bay properties spanning 13 buildings: Presidents Plaza, Brandywine Business Center and Corporex Plaza in Tampa, plus Orlando International Business Center in Orlando. 1 Small-bay flex means a building carved into modest suites rented to many local businesses rather than one large user. Basis Industrial had bought the three Tampa centers weeks earlier, in April 2023.
- Property size
- ~420,000 sqft across 4 properties
How was it financed, and what did it cost to sell?
Neither the Form D filings nor the sponsor releases reviewed here state whether the Trust carries mortgage debt, and no lender is named. The offering documents are where the capital structure would be set out.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $5,206,759 · 8.7% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,647,035 · 2.7% 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
- 19 named in the Form D
Show the firms
- American Trust Investment Services, Inc. · CRD 3001
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Capulent LLC · CRD 155155
- Centaurus Financial, Inc. · CRD 30833
- Courtlandt Securities Corporation · CRD 137356
- DMK Advisor Group, Inc. · CRD 41067
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- IBN Financial Services, Inc. · CRD 42360
- IDB Capital Corp. · CRD 106032
- Infinity Financial Services · CRD 144302
- KCD Financial, Inc. · CRD 127473
- McDermott Investment Services, LLC · CRD 154926
- Realized Financial, Inc. · CRD 22333
- Realta Equities, Inc. · CRD 23769
- Vanderbilt Securities, LLC · CRD 5953
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Aug 22, 2023
- 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.
Who's behind NexPoint Small Bay I?
The Form D names NexPoint Real Estate Advisors IV, L.P. as sponsor and NREA Small Bay I, LLC as the Trust's manager and signatory trustee. 2 NexPoint has said it partnered with Boca Raton-based owner-operator Basis Industrial on all three of its small-bay DSTs, using Basis's in-house manager Bay Space. 4 On February 11, 2025 NexPoint announced its second small-bay DST had been fully subscribed and described Small Bay I as its first, launched in 2023 at $59.5 million. 5
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed an initial Form D — the short SEC notice for an exempt private offering — then amended it repeatedly as subscriptions arrived, each amendment restating the amount raised. It was offered under Rule 506(c), which permits public advertising but requires the sponsor to verify that every buyer is an accredited investor.
- Legal Trust name
- NexPoint Small Bay I DST
- SEC CIK
- 1990238
- First Form D
- Aug 23, 2023
- Latest Form D
- Jun 26, 2024
- Filings on record
- 16
- 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 | $59,505,817 | $59,505,817+$775,430 | 190+4 | EDGAR | |
| Form D/A | $59,505,817 | $58,730,387+$500,929 | 186+3 | EDGAR | |
| Form D/A | $59,505,817 | $58,229,458+$6,994,880 | 183+27 | EDGAR | |
| Form D/A | $59,505,817 | $51,234,578+$9,981,578 | 156+35 | EDGAR | |
| Form D/A | $59,505,817 | $41,253,000+$3,979,388 | 121+10 | EDGAR | |
| Form D/A | $59,505,817 | $37,273,612+$7,008,094 | 111+15 | EDGAR | |
| Form D/A | $59,505,817 | $30,265,518+$2,192,179 | 96+9 | EDGAR | |
| Form D/A | $59,505,817 | $28,073,339+$2,725,024 | 87+11 | EDGAR | |
| Form D/A | $59,505,817 | $25,348,315+$5,413,969 | 76+16 | EDGAR | |
| Form D/A | $59,505,817 | $19,934,346+$3,295,877 | 60+10 | EDGAR | |
| Form D/A | $59,505,817 | $16,638,469+$7,084,288 | 50+16 | EDGAR | |
| Form D/A | $59,505,817 | $9,554,181+$3,294,042 | 34+14 | EDGAR | |
| Form D/A | $59,505,817 | $6,260,139+$2,832,871 | 20+7 | EDGAR | |
| Form D/A | $59,505,817 | $3,427,268+$763,469 | 13+4 | EDGAR | |
| Form D/A | $59,505,817 | $2,663,799+$1,013,799 | 9+7 | EDGAR | |
| Form D | $59,505,817 | $1,650,000 | 2 | EDGAR |
Show all 16 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
- What happened to NexPoint Small Bay I?
- NexPoint Small Bay I is a Historical offering. The last Form D, filed Jun 26, 2024, reports the offering fully sold.
- What does "small bay" industrial mean here?
- Small-bay or flex industrial buildings are divided into relatively small suites — typically warehouse space with a bit of office and its own roll-up door — leased to local contractors, distributors, and service businesses. The Trust's four Central Florida properties comprise 13 buildings totaling 419,946 square feet, as announced by NexPoint on June 20, 2023.
- Who are the tenants?
- No named tenant roster for these properties appears in any public source located as of September 1, 2026. The buildings are multi-tenant, so income depends on many small leases rolling at different times rather than one long-term corporate lease. Real Estate Transition Solutions reports average occupancy of 93.2% and about two years of average remaining lease term on its marketplace page for the Trust.
- Is the Trust leveraged, and who is the lender?
- Public filings do not say. Form D does not require disclosure of property-level debt, and no sponsor release or trade report located identifies a lender or loan terms for this Trust. Leverage, loan maturity, and any lender-imposed reserves would be described in the offering documents issued to investors at the time of the offering.
- Does this Trust offer a 721/UPREIT exit?
- The record shows no REIT conversion feature. A 721/UPREIT exit is a structure in which investors contribute their real estate interest to an operating partnership in exchange for partnership units in a REIT, deferring tax again; nothing in this Trust's filing data indicates that path.
In the news
Sources
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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.