Minimum investment
$100k
Offering size
$59.5M
How much has sold
100.0%
Asset type
Industrial (small bay / flex) property
Location
Not stated
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
NexPoint Small Bay I DST is a Delaware statutory trust — a structure that lets 1031 exchange investors own fractional interests in real estate — holding four multi-tenant small-bay industrial flex properties in Tampa and Orlando, Florida. NexPoint announced the 13-building, 419,946-square-foot acquisition on June 20, 2023 and sought $59.5 million of equity.1 The offering is closed to new investors.
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These links support the historical public record; individual details may come from different 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?
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
Who is the tenant, and what's the lease?
These are multi-tenant buildings, so rent comes from many small local occupiers rather than one credit tenant, and no tenant roster is public. A Real Estate Transition Solutions marketplace listing reports average occupancy of 93.2% and roughly two years of average remaining lease term.3 Basis Industrial's in-house manager, Bay Space, handles property management.4
How did it end?
No sale or other ending on record
No full cycle, sale, 721 UPREIT, or foreclosure announcement has been issued; NexPoint's DSTs page lists Small Bay I as Active with a 4.32% annual cash flow and NexPoint has since launched two successor offerings (Small Bay II in Jul 2024 and Small Bay III in Oct 2025) referencing the still-active prior trust.
Four multi-tenant industrial flex properties across Tampa and Orlando, FL totaling ~420,000 NRSF at ~93.2% leased; ~$59.5M offering (acquired June 2023). Specific street addresses of the four properties are not publicly disclosed.
~420,000 sqft across 4 propertiesSupporting evidence
How is it financed, and what does it pay?
Neither the Form D filings nor the sponsor releases reviewed here state whether the Trust carries mortgage debt, and no lender is named. The private placement memorandum — the offering document given to prospective buyers — is where the capital structure would be set out.
Who's behind it?
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
- NexPoint
- Legal Trust name
- NexPoint Small Bay I DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 6 active / 17 total offerings from NexPoint
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- 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.
- Filings on record
- 16
- 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
What happened to NexPoint Small Bay I?
Top1031 lists NexPoint Small Bay I as historical. It is no longer raising money.
Where does Top1031 get the data for NexPoint Small Bay I?
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.
Can I still invest in NexPoint Small Bay I DST?
No. This Trust is Historical — closed to new investors. Its final Form D amendment was filed June 26, 2024, and a Real Estate Transition Solutions marketplace page labels it a closed offering. NexPoint later brought separate small-bay offerings, Small Bay II and Small Bay III, to market; those are different trusts with different properties.
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 private placement memorandum 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.
Has the portfolio been sold or refinanced since the offering closed?
No outcome has been reported. Research through September 1, 2026 found no public record of a sale, disposition, foreclosure, litigation, or other material property event for the four Small Bay I properties after the offering's final Form D amendment in June 2024.
Chapter 9NexPoint Fully Subscribed Second Small Bay Industrial DSTNexPoint notes its first small-bay industrial DST (Small Bay I, 2023, $59.5M) has been fully subscribed, while announcing the close of the second small-bay industrial DST. NexPoint Launches $39M Small Bay II DST OfferingConnect Money piece referencing NexPoint Small Bay I as the predecessor small-bay industrial DST (launched 2023, $59.5M) that was followed by Small Bay II in July 2024. NexPoint DST Completes $60 Million of Industrial AcquisitionsTrade-press coverage of NexPoint Small Bay I DST's acquisition of four small-bay multi-tenant industrial flex properties across Tampa and Orlando, FL totaling ~420,000 sqft at ~93.2% occupancy; ~$59.5M offering.