Minimum investment
$100k
Offering size
$40.5M
How much has sold
100.0%
Asset type
Life sciences (CDMO / lab-office) property
Location
Philadelphia, Pennsylvania
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 Life Sciences II DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — owning two Philadelphia life-sciences manufacturing properties leased to Adare Pharma Solutions.3 NexPoint reported acquiring them from Frontida Biopharm in 2023.2 The Trust is closed to new investors: NexPoint announced on December 18, 2025 that the offering was fully subscribed.3
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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?
The Trust holds two neighboring life-sciences industrial buildings at 1100 Orthodox Street and 7722 Dungan Road.1 NexPoint reported on May 17, 2023 that they were acquired from Frontida Biopharm, LLC, a company in the Adare Pharma Solutions group.2 CoStar described the transaction as a sale-leaseback, in which the seller remained in the buildings as tenant.1
- Reported location
- Philadelphia, Pennsylvania
- Property size
- two separate properties; nearly 18 acres; more than 250,000 square feet of interior space
Who is the tenant, and what's the lease?
The tenant is Adare Pharma Solutions, a contract development and manufacturing organization that sold the buildings and stayed on under a leaseback.3 Pennsylvania's economic development agency said in August 2024 that Adare was relocating its headquarters to the Dungan Road facility.4 Lease term and rent are not disclosed in the public record.
How did it end?
Closed to new investment · still operating
Latest direct evidence supports continued operation: NexPoint's March 31, 2026 SEC Form 10-Q states that NexPoint Life Sciences II DST owns a Philadelphia manufacturing and production facility under a triple-net lease, while NexPoint's March 31, 2026 DST page reports three full-cycle DSTs but lists Life Sciences III—not II—as the current life-sciences offering; the sponsor's December 18, 2025 release describes Life Sciences II only as fully subscribed.
two separate properties; nearly 18 acres; more than 250,000 square feet of interior space
Supporting evidence
Counted on NexPoint’s Record Card as: Still operating Document
How is it financed, and what does it pay?
The Trust carries mortgage debt rather than owning free and clear. CoStar reported the acquisition was financed with a commercial mortgage-backed securities loan from KeyBank — a mortgage packaged into a bond pool rather than held on one bank's books.1 The loan amount and terms are not in the public record.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
The Form D names NexPoint Real Estate Advisors IV, L.P. as sponsor of the issuer, with Matthew Goetz signing as an executive officer.5 NexPoint runs a repeat 1031 program with a life-sciences line: it launched a separate Life Sciences III DST on January 16, 2024 for a Kindeva-occupied manufacturing property in Woodbury, Minnesota. On September 12, 2023, NexPoint disclosed an initial 6% co-investment alongside investors in this Trust.
- Sponsor
- NexPoint
- Legal Trust name
- NexPoint Life Sciences II 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 notice private offerings file with the SEC — in mid-2023 and amended it repeatedly as subscriptions accumulated, the last amendment reporting the offering fully sold. It is offered under Rule 506(c), the exemption that permits public advertising provided every investor's accredited status is verified.
- 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
- 19
- 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 two life sciences industrial properties?
Top1031 lists two life sciences industrial properties as historical. It is no longer raising money.
Where does Top1031 get the data for two life sciences industrial properties?
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 this Trust?
No. NexPoint announced on December 18, 2025 that the Life Sciences II DST offering was fully subscribed, and the final Form D amendment shows no remaining amount available. The Trust is closed to new investors; DST interests generally have no public secondary market.
Who occupies the buildings?
Adare Pharma Solutions, a contract development and manufacturing organization (CDMO) that makes drug products for pharmaceutical clients. Adare's affiliate Frontida Biopharm sold the two properties to the Trust in 2023 and remained as tenant under a sale-leaseback. Pennsylvania's economic development agency said in August 2024 that Adare was moving its headquarters to the Dungan Road building.
What is a sale-leaseback, and why does it matter here?
In a sale-leaseback the occupant sells its real estate and signs a lease to keep using it. For an investor, the building's value and cash flow are tied closely to that one operating company. Here, the seller and tenant are in the Adare Pharma Solutions group, so the Trust's income depends substantially on that tenant's performance and lease compliance.
How is the property financed?
CoStar reported that the acquisition was financed with a commercial mortgage-backed securities (CMBS) loan from KeyBank, meaning the mortgage was securitized rather than held by a single lender. The loan amount, interest rate, maturity and loan-to-value are not disclosed in the public record; those terms would appear in the private placement memorandum (PPM).
Could this Trust roll into a REIT?
The record shows no 721/UPREIT exit feature — the arrangement in which DST investors contribute their interests to an operating partnership in exchange for REIT units. Absent that, an exit would normally come from a sale or refinancing of the properties. No disposition or full-cycle event has been reported for this Trust.
What key facts are still unknown?
The public record does not establish the lease term or rent, the purchase price for the two-property portfolio, the mortgage amount or loan-to-value, or any distribution history. Those figures would be set out in the PPM and the closing documents, not in the SEC Form D filings.
Chapter 9NexPoint Fully Subscribes $42 Million Life Science II DSTPR Newswire syndication of NexPoint's announcement that the NexPoint Life Science II DST has reached its $42 million equity raise target since launch. NexPoint Announces Co-investment in NexPoint Life Sciences II DSTNexPoint discloses 6% initial co-investment (target 10-12%) in the II DST, reaffirming the two Philadelphia properties occupied by a subsidiary of Adare Pharmaceuticals. NexPoint Expands Life Sciences Real Estate Footprint with Acquisition of Two Properties from Adare Pharma SolutionsMirror of NexPoint press release confirming Philadelphia acquisition and $42M raise target. NexPoint Acquires Life Science Properties in PhiladelphiaTrade-press coverage of NexPoint's Philadelphia life-sciences acquisition via the II DST and sale-leaseback around Frontida Biopharm. Northeast Philadelphia pharmaceutical plants sell to Texas buyerRecords show NexPoint acquired four parcels on the 1000 and 1100 blocks of Orthodox Street in Juniata Park from Frontida.