CF Biscayne Multifamily DST Overview
CF Biscayne Multifamily DST is a Delaware statutory trust offering, sponsored by an affiliate of Cantor Fitzgerald Investors, LLC, that gives accredited 1031-exchange and cash investors fractional beneficial ownership of Biscayne Shores, a newly built, gated Class A luxury apartment and townhome community in Miami, Florida. Completed in 2024 and situated on approximately 8.2 acres directly along Biscayne Bay at 11295 Biscayne Blvd, the property comprises a 288-unit, 15-story waterfront tower and 92 three-story townhome villas -- 380 residences in total -- with 737 parking spaces, including 502 garage spaces. The community sits roughly 11 miles north of downtown Miami, between the Aventura and Miami/Brickell employment and entertainment nodes, with regional connectivity via I-95 and U.S. Highway 1. As of the April 27, 2026 rent roll the property was 92.4% occupied at an average monthly rent of $3,740, and recent lease trade-outs averaged 10.3% above the prior lease. The Trust acquired the property for $206,000,000 and is capitalized with $112,650,000 of offering equity and a $123,306,000 Freddie Mac loan, for a total offering price of $235,956,000 and a loan-to-offering-price ratio of 52.3%. The property is operated under a 20-year net master lease by a wholly owned subsidiary of the Cantor Fitzgerald Income Trust Operating Partnership, with RPM Living -- the fourth-largest multifamily manager in the United States -- serving as property manager. The DST structure is intended to qualify as replacement property for Section 1031 exchanges, delivering monthly cash distributions and passive ownership without day-to-day management responsibility. The minimum investment is $250,000, and Interests are offered only to accredited investors under Rule 506(b) of Regulation D. The offering suits 1031 exchangers seeking institutionally sponsored, newer-vintage multifamily exposure in a growing South Florida market who value passive income and can accept illiquidity and the absence of investor control.
Highlights
The property occupies a strategically positioned site in the Northeast Miami multifamily submarket, roughly 11 miles north of downtown Miami and centrally located between the Aventura node to the north and the Miami/Brickell employment and entertainment core to the south, with direct regional connectivity via I-95 and U.S. Highway 1 and proximity to Miami's beaches. According to the PPM, effective market rents in the submarket are forecast to grow an average of 3.9% annually through 2029, and population within a three-mile radius is projected to expand at roughly 1.8% per year from 2025 to 2030 -- nearly four times the national average. The surrounding area is affluent, with average household income of approximately $107,787 and average home values of approximately $634,421 within three miles, and the property sits in the Miami-Dade County School District, rated A- by Niche. These demographic and demand fundamentals underpin the offering's location thesis.
Completed in 2024, Biscayne Shores is a gated, resort-style Class A community offering a differentiated mix of studios, one- and two-bedroom apartments, and two- and three-bedroom townhome villas averaging 1,044 square feet, many with unobstructed Biscayne Bay water views. Interiors feature high or floor-to-ceiling windows, quartz countertops, stainless-steel appliances, custom cabinetry, smart-home technology, full-size washer/dryers, and patios or balconies; townhomes add private two-car garages and larger water-view sliders. Community amenities include a clubhouse with co-working suites, conference room, podcast suite and coffee bar, a fitness center, and a waterfront resort-style pool deck with cabanas, jacuzzi, sauna, cold plunge, outdoor kitchen, playground, dog park, and a private dock with kayak and paddleboard launch providing direct bay access. As of the April 27, 2026 rent roll the property was 92.4% occupied at an average monthly rent of $3,740, with recent lease trade-outs averaging 10.3% above prior leases. Planned strategic improvements include kitchen islands in about 144 units and private yards for about 92 townhomes.
The Trust financed the acquisition with a $123,306,000 first-mortgage loan from Freddie Mac carrying a fixed interest rate of 4.84% and a maturity date of June 1, 2033. The loan is interest-only through June 2031, after which principal and interest are payable with principal amortizing on a 30-year schedule -- a structure that maximizes near-term distributable cash flow while deferring amortization. Against a total offering price of $235,956,000, the loan represents a loan-to-offering-price ratio of 52.3%, a moderate level of leverage for a newly built multifamily asset. The offering equity of $112,650,000 is raised from investors, and debt service through 2033 is contractually funded by the Master Tenant out of the Fixed Rent it owes the Trust under the net master lease. Fixed-rate agency financing at a known coupon removes floating-rate reset risk during the projected hold, though the 2033 maturity introduces refinancing and balloon considerations at exit.
The offering is sponsored by an affiliate of Cantor Fitzgerald Investors, LLC, part of Cantor Fitzgerald -- a global financial services firm founded in 1945 with more than 160 offices in 22 countries, nearly 16,000 employees, an investment-grade credit rating from Standard & Poor's and Fitch, and status as one of 26 primary dealers authorized to transact with the Federal Reserve Bank of New York. Cantor Fitzgerald reported $141 billion in real estate-related transactions in 2025. The property is managed by RPM Living, the sponsor's joint-venture partner through CFRPM Biscayne, LLC. Founded in 2002, RPM Living is the fourth-largest multifamily property manager in the United States, with a portfolio of roughly 218,000 units across 880 communities and about 5,000 employees, including approximately 10,900 units under management in the Miami MSA. RPM's principals have closed over $4.0 billion in multifamily acquisitions. This pairing of an institutional sponsor with a large-scale local operator underpins the management of the asset.
The offering is structured as a Delaware statutory trust intended to qualify as like-kind replacement property under Internal Revenue Code Section 1031, allowing exchange investors to defer capital gains while obtaining passive fractional ownership and monthly distributions. Because the DST holds a single property under a master-lease structure, investors receive their pro-rata share of income and depreciation without management responsibility. The offering also carries a Fair Market Value Option: Cantor Fitzgerald Income Trust, through its Operating Partnership, has the right (but not the obligation, and states no current intent) to acquire investors' Interests in exchange for OP Units and/or cash in a transaction intended to qualify as a tax-deferred exchange under Section 721. OP Unit recipients may be offered a Tax Protection Agreement and, after holding OP Units at least one year, may exchange them for shares of CF Income Trust, a publicly registered non-traded REIT, subject to a redemption fee of up to 1.0%. This provides a potential pathway from a single-asset DST toward a diversified REIT vehicle, though any exercise is at the sponsor's discretion.
Analysis of CF Biscayne Multifamily DST
Insights
Read as a portfolio move, CF Biscayne Multifamily DST is a capital-preservation trade wearing an income label: an exchanger parks deferred gains in a 2024-built Miami waterfront Class A asset plus Cantor Fitzgerald's credibility, accepting a below-market coupon for it. Asset quality is not the question -- a 380-unit bayfront community 92.4% leased at $3,740 -- what an exchanger keeps after leverage and load is. The numbers read thin, not rich: the 4.3% initial distribution and 4.14% average both screen Below Average versus the benchmark's ~4.85% income and ~5.55% peak, about half a point given up for newer product. The 7.5% load is middling, but with a 2.5% disposition fee and a ~$30M gap between the $206M purchase price and the $235.956M offering, a real slice of day-one equity funds fees and reserves, not real estate. Nor is the coupon fully earned: at a 0.98 Year-1 payout ratio, income covers only ~98% of the distribution, the rest a return of capital. The crux is master-lease credit and the 2033 exit -- the Master Tenant is a thinly capitalized sponsor affiliate whose guarantor backs only 5% of Fixed Rent, so income rides on property performance, and the Freddie Mac loan (fixed 4.84%, interest-only through June 2031) matures June 1, 2033 with little principal retired, leaving the return tied to the exit cap rate and refi window; we would watch occupancy against 92.4% and whether ~3.9% rent growth holds against Miami's supply. What marketing buries: the coupon is flattered by interest-only, stepping down from 4.3% to 3.75% in Years 6-7 exactly as amortization begins. Net, it suits an accredited 1031 investor who values asset quality, sponsor durability and tax deferral over yield and accepts illiquidity, concentration and affiliated-party reliance to 2033; those needing a higher or surer coupon, lease-guaranteed income, or near-term liquidity should pass.
Advantages
Newer-vintage, institutional-quality asset: Biscayne Shores was completed in 2024, reducing near-term capital-expenditure and deferred-maintenance risk relative to older multifamily product, and its waterfront Class A positioning commands premium rents (a $3,740 average) in a desirable Miami location. Demonstrated leasing momentum: the property was 92.4% occupied at the April 2026 rent roll, and recent lease trade-outs averaged 10.3% above prior leases, evidencing pricing power. Strong market fundamentals: submarket effective rents are forecast to grow 3.9% annually through 2029, with three-mile population growth of roughly 1.8% per year and affluent surrounding demographics (average household income near $107,787). Moderate, fixed-rate leverage: the $123,306,000 Freddie Mac loan is fixed at 4.84% with interest-only payments through June 2031 and a 52.3% loan-to-offering-price ratio, removing floating-rate exposure and supporting distributable cash flow during the hold. Institutional sponsorship and operation: Cantor Fitzgerald (founded 1945, investment-grade rated, with $141 billion of 2025 real estate transactions) sponsors the offering, and RPM Living, the fourth-largest U.S. multifamily manager with roughly 218,000 units, operates the property under a 20-year net master lease. Passive 1031 eligibility: the DST is designed as Section 1031 replacement property with monthly distributions and no management duties, at an accessible $250,000 minimum. Value-add upside: planned kitchen-island and private-yard improvements are projected to generate incremental monthly rent premiums. Optional REIT exit: the Section 721 Fair Market Value Option offers a potential path to OP Units and, ultimately, shares of a non-traded REIT.
Concerns
Illiquidity and no public market: there is and will be no public market for the Interests, the OP Units, or the CFIT Shares; Interests may not be transferred without the Administrative Trustee's consent, and investors may not realize a return for years, if at all. No control: consistent with DST requirements, investors have limited control over the Trust and the Property, the Trustees have limited authority and duties, and investors cannot direct leasing, financing, or sale decisions. Single-asset concentration: the Trust owns one property in one Miami submarket, so performance is undiversified and fully exposed to local market, tenant, and property-specific risk. Master-lease dependency: the Trust depends on the Master Tenant -- a wholly owned, thinly capitalized affiliate of the sponsor -- for revenue; the Guarantor's obligation is limited to just 5% of Fixed Rent, and a Master Tenant default, bankruptcy, or insolvency would adversely affect the Trust. Occupancy and tenant risk: the Master Tenant in turn depends on resident occupancy (currently 92.4%, not stabilized) and could be harmed by rent softening or resident defaults. Leverage and balloon risk: the $123,306,000 loan matures June 1, 2033; restrictive covenants could trigger default and foreclosure, prepayment and defeasance provisions may constrain the exit, and the Trust must sell or refinance by maturity or risk being unable to repay. Fees and load: total selling commissions and expenses may reach 7.5% of the offering, plus a disposition fee of up to 2.5% (capped with brokerage at 3.5%), reducing the capital invested in real estate and net proceeds. Reliance on sponsor and conflicts: the Sponsor, Administrative Trustee, Master Tenant, Asset Managers, and Property Manager are affiliated and subject to numerous conflicts of interest, and sponsor affiliates may own Interests. Distributions supported by reserves: the Administrative Trustee may withhold distributions to fund reserves, reducing targeted distributions. Tax uncertainty: the acquisition may not qualify as Section 1031 replacement property, and the Fair Market Value Option could force investors to exchange Interests for OP Units or cash, introducing additional tax and OP-Unit risks.
CF Biscayne Multifamily DST — Complete Offering Data
Offering & Structure
Investment NameCF Biscayne Multifamily DST
SponsorCantor Fitzgerald
StructureDelaware Statutory Trust (DST)
Offering Type506(b)
StatusAvailable
Last Updated2026-07-31
Size & Availability
Total Offering$235,956,000
Equity$112,650,000
Debt$123,306,000
Available Equity$80,000,000 (71% of equity)
Minimum Investment$250,000
Total Load7.50%
Initial Reserves6.68%
Property
Property TypeMultifamily
StrategyCore-Plus
LocationFL
Market TierTier 1
Income & Projections
Average Yield4.14%
Projected Yields (Y1–Y10)Y1 4.30% · Y2 4.30% · Y3 4.30% · Y4 4.30% · Y5 4.30% · Y6 3.75% · Y7 3.75%
Tax-Adjusted Yield11.14%
Cap Rate Equivalent8.43%
Year 1 NOI$10,700,937
Y1 Payout Ratio0.98
Financing
In-Place LTV52.26% LTV
LenderWalker & Dunlop (Freddie Mac)
Loan TypeFixed
Interest Rate4.84% (Fixed)
Loan Term7 years
I/O Period5 years
Amortization30 years (after I/O)
Y1 DSCR1.93x
Exit
Estimated Hold Period7 years
721 Exchange ExitMandatory
Benchmarks (vs sector median)
Avg. Income4.14% vs 4.85% market — Below Average
Growth0.00% vs 24.76% market
Peak4.30% vs 5.55% market — Below Average
Every data point Baker 1031 tracks for this offering, in one place. Figures are drawn from the offering’s private placement memorandum and sponsor materials unless noted, are summaries for convenience only, and are qualified in their entirety by the PPM. Tap the ⓘ icon next to any label for what it means and how it is calculated.
