NexPoint Marina DST Overview
NexPoint Marina DST is a Regulation D private placement offering accredited investors up to $42,710,095 of Class 1 beneficial interests — representing 100% ownership — in a Delaware statutory trust structured for Section 1031 exchange investors. The parent trust (NexPoint Marina DST) holds 100% of two operating DSTs that together own two recreational marina and boatyard assets. Eufaula Cove Marina, at 400 & 610 Lakeshore Drive, Eufaula, Oklahoma, sits on Lake Eufaula in McIntosh County and comprises approximately 145 acres, 459 boat slips, eight jet-ski slips and roughly 14,200 net rentable square feet of related amenities. Grafton Harbor, at 215 West Water Street, Grafton, Illinois, sits on the Mississippi River within the St. Louis MSA and comprises approximately 5.48 acres, 252 boat slips, 25 jet-ski slips and roughly 5,000 net rentable square feet. The two properties were acquired by sponsor affiliates for a combined $36,000,000 and are held on long-term municipal ground/leasehold interests (Eufaula through 2071 and Grafton through 2100, each with a lengthy renewal option); the trusts own the improvements and leasehold rather than the underlying land or waters. Each property is master-leased to a sponsor-affiliated master tenant and operated day-to-day by third-party marina specialist New Haven Marinas. The business plan targets capital preservation, monthly distributions beginning at an estimated 7.01% annualized in year one, growth in net operating income through rate increases, occupancy and expanded marina revenue streams, and a sale within approximately five to ten years. The offering is entirely unleveraged (no property-level debt) and suits accredited 1031 exchangers seeking passive, all-cash replacement property in a niche, supply-constrained asset class who can accept illiquidity and no management control.
Highlights
The offering pairs two geographically and hydrologically distinct waterfront markets. Eufaula Cove Marina sits on Lake Eufaula, one of Oklahoma's largest reservoirs, in McIntosh County, within driving range of the Tulsa and Oklahoma City metros — an established recreational boating and lake-tourism destination. Grafton Harbor sits on the Mississippi River in Grafton, Illinois, inside the St. Louis, Missouri–Illinois MSA, placing a large metropolitan boating population in close proximity. The sponsor's thesis rests on strong local demographics, established marina demand drivers in both the McIntosh County Area and the STL MSA, proximity to major metropolitan statistical areas, and the limited availability of institutional-quality marina properties. National marina supply growth has remained relatively muted over the past decade while demand for boating and slips has continued to rise, tightening slip availability in many markets — a backdrop the sponsor argues supports continued occupancy and rate growth at both assets.
Beyond slip rentals, both marinas operate as multi-revenue hospitality destinations. Eufaula Cove Marina offers 24-hour gas pumps, rentable boats, two on-site restaurants (Tumbleweeds and Captain John's), and Yogi Bear's Jellystone Park Camp-Resort, which includes RV sites, 27 cabins, a swimming pool, mini-golf, lake access, a clubhouse/lodge and a general store. As of December 31, 2025, Eufaula occupancy was approximately 80%, reflecting the seasonality of its leases. Grafton Harbor, developed in 2006, was structurally full and operating at effectively 100% occupancy with an active waitlist as of February 16, 2026, indicating strong slip demand at that asset. Each property also carries food-and-beverage, fuel and ancillary hospitality revenue that supports foot traffic and occupancy. Independent JLL appraisals valued Eufaula 'as is' at $25,300,000 and Grafton at $11,200,000 — a combined $36,500,000, modestly above the $36,000,000 aggregate purchase price paid by the sponsor's affiliates.
The offering is all-cash and unleveraged: there is no mortgage or other debt on the properties. The maximum offering of $42,710,095 of equity represents 100% of the trust's interests. Of gross proceeds, roughly 90.65% ($38,716,701) is available for investment after a 9.35% ($3,993,394) load comprising up to 6.0% sales commissions, 2.75% marketing/due-diligence and managing broker-dealer fees, and 0.60% organization and offering expenses. Proceeds fund the $36,000,000 property purchase, $646,701 of acquisition closing costs, a $720,000 (2.0%) sponsor contribution fee, and $1,350,000 of reserves (a $915,000 CapEx reserve, a $200,000 seasonal reserve, and $235,000 of DST working capital). Because there is no debt to replace, the structure is well suited to 1031 exchangers coming out of unleveraged relinquished property; exchangers carrying debt on their relinquished property may recognize taxable boot. It is a best-efforts offering with no minimum raise or minimum escrow, terminating March 31, 2027 unless extended by the sponsor.
The sponsor is NexPoint Real Estate Advisors IV, L.P., an affiliate of the NexPoint alternative-investment platform based in Dallas, Texas. NexPoint and its affiliates reported approximately $15.97 billion in fee-earning assets under management as of December 31, 2025 and have completed more than $21.9 billion in gross real estate acquisitions since 2012, across a family of vehicles that includes publicly traded REITs (NXRT, NREF, NXDT) and other real estate and credit funds. NexPoint Securities, Inc., a sponsor affiliate, serves as managing broker-dealer. Day-to-day operations are handled by New Haven Marinas, LLC (d/b/a New Haven Property Management), an independent, non-affiliated specialist that manages marina and RV-park properties totaling over 2,900 sites across Oklahoma, Illinois, Missouri, Kentucky and Tennessee (approximately $85 million of assets under management) and focuses specifically on the complex marina and RV asset classes. Sponsor-affiliated managers control each trust, and the sponsor-affiliated asset managers earn a 0.20% annual asset-management fee and a 3.0% disposition fee.
The offering is designed for Section 1031 exchange investors: acquiring an interest is intended to be treated as a direct acquisition of the underlying real property, supported by a tax opinion from the trust's counsel (rather than an IRS private letter ruling) and grounded in Revenue Ruling 2004-86, which governs the use of DSTs in 1031 exchanges. A portion of monthly distributions is expected to be tax-deferred through depreciation and amortization. Because the properties carry no debt, the structure fits exchangers whose relinquished property is unleveraged. The offering also includes an Exchange Right: after investors have held their interests for at least one year, an affiliated 'Exchange Entity' has the right — but not the obligation — to require beneficial owners to exchange their interests for units in the Exchange Entity (a 721-style, potentially further tax-deferred roll-up) or to have them purchased for cash at the then-current fair market value determined by independent appraisal. This offers a potential structured liquidity path beyond an outright sale of the marinas, though it is exercised at the Exchange Entity's discretion, not the investor's.
Analysis of NexPoint Marina DST
Insights
NexPoint Marina DST is a yield-reach into an operating-business asset class dressed as a 1031 replacement property, and it should be underwritten as such — closer to a seasonal hospitality and recreation venture than to a net-lease or stabilized-multifamily DST. Its most exchanger-friendly feature is that it is entirely unleveraged (0% LTV): an investor exiting debt-free relinquished property can match equity cleanly without sourcing replacement debt, and there is no balloon or refinancing risk over the roughly five-to-ten-year hold. The trade-off is that marina cash flow is genuine operating income, not credit-tenant rent — seasonal, weather- and water-level-sensitive, and dependent on discretionary spending plus food-and-beverage and fuel revenue. On relative value, the projected distribution path (7.01% in year one rising to as much as 9.70% by year ten, about a 9.65% cap-rate equivalent) looks rich against net-lease DSTs, but the marketplace's own benchmarks are more sobering: average income, peak yield, and growth all merely meet the marina-sector average, so the buyer is not paid a premium over asset-class peers for the added operating complexity. The 9.35% front-end load is heavy — above the roughly 9% line — and stacks with a 2.0% contribution fee and a 3.0% disposition fee; with acquisition costs and reserves, some $42.7M of equity is raised to hold properties sponsor affiliates bought for $36.0M (JLL-appraised at $36.5M), so day-one basis sits meaningfully above underlying real-estate value and any eventual gain must first climb out of that spread. NOI coverage of the year-one payout is not disclosed, and the pro forma leans on rate and occupancy growth plus sponsor-affiliated master tenants performing under the master leases; those tenants are thinly capitalized (demand notes of only $190,000 and $80,000) and may defer rent, so distributions can be propped by the $1.35M of reserves rather than covered by operations. The crux is occupancy and master-tenant coverage versus pro forma: Grafton was effectively full with a waitlist, but Eufaula ran near 80% and is seasonal, so blended performance hinges on Eufaula's ancillary businesses (restaurants, the Jellystone RV resort, fuel and boat rentals) and on the master tenants paying as modeled — all resting on a sponsor with only three full-cycle deals realized to date (albeit at a ~1.65x average equity multiple) and a specialist operator, New Haven Marinas. A caution the marketing underplays: this is leasehold, not fee-simple — the trusts own improvements and long-dated municipal ground-lease interests (through 2071 and 2100), not the land or water, so residual value carries renewal and municipal-policy risk that fee-owned DSTs avoid. For fit, it suits a diversifying slice of a larger 1031 allocation for an accredited investor who wants higher current income, believes the supply-constrained marina thesis, and can tolerate illiquidity, no control, single-sector concentration and real operating volatility; an exchanger seeking bond-like, credit-tenant stability or a light fee drag should pass. Watch seasonal occupancy against pro forma, water-level and weather events, master-tenant rent coverage and any deferral, reserve drawdown, the eventual exit cap rate, and whether the sponsor exercises the one-year Exchange Right — a 721-style roll-up into an affiliated entity, priced by appraisal at its discretion — versus a third-party sale, since each carries different tax and liquidity consequences for the exchanger.
Advantages
All-cash, unleveraged structure eliminates property-level mortgage, balloon-maturity and refinancing risk and lets debt-free 1031 exchangers avoid taxable boot from unreplaced debt. Niche, supply-constrained asset class: institutional-quality marinas are scarce, national slip supply growth has been muted for a decade, and boating demand has risen, supporting pricing power. Two-property, two-market structure (Lake Eufaula, Oklahoma and the Mississippi River/St. Louis MSA, Illinois) provides some diversification of geography, water body and demand base within a single interest. Grafton Harbor was effectively 100% occupied with a waitlist as of February 2026, while Eufaula carries multiple revenue streams (slips, fuel, boat rentals, two restaurants and a Jellystone RV camp-resort) beyond slip rent. Combined purchase price ($36.0M) sits modestly below the combined JLL 'as is' appraised value ($36.5M). Projected cash flow is attractive: monthly distributions estimated to begin at 7.01% annualized in year one and projected to range from 7.26% to 9.70% in years two through ten, partially tax-deferred via depreciation. Experienced, well-capitalized sponsor (NexPoint, ~$15.97B fee-earning AUM and $21.9B+ acquisitions since 2012) paired with a dedicated, non-affiliated marina/RV operator (New Haven Marinas). Long-dated municipal ground leases (through 2071 and 2100, each with lengthy renewal options) and funded CapEx, seasonal and working-capital reserves totaling $1.35M. An optional 721-style Exchange Right offers a potential structured exit/liquidity path after a one-year hold.
Concerns
Illiquidity: interests are unregistered Regulation D securities with no public market, heavy transfer restrictions, and an indefinite holding period; investors must be able to bear a total loss. No control or voting: beneficial owners cannot participate in management, cannot force or block a sale, hold no legal title, and cannot partition the properties — the sponsor-affiliated managers decide when to sell. Concentration: a single offering in one niche asset class (two marinas only), with limited diversification and heavy exposure to boating/recreation demand and two local economies. Marina-specific hazards: fluctuating lake and river water levels, floods, storm surges, severe weather, disrupted dock access, dredging needs, and changes in U.S. Army Corps of Engineers waterway permitting can impair use, revenue and value. Pronounced seasonality: revenue peaks in warm months and falls sharply off-season, and much of it depends on discretionary consumer spending and food-and-beverage/hospitality performance. Leasehold, not fee, ownership: the trusts hold municipal city-lease interests and improvements rather than the underlying land and water, adding renewal, compliance and valuation-volatility risk. Reliance on sponsor-affiliated master tenants (capitalized by only modest $190,000 and $80,000 demand notes) for rent; master tenants may defer rent, and distributions may be supported by reserves rather than operations. High front-end load (9.35%) plus a 2.0% contribution fee, acquisition closing costs, an ongoing asset-management fee and a 3.0% disposition fee mean roughly $42.7M is raised against $36.0M of property, so investor basis exceeds recent cost and appraised value. Tax risk: 1031 treatment relies on a counsel opinion (not an IRS ruling) and Revenue Ruling 2004-86; use of exchange funds for certain costs could create taxable boot, and projected tax deferral is not guaranteed. Numerous conflicts of interest exist among the sponsor, managers, master tenants, asset manager and broker-dealer, most of which are affiliated. Eufaula occupancy was only ~80% (seasonal) at year-end 2025.
NexPoint Marina DST — Complete Offering Data
Offering & Structure
Investment NameNexPoint Marina DST
SponsorNexPoint
StructureDelaware Statutory Trust (DST)
Offering Type506(b)
StatusClosed
Last Updated2026-07-31
Size & Availability
Total Offering$42,710,095
Equity$42,710,095
DebtAll-Cash
Available Equity$0 (0% of equity)
Minimum Investment$100,000
Total Load9.35%
Initial Reserves3.16%
Property
Property TypeMarina
StrategyValue-Add
LocationIL, OK
Market TierTier 3
Income & Projections
Average Yield7.98%
Projected Yields (Y1–Y10)Y1 7.01% · Y2 7.26% · Y3 7.45% · Y4 7.47% · Y5 7.50% · Y6 7.60% · Y7 8.21% · Y8 8.60% · Y9 8.96% · Y10 9.70%
Tax-Adjusted Yield8.70%
Cap Rate Equivalent9.65%
Financing
In-Place LTV0.00% LTV
Exit
Estimated Hold Period10 years
721 Exchange ExitOptional
Benchmarks (vs sector median)
Avg. Income7.98% vs 7.98% market — Meets Average
Growth38.37% vs 38.37% market — Meets Average
Peak9.70% vs 9.70% market — Meets 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.
