NexPoint Marina is a two-property, debt-free portfolio of marina and boatyard operating assets - Eufaula Cove Marina on Lake Eufaula, OK (459 wet slips) and Grafton Harbor on the Mississippi River in the St. Louis MSA (252 slips) - held as leasehold interests in improvements under long-dated municipal ground leases. Capitalized entirely with $42.71M of equity against ~$3.07M of Year-1 NOI, the thesis institutionalizes fragmented owner-operated marina assets in supply-constrained waterfront corridors. The value-add plan drives mark-to-market slip rents, lifts Eufaula seasonal occupancy, and expands ancillary revenue under specialist management, with a five-to-ten-year disposition via sale or a discretionary Section 721 UPREIT.
NexPoint Marina DST is a two-property, debt-free portfolio of marina and boatyard operating assets held in a parent DST over two operating sub-DSTs (Eufaula and Grafton). Eufaula Cove Marina (400 & 610 Lakeshore Drive, Eufaula, OK; ~145 acres, 459 wet slips plus 8 jet-ski slips, ~14,200 NRSF; developed 1988/2010) sits on Lake Eufaula in McIntosh County within four hours of Tulsa, Oklahoma City, Dallas and Little Rock, incorporates a Camp Jellystone-franchised camp-resort, and runs roughly 80% occupancy on seasonal leases. 48 acres, 252 slips plus 25 jet-ski slips, ~5,000 NRSF; developed 2006) sits on the Mississippi River in the St. Louis MSA and is effectively 100% occupied with an active waitlist.
Both assets are held as leasehold interests in improvements rather than fee simple, under long-dated municipal ground leases (Eufaula to 2071 plus a 50-year renewal; Grafton to 2100 plus a 98-year renewal), with the DSTs owning the improvements and leaseholds, not the underlying land or water. 07M of Year-1 NOI. The thesis is to institutionalize fragmented owner-operated marina assets in supply-constrained waterfront corridors, driving mark-to-market rent on annual slip leases, lifting Eufaula seasonal occupancy, and expanding ancillary revenue (boat rental, fuel, F&B, liquor, camp-resort) under specialist manager New Haven Property Management, with disposition targeted within five to ten years via sale or a discretionary Section 721 UPREIT into the NexPoint REIT platform.
The properties are held free and clear with no mortgage, eliminating refinancing, maturity, rate-cap, and lender-foreclosure risk and removing the equal-or-greater-debt replacement requirement for 1031 investors. The structural trade-off is the absence of positive leverage.
Marina supply is structurally constrained: new development demands deep protected water, upland area for parking and services, and difficult entitlements, leaving near-zero replacement supply in established corridors. The two assets occupy scarce, hard-to-replicate positions on Lake Eufaula and the Mississippi River at Grafton, conferring durable pricing power; the qualification is that this barrier protects the existing footprint rather than enabling expansion, capping organic growth to rate and ancillary-revenue gains.
Marina income is diversified across slip and jet-ski rental, boat rental, fuel, F&B, liquor at Grafton, restaurant and service leases, and the Eufaula Camp Jellystone camp-resort, reducing single-stream dependence. The trade-off is operating-business exposure absent from pure net lease, including roughly $0.8M of Year-1 cost of goods sold, so a portion of the headline yield is operating margin rather than contractual rent.
Grafton is effectively 100% leased with a waitlist while Eufaula runs roughly 80% on seasonal leases, leaving a concrete occupancy-lift opportunity at the larger asset. Annual lease tenor permits rapid mark-to-market repricing, and Grafton average tenant tenure of about 4.1 years (54%+ at five or more years) evidences sticky demand that supports retention through rate increases.
The all-equity capitalization eliminates refinancing, maturity, rate-cap and foreclosure risk and removes the equal-or-greater-debt replacement requirement for 1031 investors, delivering certainty of distributable cash. The structural cost is the absence of positive leverage, so the roughly 7.98% average cash-on-cash is an unlevered yield with no debt amplification of equity returns.
Both properties are municipal leaseholds: the DSTs own improvements and long-dated City Leases (Eufaula to 2071, Grafton to 2100) rather than land and water. The long tenor and renewal options preserve a multi-decade runway well beyond the hold, but the leasehold introduces a depreciating-interest profile, reversion considerations, and a 1031 real-property characterization investors should confirm with tax counsel.
At the asset level the portfolio offers a high unlevered going-in yield (7.01% Year 1, roughly 7.98% average) underpinned by the in-place yield and a debt-free balance sheet that removes financing and refinancing risk entirely; the marina class exhibits genuine supply scarcity (roughly 10,500 U.S. marinas against about 11.8M registered boats), high switching costs, near-full occupancy economics, and annual-lease mark-to-market optionality. Income is diversified across slip, fuel, F&B, retail, boat-rental and camp-resort streams, and the assets sit in demographically supported corridors (St. Louis MSA; McIntosh County within four hours of four major MSAs). At the platform level NexPoint brings a roughly $15.97B AUM alternatives manager with an in-house REIT exit pathway, and consolidation of fragmented mom-and-pop marina ownership offers economies of scale.
Both properties are municipal leasehold interests in improvements rather than fee-simple real estate, creating reversion exposure at lease expiry, a depreciating-interest profile, and 1031 characterization complexity. A material share of rent derives from operating businesses, including fuel, F&B, liquor, boat rental, and the Eufaula Camp Jellystone franchise, exposing distributable cash to discretionary leisure spending, weather, cost-of-goods margin compression (~$0.8M Year 1), and franchise performance rather than contractual lease income. Eufaula roughly 80% seasonal occupancy concentrates cash flow in the summer months and required a dedicated Seasonal Reserve, while Grafton Mississippi River siting carries flood and water-level risk to physical docks. The property manager, New Haven Property Management, only commenced operations in 2022 with a limited institutional track record on these assets. Property condition assessments flagged near-term repairs (~$215K Eufaula, ~$75K Grafton: dock stabilization, electrical), yet DST capital constraints limit remediation, and substantial work could force a Transfer Distribution into the Springing LLC with adverse tax consequences. The assets were acquired from sellers affiliated with the property manager through Sponsor-affiliated buyers, and the portfolio is concentrated in two assets (Eufaula roughly 63% of value).
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
The offering is a debt-free, income-first allocation to a niche, supply-constrained specialty class, and its roughly 7.98% average distribution is genuinely unlevered, attractive on a risk-adjusted basis relative to leveraged net-lease DSTs precisely because it carries no refinancing or rate exposure in a higher-for-longer environment. The analytical tension is that the real estate is in substance a leasehold operating-business portfolio: yield durability depends on seasonal leisure demand, fuel/F&B/camp-resort margins, and a recently established manager, not long-dated credit-tenant leases, so cash-flow quality is lower than the headline yield implies even as the absolute level is high. Feasibility rests on lifting Eufaula occupancy, executing annual mark-to-market across both marinas, and growing ancillary revenue faster than cost of goods, plausible given documented scarcity and sticky tenure but unproven under institutional ownership. The municipal ground-lease tenor (2071/2100) comfortably exceeds the five-to-ten-year hold, and the debt-free structure plus the NexPoint REIT-platform 721 optionality provide tangible exit flexibility; the leasehold characterization, affiliate-seller dynamics, and two-asset concentration are the idiosyncratic items least reflected in the distribution rate.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
| Metric | This Offering | Market Avg. | Assessment |
|---|---|---|---|
| Avg. Income | 7.98% | 7.98% | Meets Average |
| Income Growth | 38.37% | 38.37% | Meets Average |
| Peak Income | 9.70% | 9.70% | Meets Average |
NexPoint
NexPoint is a Dallas alternative manager—an affiliate of the former Highland Capital complex—overseeing roughly $15 billion across listed and non-listed REITs, DSTs, 1031 exchanges, interval funds and a BDC. Its breadth across real estate and credit, paired with significant own-capital co-investment, gives it institutional heft in the exchange channel, and its concentrated Dallas/Uptown asset base reflects conviction in its home market. For exchangers, the platform offers a diversified menu backed by a sizable alternatives manager.
Learn More About NexPoint →Documents for this offering. Available to signed-in investors.
Securities offered through Aurora Securities, Inc. (CRD #46147 / SEC #8-51322), member FINRA / SIPC; Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. and is not a registered broker-dealer or investment adviser. This is not an offer to sell or a solicitation of an offer to buy any security; any offer is made solely by the confidential private placement memorandum (PPM), which qualifies all information herein in its entirety. Delaware Statutory Trust interests are speculative, illiquid securities offered under Rule 506(c) of Regulation D and sold only to investors whose accredited-investor status has been verified; offering documents and subscription materials are provided only after that verification. They involve substantial risk, including possible loss of the entire investment.
Distributions, yields, the cap-rate equivalent, DSCR, occupancy, and benchmark figures are sponsor estimates or projections, are not guaranteed, and may differ materially from actual results. Any tax-adjusted yield assumes a 40% effective rate for non-1031 cash investors and is not tax advice. No tax, legal, or investment advice is provided — consult your own CPA and attorney. Past performance does not guarantee future results.