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CF Westshore Multifamily DST
Available • Cantor Fitzgerald
Investment Overview
CF Westshore Multifamily DST is a Delaware statutory trust offering accredited investors a 1031-exchange-eligible interest in The Residences at Westshore Marina, a 351-unit Class A apartment community built in 2019 in Tampa, Florida. The Trust is sponsored by Cantor Fitzgerald Investors in a joint venture with RPM Living, the 4th largest multifamily property manager in the U.S. The offering totals $142,736,000 ($64,000,000 in equity and $78,736,000 of fixed-rate Freddie Mac debt at 4.93% with 7 years of interest-only payments), with a 55.2% loan-to-offering price ratio and a $100,000 minimum investment. The property sits within the 52-acre Westshore Marina District, a waterfront master-planned community roughly seven miles from downtown Tampa, and is currently 93.7% occupied with an average monthly rent of $2,602.
Investment Highlights
- Class A apartment community built in 2019 with high-end finishes (stainless-steel appliances, quartz countertops, smart-home technology, attached garages on select units) and resort-style amenities; 93.7% occupied with leases over the trailing 30 days averaging $2,759/month — 6.0% above in-place rents — and historical occupancy averaging 94.2% since 2020.
- Value-add program centered on installing wood-inspired vinyl flooring in approximately 158 units, projected to drive ~$59/month in rent premiums per renovated unit, supplemented by exterior, amenity, and landscaping upgrades.
- Located in the Westshore Marina District with direct walkability to the marina, retail, and 1.5 miles of waterfront, and within a 15-minute drive of Tampa's main employment hubs, including the Westshore Business District (6,500+ businesses and 100,000+ employees) and Tampa International Airport.
- Favorable market fundamentals: South Tampa effective market rents forecasted to grow 3.1% annually through 2028, population within 3 miles projected to grow ~1.9% annually (nearly 4x the national average), and a 5-mile radius with average household income of $160,182 and average home values of $739,198.
- Institutional sponsor and operator with conservative financing: Cantor Fitzgerald (founded 1945, $87B in 2024 real estate transactions) partnered with RPM Living (230,000+ units under management, 4,336 in the Tampa MSA), with a 7-year, interest-only Freddie Mac loan fixed at 4.93%.
Quick Facts
Sponsor
Cantor Fitzgerald
Status
Available
Property Type
Multifamily
Location
FL
Estimated Hold Period
5-7 Years
In-Place Loan
55% LTV
721 Exchange Exit
Optional
Current Yield
4.25%
Average Yield
4.53%
Est. Avg. Tax-Adjusted Yield⁴
5.9%
Cap Rate Equivalent⁵
7.26%
Contact
Gerald F. "Jerry" Baker, III
Founder, Managing Principal
D 415.579.1660
M 415.278.8503
E jerry@baker1031.com
Income Forecast
4.25%
Year 1
4.25%
Year 2
4.31%
Year 3
4.35%
Year 4
4.61%
Year 5
4.88%
Year 6
5.03%
Year 7
0%
Year 8
0%
Year 9
0%
Year 10
Property images depicted may not be pictures of properties in any current offering and may be representative.
Investment opportunities presented herein are subject to immediate change and may be withdrawn without prior notice. Availability is fluid and often fluctuates rapidly; an offering may close before updated notification is provided. Investors are strictly advised to contact their authorized representative to confirm the current status of any investment prior to committing funds.
The information provided above is for summary purposes only and may be incomplete, outdated, or contain technical inaccuracies. This summary is qualified in its entirety by, and should be read in conjunction with, the relevant Private Placement Memorandum (PPM) and all associated supplements. Prospective investors must rely solely on the PPM and formal offering documents when evaluating the merits and risks of an investment.
⁴Sponsor's Cost Segregation analysis is currently incomplete; therefore, to estimate depreciation benefits, it is assumed the investor is in a 40% combined marginal tax bracket with no current depreciation basis in the property outside of this investment. Average income shielding for this DST is estimated at 45% based on standard IRS straight-line depreciation recovery periods for commercial real estate (39 years), as detailed in this Commercial Real Estate Depreciation Guide. Please refer to the Private Placement Memorandum (PPM) for specifics regarding a cost segregation; notably, even if the Trust does not perform a property-wide study, an individual investor may have the right to commission a private cost segregation study for their specific fractional interest to potentially unlock accelerated or "bonus" depreciation through a change in accounting method.
⁵The "Net-Adjusted Equivalency Cap Rate" is a comparative metric designed to normalize the returns of an all-inclusive Delaware Statutory Trust (DST) against a direct-ownership Net Lease (NNN) property. This metric is calculated by "reversing" a target cash-on-cash return to reconstruct a required Net Operating Income (NOI), adding back debt service and amortizing estimated acquisition, financing, and disposition "friction" costs over a 10-year holding period. This calculation is provided for educational and illustrative purposes only and is not a guarantee of future performance or an offer to sell securities. Limitations include the reliance on generalized market assumptions; individual property performance, actual interest rates, and specific transaction costs will vary. This should not be used as the primary basis for any investment decision. Estimates are derived from the following industry benchmarks: Acquisition Costs (2.5% - NAR Commercial), Loan Fees (1.0% - CREFC Guidelines), Sale Costs (6.0% - Altus Group), and Debt Assumptions (6.5% Interest/30-Yr Amort. - Select Commercial).
