NexPoint Launches $49M Marina DST
NexPoint has launched NexPoint Marina II DST, a $49 million Delaware statutory trust offering backed by two full-service marinas in Tennessee and Kentucky.
The portfolio consists of Stardust Marina on Norris Lake in Andersonville, Tennessee, and Kuttawa Harbor Marina on Lake Barkley in Kuttawa, Kentucky. The properties were acquired for approximately $44 million and have a combined capitalization of about $49 million.
Stardust Marina spans approximately 55 acres and contains 598 slips across five floating dock structures. Its revenue sources include slip rentals, fuel sales, restaurants, retail operations, lodging, recreational vehicle spaces and boat rentals.
An expansion completed in June added approximately 62 wet slips, which NexPoint said could help address unmet demand at the property.
Kuttawa Harbor covers approximately 25 acres and offers 409 slips, bringing the portfolio’s total capacity to 1,007 slips. The property also generates revenue from fuel, food and beverage operations, retail, lodging and boat rentals. Recent dock additions are expected to increase its capacity.
“NexPoint Marina II DST reflects our strategy of acquiring high-quality real estate assets in sectors supported by favorable supply and demand dynamics,” said Taylor Colbert, managing director at NexPoint.
New Haven Property Management will manage both properties, including guest services, fuel operations and dock services.
The offering follows NexPoint’s first marina-focused DST, which reached full subscription in July. That $42.7 million vehicle owns Eufaula Cove Marina in Oklahoma and Grafton Harbor in Illinois. The properties had a combined acquisition cost of approximately $38.7 million.
NexPoint’s move into marinas broadens a DST platform that also includes multifamily, hospitality and industrial real estate offerings.
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