Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
NexPoint Oasis DST is a Delaware Statutory Trust offering sponsored by NexPoint Real Estate Advisors IV, L.P. The trust is raising $46,331,389 in equity alongside $52,350,000 in fixed-rate debt to acquire Oasis at Shingle Creek, a 356-unit garden-style multifamily community located in Kissimmee, Florida. Developed in 2018, the property was acquired for $87,250,000, representing an acquisition cap rate of 4.84%. Total offering capitalization stands at $98,681,389, which includes $4,331,985 in total upfront fees and offering expenses. The 10-year financing package features a 4.85% fixed interest rate with an initial debt service coverage ratio of 1.81x and an offering LTV of 53.1%. Projected distributions begin at 4.36% in Year 1, with a forecasted full-term average of 5.03%.
0.0% of the offering is closed
$46,331,389 still available
$46,331,389
$0
0.0% of offering$0
Pending subscription$46,331,389
Open for subscriptionThe trust is seeking to raise $46,331,389 in equity from accredited 1031 exchange and cash investors. Debt financing of $52,350,000 is already in place to fund the total offering cost of $98,681,389.
Sector
Multifamily garden-style apartment development
Investment Category
DST
Projected First Year Cashflow
4.36%
Avg. 5.03% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$98,681,389
$277,195 per unit
Offering Debt
$52,350,000
4.85% · 120 Months
LTV
53.05%
On acquisition price
Units / Tenants
356
4350 Osceola Trail Road, Kissimmee, Florida 34746
Property Age
The Oasis at Shingle Creek property was developed in 2018, indicating a relatively new multifamily garden-style apartment community.
The offering encompasses a 356-unit multifamily community constructed in 2018 in Kissimmee, Florida. Total capitalization of $98,681,389 consists of $46,331,389 in equity and $52,350,000 in long-term debt. Year 1 projected distribution is 4.36%, expanding to a 5.03% full-term average.
Strong Debt Coverage
1.81x DSCRThe 10-year fixed-rate financing at 4.85% provides a comfortable 1.81x debt service coverage ratio at acquisition.
Modern Vintage Asset
2018 ConstructionBuilt in 2018, the 356-unit garden-style asset requires minimal immediate structural overhaul.
Moderate Leverage
53.1% Offering LTVConservative debt load of $52,350,000 against a $98,681,389 offering price mitigates refinancing and default exposure.
Syndication Premium
90.6% Appraisal / OfferingThe offering price exceeds the underlying property valuation by roughly 9.4% due to upfront fees and reserves.
Narrow Yield Spread
4.84% Cap Rate vs 4.85% Interest RateInitial property yield is nearly identical to the borrowing cost, necessitating operational growth for yield expansion.
Front-End Expense Load
9.35% of Acq. CostTotal front-end fees and offering expenses equal $4,331,985, reducing net capital invested directly into real estate.
The financing package provides stability with a 10-year fixed interest rate of 4.85% and a robust debt service coverage ratio of 1.81x. Leverage is moderate with an offering LTV of 53.1% on a 2018-vintage asset. Additionally, the sponsor group oversees $16,500,000,000 in assets under management.
Offering Equity
47.0% of offering
Offering Debt
53.05% LTV on acq.
Acquisition Cost
93.0% of offering
Offering Expenses
4.4% of offering
Reserves
2.7% of offering
Total Offering
$98.68M
Equity $46.33M + debt $52.35M
Acquisition Cost
$91.73M
93.0% of offering to the property
Total Fees & Expenses
$4.33M
4.39% of offering
Reserves
$2.62M
2.7% of offering
Total capital of $98,681,389 is sourced from $46,331,389 in equity and $52,350,000 in debt proceeds. Uses comprise the $87,250,000 purchase price, $4,331,985 in total offering and front-end expenses, $2,028,409 in financing expenses, and $1,500,000 in capital improvement reserves.
Tone reflects relative strength, not a rating
Leverage & Coverage
Stable53.1% LTV and 1.81x DSCR on fixed 4.85% debt provide solid downside protection against interest rate shifts.
Capital Spread
Tight4.84% acquisition cap rate provides no initial positive spread over the 4.85% loan rate, making distributions reliant on master lease structure.
Fee Drag
ElevatedUpfront fees of $4,331,985 represent 9.35% of acquisition costs, driving the appraisal-to-offering ratio to 90.6%.
Information Disclosure
IncompleteOffering documents omit specific past DST performance metrics and exact property portfolio counts.
Key underwriting considerations include an initial distribution rate of 4.36% against a 4.84% cap rate, leaving narrow spread over the 4.85% borrowing rate. Upfront syndication loads total $4,331,985 (9.35% of acquisition cost), creating an appraisal-to-offering ratio of 90.6%. Furthermore, specific historical track record data regarding past DST liquidations is not disclosed.
Syndicated Cap Rate
4.84%
NOI ÷ offering price
Upfront Load on Offering
4.39%
Total fees ÷ offering price
Load on Equity
9.35%
Total fees ÷ offering equity
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
113.1%
Offering price ÷ acquisition price
Price per Unit
$277,195
Offering price ÷ 356 units
Distribution rates as extracted from the offering materials.
The acquisition price of $87,250,000 reflects an acquisition cap rate of 4.84%. Total front-end fees and offering expenses total $4,331,985, representing 9.35% of the total acquisition cost. The appraisal-to-offering price ratio is 90.6%, highlighting the equity load associated with syndication costs and reserves.
Sponsor
NexPoint Real Estate Advisors IV, L.P. is an institutional sponsor managing $16,500,000,000 in assets under management. Operations are supported by BH Management Services, LLC, which maintains over 1,700 employees.
—
Properties owned or managed
$16,500,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
BH Management Services, LLC, the property manager for the Oasis at Shingle Creek, is part of BH Companies, which has over 1,700 employees supporting its fully integrated apartment management platform.
Disclosed headcount
multifamily garden-style apartment development
Stated strategy
NexPoint Real Estate Advisors IV, L.P. serves as the sponsor and manages approximately $16,500,000,000 in assets under management. Property management is handled by BH Management Services, LLC, which employs over 1,700 professionals across its operating platform. Detailed portfolio property counts and specific historical DST volume were not disclosed in the offering materials.
Manages $16,500,000,000 in total assets under management.
Utilizes BH Management Services with over 1,700 platform employees.
Established presence in institutional multifamily assets.
Specific DST program track record metrics not disclosed in the offering materials.
Total number of active portfolio properties is not disclosed.
The property
$87,250,000 acquisition price
NexPoint Oasis DST
MULTIFAMILY
The Oasis at Shingle Creek property was developed in 2018, indicating a relatively new multifamily garden-style apartment community.
4350 Osceola Trail Road, Kissimmee, Florida 34746
4350 Osceola Trail Road, Kissimmee, Florida 34746
$87,250,000
100.0% of portfolio
The trust secured a $23,684,000 fixed-rate loan at 5.44% with a 10-year term and a 1.70x DSCR. Prepayment requires yield maintenance or a 1% fee, with defeasance available after a two-year lockout following securitization.
$52,350,000
120 Months
4.85%
Fixed
—
1.81x
53.05%
53.1%
The asset was acquired for $37,325,000, resulting in a 5.25% acquisition cap rate. Total acquisition cost including fees and reserves equals $44,994,000, reflecting an 8.38% syndicated cap rate.
0 bps of spread between acquisition and syndicated cap rate.
$87,250,000
$98,681,389
—
—
—
—
4.84%
4.84%
—
90.6%
—
Proceeds fund the $37,325,000 acquisition price, $2,397,375 in total front-end fees, $264,005 in financing expenses, $466,504 in loan expenses, and $275,000 in Master Tenant reserves.
Total Fees & Expenses
$4,331,985
% of equity
9.35%
% of offering
4.39%
Total fees & expenses
$4.33M
4.39% of offering
Offering expenses
$4.33M
4.39% of offering
Reserves held
$2.62M
2.65% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $222,155 | 0.48% | 0.23% |
| Reserves (Loan Proceeds) | $1,500,000 | 3.24% | 1.52% |
| Reserves (Lender Required) | $1,115,704 | 2.41% | 1.13% |
| Reserves (Master Tenant) | $1,500,000 | 3.24% | 1.52% |
| Reserves (Lumped) | $1,500,000 | 3.24% | 1.52% |
| Reserves (Improvements) | $1,500,000 | 3.24% | 1.52% |
| Finance Expenses | $2,028,409 | 4.38% | 2.06% |
| Total Acquisition Cost | $91,733,700 | 197.99% | 92.96% |
| Total Acq. Cost (Reserves) | $94,349,404 | 203.64% | 95.61% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $694,971 | 1.50% | 0.70% |
| BD Due Diligence Allowance | $579,142 | 1.25% | 0.59% |
| BD Marketing Allowance | $579,142 | 1.25% | 0.59% |
| O&O Expenses | $277,988 | 0.60% | 0.28% |
| Third Party DD | $618,617 | 1.34% | 0.63% |
| Total Offering Expenses | $4,331,985 | 9.35% | 4.39% |
| Total Fees / Expenses | $4,331,985 | 9.35% | 4.39% |
| Total Upfront Fees (Reserves) | $4,331,985 | 9.35% | 4.39% |
Sponsor and affiliate compensation includes a $1,226,200 acquisition fee, an annual asset management fee of $52,877, a 2.0% disposition fee on gross sales price, and potential construction management fees.
$694,971
1.50%
$4,331,985
4.97%
The 140-unit asset operates under a master lease structure with master tenant income set at 98% between specific hurdles. Onsite staffing is set at 1.5 full-time employees shared with an adjacent master tenant asset.
0.30%
of Additional Rent
$2,581,291
$261,750
Standing
50 of 57
Blended percentile across 15 extracted metrics.
Pricing
31st pct
Leverage
34th pct
Cost
69th pct
Ongoing
57th pct
Structure
39th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Acquisition cap rate
15th pct4.84%median 5.50%
Year 1 distribution
16th pct4.36%median 4.60%
Acquisition LTV
15th pct53.05%median 46.50%
DSCR
32nd pct1.81xmedian 2.00x
Interest rate
88th pct4.85%median 5.13%
Total upfront load
85th pct4.39%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 4.84% | 5.50% | 5.07% – 6.00% | −0.66% | 15th |
| Syndicated cap ratePricing | 4.84% | 5.63% | 5.00% – 5.83% | −0.79% | 24th |
| Price per unitPricing | $277K | $293K | $180K – $434K | −$16K | 53rd |
| Year 1 distributionPricing | 4.36% | 4.60% | 4.40% – 5.00% | −0.24% | 16th |
| Avg. distribution (term)Pricing | 5.03% | 5.08% | 4.75% – 5.32% | −0.05% | 47th |
| Acquisition LTVLeverage | 53.05% | 46.50% | 18.89% – 49.80% | +6.55% | 15th |
| Offering LTVLeverage | 53.10% | 46.09% | 2.67% – 49.53% | +7.01% | 7th |
| DSCRLeverage | 1.81x | 2.00x | 1.73x – 2.12x | −0.19x | 32nd |
| Interest rateLeverage | 4.85% | 5.13% | 5.01% – 5.48% | −0.28% | 88th |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 4.39% | 7.50% | 5.00% – 9.50% | −3.11% | 85th |
| ReservesCost | 5.65% | 5.53% | 1.67% – 9.03% | +0.11% | 53rd |
| Asset management feeOngoing | 0.30% | 0.35% | 0.16% – 0.47% | −0.05% | 57th |
| Equity share of capitalStructure | 46.95% | 100.00% | 52.93% – 100.00% | −53.05% | 7th |
| Hold periodStructure | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 71st |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 95% |
| CF Biscayne Multifamily DST | Cantor Fitzgerald Investors, LLC | — | 52.30% | — | 3.90% | — | 94% |
| BR Amira DST | Bluerock Value Exchange | 5.64% | 46.17% | 1.80x | 5.06% | 10 yrs | 92% |
| CS1031 Cacema Townhomes DST | Capital Square Realty Advisors, LLC | 5.32% | 44.39% | 2.10x | 5.37% | 10 yrs | 92% |
| BREX Briggs MF DST | Brookfield Real Estate Exchange LLC | — | — | — | 3.72% | — | 90% |
| Passco Preston Ridge DST | PASSCO | 5.00% | 46.93% | 2.06x | 4.06% | — | 89% |
| Griffin Capital Tulsa BTR DST | Griffin Capital Residential Partners Institutional Property Exchange, LLC | 5.77% | 46.50% | — | 5.00% | 10 yrs | 89% |
| Net-Leased Portfolio 76 DST | ExchangeRight Real Estate, LLC | — | 43.32% | 1.35x | 4.08% | 14.7 yrs | 89% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.