MULTIFAMILY DST 1031 EXCHANGE

NexPoint Waterford DST

Offering Snapshot

Introducing NexPoint Waterford DST, a multifamily offering centered on a low‑density residential community located within the Greensboro MSA. NexPoint believes this offering is supported by the asset’s differentiated characteristics, including spacious floor plans with sunrooms, a comprehensive amenity package, and limited nearby competitive supply. Combined with targeted value‑add initiatives and favorable local economic drivers tied to aerospace and advanced manufacturing investment.

Acquisition Details

Total Acquisition Cost^*

$52,778,578

Total Controlled Reserves

$4,552,427

Total Capitalization

$61,060,817

Lender Reserves**

$797,576

Trust Highlights

Offering Size

$31,360,817

Minimum Purchase cash/1031

$100,000

Suitability

Accredited Investors Only

Loan Information

Leverage to Investors

48.6%

Interest Rate

4.86% Fixed Rate

Loan Term

120 Months

Amortization

Interest Only for Full Term

* The Total Acquisition Cost includes the down payment for the Property, Loan-Related Costs, the Facilitation Fee, and Other Closing Costs.
** Lender Reserves refers to the Replacement Reserve and the Imposition Reserve, which were required by the Lender.

Please review the entire Private Placement Memorandum (“PPM”) of NexPoint Waterford DST (the “Trust”) prior to investing. This material does not constitute an offer to sell. Reference is made to the PPM for a statement of risks and terms of the offering (the “Offering”) of the Interests. The information set forth herein is qualified in its entirety by the PPM. All potential Purchasers must read the PPM and no person may invest without acknowledging the receipt and complete review of the PPM.

NexPoint Waterford DST
Waterford Place is a 240-unit, garden-style apartment community built in 1997, located along the scenic shores of Lake Jeanette in Greensboro’s low-density, amenity-rich submarket. The Property presents immediate upside through targeted value-add initiatives including 33 full unit upgrades, 122 partial upgrades, Smart Package and Valet Trash programs, and strategic positioning by BH Management’s propietary MINT® leasing platform. Situated in a submarket anchored by aviation and aerospace industries, with strong average household incomes ($130k within 1 mile, $117k within 3 miles)1 and limited future supply, Waterford Place beneﬁts from unparalleled connectivity to Piedmont Triad International Airport and regional employment hubs. Key investment highlights include large ﬂoor plans with sunrooms (1,155 SF avg), diﬀerentiated amenities, and proximity to major economic drivers such as JetZero’s 14,500-job announcement and Toyota’s battery plant in Liberty, NC, supporting durable long-term demand.

Multifamily Advantage

Multifamily beneﬁts from sustained renter demand, a slowing construction pipeline, and fundamentals that support long-term income and value creation.

Strong & Stable Absorption
Rent & Occupancy Dynamics
Moderate Supply Trends
Institutional Capital Interest

– 1.1% Rent Growth YOY²

– Quarterly Deliveries Down 26% YOY¹

– $41.9B Investment Volume¹

1. CBRE Q4 2025 Report
2. Cushman & Wakefield Q4 2025 Report

Matt McGraner

Chief Investment Officer

Matthew McGraner is Chief Investment Officer at NexPoint Advisors, where he leads the strategic direction and operational execution of the firm’s real estate investment platform. With decades of experience spanning real estate, private equity, and law, Mr. McGraner plays a central role in sourcing and structuring investments, managing risk, and driving growth through fundraising, private placements, and joint ventures. Under his leadership, NexPoint has executed and financed approximately $18.4 billion in real estate transactions across diverse asset classes. His multidisciplinary background and deep industry insight continue to shape NexPoint’s investment strategy and expansion into new opportunities.

Paul Richards

Chief Financial Officer

Paul Richards is CFO at NexPoint Advisors, where he is responsible for overseeing all financial operations and capital management, driving strategic financial planning, managing investor relations, and guiding the firm’s fiscal health to support long-term growth and stakeholder value. Since joining NexPoint in 2014, he has led valuation analysis, product strategy, portfolio management, and due diligence efforts supporting billions in real estate transactions. Paul holds a B.S. in Accounting and an M.S. in Finance from Texas A&M University and is a licensed CPA.

D.C. Sauter

General Counsel

D.C. Sauter is General Counsel for Real Estate for NexPoint Advisors, L.P. Prior to joining NexPoint, he was a partner with Wick Phillips Gould & Martin, LLP, where his practice focused on all aspects of commercial real estate, including acquisitions, dispositions, entitlements, construction, financing, and leasing of industrial, office, retail, hotel, and multifamily assets. In addition to transactional matters, Sauter has significant experience in complex commercial disputes, foreclosures, and workouts.

Bonner McDermett

Director, Real Estate

DIRECTOR, REAL ESTATE
Bonner McDermett serves as Director of Multifamily at NexPoint Advisors and SVP of Asset Management at NexPoint Residential Trust, overseeing operations for a 27,000+ unit multifamily portfolio. He leads strategy, sourcing, and execution for new acquisitions, having played a key role in over $6.5 billion in transactions. Prior to joining NexPoint in 2015, he was a Financial Analyst at ARA, where he evaluated $8 billion in assets and supported $2.4 billion in closings. He holds a B.A. from the University of Texas.

Additional Resources

Real Estate Track Record

In Total Gross Real Estate Acquisitions¹

$ 0 B

In Real Estate Transactions in the Last 12 Months²

$ 0 M

Real Estate Acquisitions Since Inception

1. Real estate assets as of 12/31/2025, inclusive of affiliates.

2. Real estate assets acquired from January 1, 2012, to December 31, 2025, inclusive of affiliates.

Connect with our team today

For Financial Advisor Use Only

Any investment in NexPoint Waterford DST, a Delaware Statutory Trust (“DST”), is highly speculative, illiquid, and involves a high degree of risk, including the potential loss of your entire investment. The photos on this page are of the actual Property in this Offering and Greensboro MSA. There are substantial risks in any investment program. This is not an offer to sell securities or a solicitation of an offer to buy securities.

An offer to sell interests (“Interests”) in NexPoint Waterford DST (the “Trust”) may be made only pursuant to the PPM, which is available upon request. Distributions are not guaranteed. Please review the entire PPM prior to investing. Reference is made to the PPM for a statement of risks and terms of the Offering. The information set forth herein is qualified in its entirety by the PPM. All potential Purchasers must read the PPM and no person may invest without acknowledging receipt and complete review of the PPM. The offering of Interests (the “Offering”) is being made by means of the PPM only to accredited investors who meet minimum accreditation requirements, as well as suitability standards as determined by a qualified broker-dealer or investment advisor. The contents of this communication may not be relied upon in making an investment decision related to this Offering. All prospective Purchasers must read the PPM, including the “Risk Factors” section, any discussion of fees and expenses, and other pertinent information prior to investing. These investment opportunities have not been registered under the Securities Act of 1933 and are being offered pursuant to an exemption therefrom and from applicable state securities laws.

An investment in an Interest is highly speculative and involves substantial risks including, but not limited to:

this is a “best-efforts” offering with no minimum raise or minimum escrow requirements;
the lack of liquidity and/or a public market for the Interests;
the holding of a beneficial interest in the Trust with no voting rights with respect to the management or operations of the Trust or in connection with the sale of the Property;
risks associated with owning, financing, operating and leasing a multifamily garden-style apartment development and real estate generally, in North Carolina, and more specifically, the Greensboro MSA;
risks associated with the Exchange Right;
risks associated with general market fluctuations such as recessions (global or local), the impact of pandemics (including the COVID-19 pandemic), and other systemic market or economic fluctuations of the communities in which the Property exists;
the Trust depends on the Master Tenant for revenue, and the Master Tenant depends on the end-user tenants for revenue and thus any default by the Master Tenant or the end-user tenants will adversely affect the Trust’s operations;
performance of the Master Tenant under the Master Lease, including the potential for the Master Tenant to defer a portion of rent payable under the Master Lease;
reliance on the Master Tenant and the Property Manager engaged by the Master Tenant, to manage the Property;
risks associated with the Sponsor funding the Demand Note that capitalizes the Master Tenant;
risks relating to the terms of the financing for the Property, including the use of leverage;
lack of diversity of investment;
the existence of various conflicts of interest among the Sponsor, the Trust, the Master Tenant, the Property Manager, and their affiliates;
material tax risks, including treatment of the Interests for purposes of Code Section 1031 and the use of exchange funds to pay acquisition costs, which may result in taxable boot;
the Interests not being registered with the Securities and Exchange Commission (the “SEC”) or any state securities commissions;
risks relating to the costs of compliance with laws, rules and regulations applicable to the Property;
risks related to competition from properties similar to and near the Property; and
the possibility of environmental risks related to the Property.

NexPoint Securities, Inc., an entity under common control with the Sponsor, serves as the Managing Broker-Dealer of the Offering. The Managing Broker-Dealer was formed in November 2013 and is registered as a broker-dealer with the SEC and is a member of FINRA/SIPC.

PLEASE CONTACT YOUR ADVISOR WITH ANY QUESTIONS ABOUT THIS OFFERING.

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