DFW syndicators file new raises as trustee-sale notices hit 362

Three Dallas-based real estate syndication vehicles filed or amended SEC Form D offerings this month targeting a combined $74.6 million in new investor capital, the same month Dallas County’s clerk recorded 362 Notice of Substitute Trustee’s Sale filings for the Nov. 3 first-Tuesday auction.

Why it matters

Dallas sponsors are still marketing new DST and LP real estate offerings while the county’s non-judicial foreclosure pipeline stays heavy. The gap between what each sponsor is asking for and what investors have put up tells more than the combined target. For anyone evaluating a syndication sponsor’s current fundraising pace, two of the three offerings are selling well behind their stated targets, and the newest one has not sold a dollar yet.

The numbers

NexPoint Marina II DST, a Dallas-based NexPoint vehicle, has amended its Form D four times since its Sept. 15 original filing. The latest amendment, filed Oct. 28, shows a $48,968,013 offering target with $16,474,682 actually sold since the Aug. 31 first sale, about 34 percent of target, at a $100,000 minimum investment.

NexPoint Energy DST filed its original Form D on Oct. 20, targeting $18,844,000. The filing reports zero dollars sold to date and marks the first sale as not yet occurred, also at a $100,000 minimum.

HFS PRB 2026, LP, based in Dallas, filed its Form D on Oct. 26, after its raise had already closed: the $6,790,000 offering shows the full amount sold as of an Aug. 3 first sale.

Combined, the three vehicles target $74.6 million. Combined actual capital placed to date is about $23.3 million, less than a third of that target. On the other side of the ledger, Dallas County’s clerk logged 362 trustee-sale notices for the Nov. 3 auction, the non-judicial foreclosure process that stands in for a court docket in Texas.

What’s next

NexPoint Marina II DST’s offering stays open and has now been amended four times without closing, so its next amendment will show whether the pace toward its $49 million target picks up. NexPoint Energy DST’s clock just started on Oct. 20 with zero sold, making its first amendment the one to watch. The Nov. 3 first-Tuesday sale will show how many of the 362 noticed properties actually go to auction. More: Dallas