NexPoint's Marina II DST puts $49 million on two marinas

NexPoint, the multibillion-dollar alternative investment firm, has launched NexPoint Marina II DST, a Delaware statutory trust holding two full-service marinas—Stardust Marina on Norris Lake in Andersonville, Tennessee, and Kuttawa Harbor Marina on Lake Barkley in Kuttawa, Kentucky—at a total acquisition cost of roughly $44 million and a total capitalization of $49 million, according to IREI. The deal asks whether recreational boating deserves a lasting place in the DST pipeline.

IREI casts both properties as sitting in highly trafficked recreational boating markets with strong demand, high occupancy, and limited competitive supply. Stardust, the larger of the two, spans about 55 acres with 598 slips across five floating dock structures, sits within driving distance of Knoxville and Nashville, and has historically run at or near full occupancy on revenue that stretches across fuel sales, food and beverage, retail, lodging, RV spaces, and boat rentals. Kuttawa Harbor is full-service on Lake Barkley, but IREI gives no figures on its size or slip count.

Stardust added roughly 62 wet slips in June 2026 to capture demand its existing footprint couldn't hold, and the offering was announced about two months later. Investors are therefore buying the occupancy upside of newly added slips rather than a fully seasoned asset—a reasonable wager where supply is scarce, but one that makes the deal's thin diversification all the more important.

Two properties, one sponsor, $49 million in total capitalization: concentration is the price of entry. Marinas have income-infrastructure characteristics—high occupancy, scarce new supply, cash flow that extends beyond slip rents into fuel and retail—but this offering stands or falls on how two boating destinations in Tennessee and Kentucky perform.

At $44 million of acquisition cost, Marina II lets NexPoint pay for an answer rather than a strategy—a figure small enough, for a firm of its size, to be an option rather than a commitment. If the new slips and fuel docks keep throwing off cash, other sponsors are likely to bring similar marina DSTs to market; if they don't, the experiment ends quietly.