Your 1031 DST Authority
CF Westshore Multifamily DST
Offering Overview
CF Westshore Multifamily DST (sponsored by Cantor Fitzgerald Investors in a joint venture with RPM Living) owns The Residences at Westshore Marina, a 351-unit, 2019-vintage Class A apartment community at 5350 Bridge Street, Tampa, FL 33611, within the 52-acre waterfront Westshore Marina District roughly seven miles southwest of downtown Tampa. The asset sits on 12.07 acres with 570 parking spaces (47 attached and 30 detached garages) and a unit mix of 128 one-bedroom (803 SF), 182 two-bedroom (1,251 SF), and 41 three-bedroom (1,432 SF) units averaging 1,109 SF, with Class A interiors and resort-style amenities. It was 93.7% occupied at a $2,602 average rent as of the September 15, 2025 rent roll, with trailing-30-day new leases at $2,759 (6.0% above in-place) and 94.2% average occupancy since 2020. The Trust acquired the Property for $125,550,000 and capitalized the transaction at a $142,736,000 total offering, comprising $64,000,000 of equity and a $78,736,000 Berkeley Point Capital d/b/a Newmark (Freddie Mac) first mortgage fixed at 4.93%, interest-only for the full seven-year term to a November 1, 2032 maturity (55.16% loan-to-offering price). A light value-add program targets wood-inspired vinyl flooring in approximately 158 units (~$59/month premium) plus exterior, amenity, and landscaping upgrades. The Property is net-leased to an affiliated Master Tenant capitalized with $1,250,000 (including a $750,000 demand note), and the Business Plan targets a sale prior to the loan maturity over an approximately seven-year hold, with targeted cash-on-cash rising from 4.25% to 5.03%; RPM Living (the fourth-largest U.S. multifamily manager, 230,000-plus units) operates the asset. Securities offered through Cantor Fitzgerald & Co.
Investment Highlights
- The Property is a 2019-vintage Class A community that is already stabilized, 93.7% occupied at a $2,602 average rent with 94.2% average occupancy since 2020 and trailing-30-day new leases at $2,759, roughly 6.0% above in-place rents, signaling embedded loss-to-lease. High-end interiors (stainless appliances, quartz, kitchen islands, smart-home technology, in-unit laundry, and select private attached garages) and a deep amenity package position the asset competitively without the lease-up risk of a recent delivery.
- A defined value-add program provides modest internal growth: installation of wood-inspired vinyl flooring in approximately 158 of the 351 units is underwritten to drive an average ~$59/month rent premium per renovated unit, supplemented by exterior, amenity, and landscaping enhancements. The program is incremental rather than a heavy repositioning, consistent with a stabilized asset and the projected step-up in cash-on-cash from 4.25% to 5.03% over the hold.
- The Property anchors the 52-acre master-planned Westshore Marina District on the Tampa Bay waterfront, offering direct walkability to a marina, boutique retail, dining, and 1.5 miles of waterfront, with connectivity via I-275, the Selmon Expressway, and the Veterans Expressway. It sits within a 15-minute drive of the Westshore Business District (Tampa's largest office submarket, with 6,500-plus businesses and 100,000-plus employees), downtown Tampa, the Gateway market, downtown St. Petersburg, and Tampa International Airport, and within a five-mile radius averaging $160,182 household income and $739,198 home values.
- Financing is a $78,736,000 Berkeley Point Capital d/b/a Newmark first mortgage executed through the Freddie Mac Capital Markets program, fixed at 4.93% and interest-only for the full seven-year term to a November 1, 2032 maturity at a 55.16% loan-to-offering-price ratio. The below-market fixed coupon (favorable versus the 2025 rate environment) and full-term interest-only structure maximize current distributable cash and support roughly 1.86x Year 1 NOI-to-debt-service coverage, while leaving the full balance to balloon at maturity with the business plan calling for a sale before that date.
- The offering pairs an institutional sponsor with a top-tier operator: Cantor Fitzgerald (founded 1945, investment-grade rated by Standard & Poor's and Fitch, a Federal Reserve primary dealer, and roughly $87 billion of 2024 real estate transactions) in a joint venture with RPM Living, the fourth-largest U.S. multifamily manager with more than 230,000 units under management, including approximately 4,336 units across the Tampa MSA, providing local operating density.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
The risk-adjusted profile is a stabilized, income-with-modest-growth multifamily DST, appropriately Core-Plus given the light value-add overlay layered onto an already-leased Class A asset. Leverage economics are roughly neutral at entry: the in-place yield against a 4.93% fixed cost of debt implies only thin initial positive leverage, so the projected 4.25%-to-5.03% cash-on-cash ramp is driven primarily by contractual rent growth, loss-to-lease capture, and the flooring program rather than by financial leverage, and total return is heavily weighted to the exit. The defining feature is the compressed seven-year horizon: the Freddie Mac loan is full-term interest-only and matures November 1, 2032, the master lease runs about seven years and 122 days, and the targeted-results forecast ends with a 2032 sale, so terminal value and IRR are acutely sensitive to the exit pricing and financing environment in 2032, with limited room to extend given prepayment lockout and defeasance. Supports for the thesis are genuine: Tampa in-migration and employment growth, the Westshore Marina District's waterfront positioning and redevelopment pipeline, conservative 55% leverage, a below-market fixed coupon, and an institutional sponsor and operator pairing in Cantor Fitzgerald and RPM Living. The principal variances to underwrite are Tampa submarket supply and concession pressure (the model already assumes 6.5% vacancy), Florida insurance cost inflation, master-tenant coverage of the Additional and Bonus Rent structure, the relatively full going-in basis and ~13.25% load against a short hold, and refinancing/disposition conditions at the 2032 maturity. Unlike some DSTs, the stated exit is an outright sale and cash distribution rather than a Section 721 / UPREIT roll-up.
Pros
On a micro level, the offering is a stabilized, 2019-vintage Class A multifamily asset (93.7% occupied, 94.2% average occupancy since 2020) in a high-income waterfront submarket, with trailing new leases roughly 6.0% above in-place rents indicating capturable loss-to-lease and a defined, low-intensity value-add program (~158 units of flooring upgrades at ~$59/month premiums plus amenity and exterior work). Tampa fundamentals are supportive: South Tampa effective rents are forecast to grow ~3.1% annually through 2028, three-mile population growth is projected near 1.9% annually (well above the national average), and the Westshore submarket is the region's largest employment hub with major redevelopment underway. On a macro and structural level, the capital stack is conservatively levered at 55.16% with a fixed 4.93%, full-term interest-only Freddie Mac loan that insulates against rate volatility and supports ~1.86x Year 1 coverage and a 4.25%-to-5.03% distribution ramp, and execution is backed by an investment-grade-rated institutional sponsor (Cantor Fitzgerald) paired with the fourth-largest U.S. multifamily operator (RPM Living) with deep Tampa-market density.
Cons
Asset-specific vulnerabilities cluster around the loan maturity, the income waterfall, and a single-asset, single-market profile. The $78,736,000 loan is interest-only with no amortization and balloons at the November 1, 2032 maturity, and because the master lease and forecast both run only about seven years, the entire return depends on selling or refinancing into the prevailing pricing and rate environment at that point; prepayment lockout and defeasance provisions further constrain exit-timing flexibility. Distributions flow through an affiliated, thinly capitalized Master Tenant (about $1,250,000 of capitalization, including a $750,000 demand note) that may defer rent, and the targeted return is partly contingent: Base Rent covers debt service and uncontrollable expenses, while investor cash flow above roughly 4.15% relies on capped Additional Rent and performance-based Bonus Rent that builds late in the hold. The asset is a single property in one Tampa submarket, exposing it to localized supply (the forecast itself assumes a 6.5% vacancy factor, with South Tampa vacancy near 5.7%-6.8% in 2026-2027) and to Florida-specific insurance cost pressure, which the underwriting carries as a sizable and growing expense line. The going-in basis is full, leaving thin initial positive leverage, and the ~13.25% upfront load, including a 4.90%-of-equity acquisition fee, is relatively high and must be earned back over a comparatively short seven-year hold.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | 4.53% | 5.03% | −9.94% |
| Max Yield | 5.03% | 5.29% | −4.91% |
| 10-Yr Income Growth | 18.35% | 24.74% | −25.83% |
Benchmark reflects the average of comparable Multifamily offerings. Differences are relative to the benchmark.
Offering Documents
Offering Documents Available By Request
About the Sponsor
Cantor Fitzgerald reaches the 1031 market through Cantor Fitzgerald Investors, leveraging the global capital-markets and brokerage muscle of its 1945-founded parent and its Newmark affiliation to source institutional-quality DSTs and feed its non-traded Cantor Fitzgerald Income Trust. With roughly $13 billion under management at Cantor Fitzgerald Asset Management as of early 2024 and a portfolio approaching 12 million square feet across multifamily and net-lease assets, the franchise blends investment-bank sourcing with an UPREIT exit path. Its Opportunity Zone partnership with Silverstein Properties extends the platform into ground-up development, broadening the tax-advantaged menu it can offer.
This page describes a specific Delaware Statutory Trust offering (CF Westshore Multifamily DST) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.