Cove Capital announces another fully subscribed DST offering on behalf of accredited investors, broker-dealers, RIAs, and registered representatives.
LOS ANGELES, Jan. 17, 2024 /PRNewswire/ — Cove Capital Investments, LLC, a DST sponsor company that specializes in providing accredited investors access to debt-free investment options for their 1031 exchange and direct cash investments, announced its Cove Dallas Multifamily 59 DST, a regulation D Rule 506c Delaware Statutory Trust offering, is fully subscribed. The total amount of equity raised for the offering was $32,493,647.
According to Dwight Kay, Managing Member and Founding Partner of Cove Capital Investments, the 1031 exchange DST offering was made available to accredited 1031 exchange and direct cash investors as an all-cash/debt-free DST offering designed to potentially mitigate risk of lender foreclosure or lender cash flow sweeps. The 130,128 square-foot Complex contains 159 units and is strategically located 20 minutes from downtown Dallas.
“We would like to thank each of our clients who invested in this DST and all of the members of the Cove selling group including Broker/Dealers, Registered Representatives, and RIAs,” said Kay.
Kay explained that the Cove Dallas Multifamily 59 DST is a value-add multifamily offering with a business plan to potentially drive value at the property through various initiatives. “We are seeing solid job growth in Lancaster as 6 million square feet of new warehouse and manufacturing space was added over the last 5 years with another 7 million square feet planned for the next 5 years. We felt confident our investors would be attracted to the asset’s location and the overall business strategy that Cove Capital has for the property as well as that they would appreciate the fact that there is no loan encumbering the asset,” said Kay.
“As a proactive owner-operator, Cove Capital has continued to add value to the property through both leasing and renovation efforts. We began renovating both the interiors of the units, as well as the common areas of the community. Cove’s hands-on approach to managing the building has shown significant improvements throughout the property and may potentially help to continue to increase revenue potential,” said Chay Lapin, Managing Member and Founding Partner.
The Cove portfolio now consists of more than 1.9 million square feet of multifamily, industrial, medical and net lease assets.
About Cove Capital Investments
Cove Capital Investments is a DST sponsor company providing accredited investors access to 1031 exchange eligible Delaware Statutory Trust properties as well as other real estate investment offerings. The Cove Capital team consists of Acquisitions, Asset Management, Accounting, In-House Counsel, Investor Relations, Marketing and Capital Markets. Cove Capital maintains a robust current inventory of DST and private equity real estate offerings potentially available to investors. Cove Capital Investments has sponsored over 1.9 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors.
*Past performance is no guarantee of future results.
* Diversification does not guarantee profits or protect against losses.
*This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior to investing. This material contains information that has been obtained from sources believed to be reliable. However, Cove Capital Investments, LLC does not guarantee the accuracy and validity of the information herein. Investors should perform their own investigations before considering any investment. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. For an investor to qualify for any type of investment, there are both financial requirements and suitability requirements that must match specific objectives, goals and risk tolerances. Securities offered through FNEX Capital, member FINRA, SIPC.
SOURCE Cove Capital Investments
Originally published at https://www.prnewswire.com/news-releases/cove-capital-investments-fully-subscribes-its-debt-free-cove-dallas-multifamily-59-delaware-statutory-trust-offering-in-lancaster-texas-302036658.html
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