Dwight Kay and Chay Lapin Announce that Cove Capital Investments has Acquired an Industrial Asset in Athens, GA on Behalf of 1031 Exchange Delaware Statutory Trust Investors

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Oct 31, 2024, 08:40 ET

LOS ANGELES, Oct. 31, 2024 /PRNewswire/ -- Cove Capital Investments, LLC, a Delaware Statutory Trust sponsor company, announced it has successfully completed the purchase of an Industrial Asset in Athens, GA. The purchase is the firm's General Time Industrial Park Opportunity 84 DST, a Regulation D, Rule 506(c) offering that is targeted to raise $16,527,966.

Cove Capital Investments' Founding Partners, Dwight Kay and Chay Lapin announce the acquisition of General Time Industrial Park Opportunity 84 DST, a Regulation D, Rule 506(c) offering that is targeted to raise $16,527,966 in private equity.

According to Dwight Kay, Managing Member and Founding Partner of Cove Capital Investments, the property was purchased by Cove Capital as part of its growing portfolio of debt-free Delaware Statutory Trust real estate assets for 1031 exchange and direct cash investors.

Purchased below replacement cost, the property is situated within the larger 35-acre General Time mixed-use development, which is set to become a new social and commercial center for residents of Athens, GA. The asset spans 113,157 square feet in total as is home to two well recognized businesses.¹

"The asset, built in 1990 and redeveloped in 2018-2021 with high quality construction, features a completely redeveloped site plan with improved ingress/egress, and separately parceled lots with focused integration of mixed uses," said Dwight Kay, Managing Member and Founding Partner of Cove Capital Investments. "This is an opportunity for accredited investors to invest in, via a 1031 exchange or a direct cash investment, a infill industrial property located next to a planned mixed-use development in the expanding Athens, GA market." said Kay.²

"We are excited to introduce another debt-free DST real estate investment option. Not only are both tenants established and well known businesses but the location in Athens, GA is particularly attractive," said Chay Lapin, Managing Member and Founding Partner of Cove Capital Investments. "The former General Time Corporation/Westclox factory plus surrounding land is being repurposed to include restaurants, retail shops, Class-A multifamily units, office space, entertainment venues, and hospitality options to create a vibrant and unique live-work-play community," added Lapin.³

"This investment highlights our dedication to acquiring quality assets in strategic locations that provide investment potential for our investors. We look forward to our ownership period and are honored to add this location to our portfolio of over 2.5 million square feet," said Kay.

Like many of Cove Capital's real estate acquisitions, the Cove General Time Industrial Park Opportunity 84 DST was acquired with 0% leverage for those investors who want to potentially mitigate risk by investing in a debt-free DST offering with no risk of lender foreclosure or lender cash flow sweeps.

About Cove Capital Investments

Cove Capital Investments is a Delaware Statutory Trust sponsor company that operates a portfolio of over 2.5 million square feet of real estate in 33 states nationwide. Over 1,800 investors have trusted Cove Capital with their 1031 exchange and investment dollars, many of them being repeat investors in multiple DST offerings over the years. Our offerings are attractive to those investors seeking to lower risk potential as the majority of Cove Capital's DST offerings are debt free (no mortgage - no lender foreclosure risk). To sign up for a list of the current Cove Capital offerings available for 1031 exchange and direct investments please visit www.covecapitalinvestments.com.

For further information, please visit www.covecapitalinvestments.com or contact Cove Capital at (877) 899-1315 and via email at [email protected].

Sources: 1,2,3,4 – Offering Memorandum

*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