Dwight Kay and Chay Lapin, Founders of Cove Capital Investments, Announce the Firm has Fully Subscribed Its Cove Debt Free Eastwood Village Opportunity 71 Delaware Statutory Trust Offering in Birmingham, AL

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Oct 03, 2024, 08:30 ET

Cove Capital announces another fully subscribed DST offering on behalf of 1031 exchange investors.

LOS ANGELES, Oct. 3, 2024 /PRNewswire/ -- Dwight Kay and Chay Lapin, the founders of Cove Capital Investments, LLC, a Delaware Statutory Trust sponsor company, announced its Eastwood Village Opportunity 71 DST, a Regulation D, Rule 506(c) offering, is fully subscribed. The total amount of equity raised for the offering was $22,798,024.00.

Cove Capital Investments Founding Partners, Dwight Kay and Chay Lapin, recently provided an in depth look at its recently acquired Cove Eastwood Village Opportunity 71 DST, a multi-tenant retail center in Birmingham, AL available for 1031 exchange as well as direct investment.

Cove Capital Investments announced its Debt-Free Eastwood Village Opportunity 71 Delaware Statutory Trust offering in Birmingham, AL is fully subscribed after the DST sponsor firm successfully raised its target $22,798,024.

According to Dwight Kay, Managing Member and Founding Partner of Cove Capital Investments, the Delaware Statutory Trust property was purchased by Cove as part of its growing portfolio of debt-free real estate assets for 1031 exchange and direct cash investors. The 1031 exchange DST offering was designed for those investors not wanting to withstand the risk of lender foreclosure or lender cash flow sweeps as found in most other DST investments that have a debt component as well as for investors that are searching for a 721 exchange exit strategy.

"We are excited to add another opportunistic acquisition for investors. The Cove Eastwood Village Opportunity 71 DST is 97% occupied with recent tenant lease extensions and renewals showing strong commitment to the location," said Kay. "The property has a value-add strategy in an effort to potentially increase net operating income and property value/investor equity", added Kay.

Purchased well below replacement cost, the asset located in Birmingham, AL is the #1 retail center in the market with 3.4 million annual visits. Positioned just off the intersection of I-20 & Crestwood Blvd, the property sees approximately a combined 78,000 vehicles per day.¹ "The property is adjacent to a brand-new e-commerce distribution facility including over 1,500 jobs," said Chay Lapin, Managing Member and Founding Partner of Cove Capital Investments. The property is anchored by a high performing national tenant as well as surrounded by several large national tenants", added Lapin.

Like many of Cove Capital's real estate acquisitions, the Eastwood Village Opportunity 71 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.

We extend our sincere thanks to all our clients who invested in this DST, as well as to the members of the Cove selling group, including Broker/Dealers, Registered Representatives, and RIAs. We are pleased to announce that the Cove Capital Investments portfolio now encompasses over 2.4 million square feet of properties across 33 states.

Sources: 1 Offering Memorandum

About Cove Capital Investments

Cove Capital Investments is a Delaware Statutory Trust sponsor company that operates a portfolio of over 2.4 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].

*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