FREE Breaking News Alerts from StreetInsider.com!
The acquisition represents another Texas multifamily purchase by Cove Capital as it continues to build a portfolio of debt-free multifamily offerings for accredited investors seeking Delaware Statutory Trust 1031 Exchange or Direct-Cash real estate Investments
LOS ANGELES , Sept. 16, 2022 /PRNewswire/ -- Cove Capital Investments, LLC, a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors, announced it has completed the purchase of a 159-unit, 130,128 square foot value-add multifamily community in the growing Dallas Fort-Worth area.
The investment will be part of the "Cove Dallas Multifamily 59 DST", a Regulation D, Rule 506c offering, which will allow accredited investors to participate in the acquisition of a multifamily community with value-add potential located just 20 minutes from revitalized downtown Dallas that sees more than 135,000 employees on a daily basis.
"The Cove Dallas Multifamily 59 DST is an attractive apartment community in the Dallas Fort Worth region of Texas that provides investors the opportunity to participate in a debt-free DST investment that has the potential for creating significant value. The previous owners recently invested more than $1.5 million in capital improvements to approximately 50% of the units. Now Cove Capital will continue to provide extensive renovations, including adding new quartz countertops, stainless steel appliances, upgraded plumbing and lighting fixtures and adding carports to cover approximately 100 cars," said Dwight Kay, Managing Member and Co-Founder of Cove Capital Investments.
Built in 1983, the two-story community features one-, two- and three-bedroom floorplans across 16 buildings. Common-area amenities include a swimming pool, a fitness center, a business center and laundry facilities.
According to Managing Member and Co-Founder, Chay Lapin, the Cove Dallas Multifamily 59 DST represents an excellent example of a value-add DST investment opportunity for Cove Capital investors.
"As a proactive owner-operator, Cove Capital will be able to potentially provide value to our investors through implementing a renovation plan that includes upgrading both interiors and exteriors, and driving operational efficiencies to help maximize revenue potential," said Chay Lapin, Managing Member and Co-Founder of Cove Capital Investments.
Located at 1255 West Pleasant Road, the community is roughly 15 miles south of downtown Dallas. Pleasant Creek sits in proximity of interstates 35 and 20, as well as Texas State Highway 342, offering access to several dining, shopping and entertainment options. Northrup Grumman Systems, Dallas Boss Truck Stop and FFE Logistics are some of the employers in the area.
Lapin continued, "The Cove portfolio now consists of more than 1.5 million square feet of multifamily, industrial, medical and net lease assets. We are thankful to the hundreds of loyal Cove clients as well as the many Broker Dealers, Registered Representatives and RIAs that have placed their trust in Cove Capital."
Cove Capital Investments is a private equity real estate firm 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, Due Diligence, 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 the syndication of over 1.5 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors. The principals of Cove Capital Investments seek to invest alongside investors in each of their offerings.
For further information, please visit www.covecapitalinvestments.com or contact Cove Capital at (877) 899-1315 and via email at [email protected] .
* 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 email 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cove-capital-investments-acquires-value-add-multifamily-community-in-growing-dallas-fort-worth-texas-neighborhood-for-its-cove-multifamily-59-dst-301625931.html
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!