Cove Capital announces another fully subscribed DST offering on behalf of accredited investors, broker-dealers, RIA's, and registered representatives.
LOS ANGELES, Aug. 9, 2023 /PRNewswire/ -- Cove Capital Investments, LLC, a private equity real estate firm and 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 Parkdale Commons Opportunity 62 DST, a regulation D Rule 506c Delaware Statutory Trust offering, is fully subscribed. The total amount of equity raised for the offering was $21,593,348.
According to Dwight Kay, Managing Member and Co-Founder 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 191,559 square-foot building is anchored by one of Hobby Lobby's retail stores and includes a strong roster of other national tenants.
"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 Parkdale Commons Opportunity 62 DST is a value-add investment located in the primary retail node of West Waco.
"The center is surrounded by a large concentration of national retailers including Target, Tractor Supply, Lowe's and Home Depot. In addition, Parkdale Commons showcases a balanced and compatible list of local retailers and is strategically located near Baylor University. We felt confident our investors would be attracted to the asset's location, the quality of the tenants, and the overall business strategy set forth in the Private Placement Memorandum," said Kay.
Chay Lapin, Managing Member and Co-Founder of Cove Capital Investments explained that the Parkdale Commons acquisition team is currently implementing a detailed business plan for the asset.
"Our strategy involves potentially adding value to the property through renewing and extending certain leases, marking current under market leases to market, implementing an extensive marketing program to fill vacant space as well as a capital improvement and property appeal enhancement program. In the end, we feel this multi-pronged value-add strategy will potentially drive the assets value," said Lapin.
About Cove Capital Investments
Cove Capital Investments is a private equity real estate firm and 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, 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 over 1.9 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors.
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 not a guarantee of future results. 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 correspondence 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, Limited Liability Company owned (LLC) properties, LLC interests, 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 net lease properties, short term leases associated with net lease 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. Nothing contained in this material, including in this disclosure or in any other disclosure in this message, constitutes tax, legal, insurance or investment advice, nor does it constitute a solicitation or an offer to buy or sell any security or other financial instrument. Securities offered through FNEX Capital, member FINRA, SIPC.
SOURCE Cove Capital Investments
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