Cove Diversified Portfolio 94 DST

Top1031 lists Cove Diversified Portfolio 94 DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Cove Capital's offering page states the trust uses no leverage, so the properties carry no mortgage. That removes lender maturity and foreclosure exposure. It also means the trust passes through no debt: an exchanger who sold a mortgaged property and must replace that debt to avoid boot cannot do so through this trust alone, and should confirm the arithmetic with a tax adviser.

The sponsor's offering page describes a three-property portfolio: a 2024 Frito-Lay distribution center, a 2024 Starbucks, and North Park Marketplace, a 46,647-square-foot Walmart shadow-anchored multi-tenant retail center in Lexington, Kentucky that the sponsor reports at 97% occupancy. Cove Capital's September 16, 2025 acquisition release gives locations only for the Norton, Virginia industrial asset and the Lexington retail asset; the Starbucks location is not stated in the public materials reviewed.

Public records show one Form D, filed August 14, 2025, reporting a first sale on August 5, 2025, with no amendment or closing notice afterward in the submissions record reviewed through September 1, 2026. Top1031 lists the Trust as raising on that basis, and the amount-sold figure shown is that dated filing snapshot rather than a current balance. Sponsors are not required to file a closing notice, so confirm current availability with the sponsor or a selling broker-dealer.

The offering is made under Regulation D, Rule 506(c), which allows public advertising but limits purchasers to accredited investors — broadly, individuals meeting SEC income or net-worth tests — whose status the issuer must verify with documents such as tax returns or a third-party letter. A self-certification checkbox is not sufficient under 506(c).

Top1031's data records no REIT conversion feature for this trust — that is, no 721/UPREIT exit, the route in which a DST's property is contributed to a REIT's operating partnership in return for units. The public materials reviewed do not describe the trust's exit plan. The trust agreement and the Private Placement Memorandum, the offering's governing disclosure document, control what exits are permitted.

Three. First, the identity and location of the sponsor-listed 2024 Starbucks, which no reviewed source places in a city. Second, the price paid for each asset, which is not disclosed. Third, the minimum investment: Cove Capital's offering page states $100,000 while the SEC Form D field reports $1,000 as the minimum accepted from any outside investor, a discrepancy the public record does not resolve. Individual lease terms and expiration dates are also not stated publicly.