Cove Diversified Portfolio 94 DST
2 diversified properties in 2 states · sponsored by Cove Capital Investments
Active offeringLatest Form D filed Aug 14, 2025 (opens in a new tab)
Cove Diversified Portfolio 94 DST is a DST sponsored by Cove Capital Investments that owns 2 diversified properties in 2 states. Its latest Form D, filed Aug 14, 2025, lists a $15.5 million offering with a $1,000 minimum.
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $15,566,573Equity offered, per the Form D
- Sold so far
- Form D, Aug 14, 2025; the % is our arithmetic2.8%
- Investors reported
- Form D, Aug 14, 20252
- Selling commissions
- Form D Item 15; the % is our arithmetic$933,993 · 5.9% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Sales so far
- Latest Form D
- Aug 14, 2025 · 1 filing
- First sale
- Aug 5, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $449,563
- Not yet sold
- $15,117,010
- Investors
- 2
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
2.8% of $15,566,573 sold, calculated by Top1031 from the Form D
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Ask a 1031 specialist about this recordFree. About: Cove Diversified Portfolio 94 DST. Top1031 is not a broker-dealer.No photo on record. Multiple property locations are on record; no single map.
What does the Trust own?
Cove Capital reported on September 16, 2025 that it had completed an acquisition in Norton, Virginia, and Lexington, Kentucky, to establish the trust, describing the Norton distribution facility as custom-built in 2024. 2 The selling broker, The Palomar Group, said the Lexington center at 524 West New Circle Road closed on July 23, 2025 to a national DST group it did not name. 3 The Starbucks property's location and acquisition timing are not stated in the materials reviewed.
- Property address
- North Park Marketplace, Lexington, KY
- Property size
- 3 properties; North Park Marketplace 46,647 SF
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
Cove Capital markets this trust as debt-free: the properties carry no mortgage, so there is no lender, no loan maturity and no foreclosure exposure. 1 The trade-off is that an exchanger who must replace mortgage debt from a sold property cannot satisfy that requirement through this trust alone.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $933,993 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,583,985 · 10.1% of offeringForm D Item 16· The filing’s note: “Mr Kay & Lapin will receive a portion of this amount (in)directly for various fees & selling commissions, EXCLUDING amounts received for sales in Oregon, OR proceeds will be received by registered representatives licensed in the state of OR”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- FNEX Capital, LLC · CRD 166316
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Aug 5, 2025
- Minimum investment
- $1,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind the Trust?
Cove Capital Investments sponsors debt-free DST programs aimed at 1031 exchange and direct cash investors, and it announced this trust's formation on September 16, 2025. 2 Its 1031 platform is among the more prolific in the market by number of offerings, as the rows below show. On July 17, 2026, the firm published portfolio-wide milestone statistics across its DST programs; that release did not name this trust.
- Sponsor
- Offerings on record
What does the SEC record show?
- Legal Trust name
- Diversified Portfolio 94 DST
- SEC CIK
- 2080786
- First Form D
- Aug 14, 2025
- Latest Form D
- Aug 14, 2025
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $15,566,573 | $449,563 | 2 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- Is Cove Diversified Portfolio 94 DST an active offering?
- Cove Diversified Portfolio 94 DST is an Active offering: its latest Form D was filed Aug 14, 2025. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- What exactly does the trust own?
- Cove Capital's offering page describes a three-property portfolio: a 2024 Frito-Lay distribution center, a 2024 Starbucks, and North Park Marketplace, a Walmart shadow-anchored multi-tenant retail center of 46,647 square feet in Lexington, Kentucky. Cove Capital's September 16, 2025 release places the industrial distribution facility in Norton, Virginia, and describes it as custom-built in 2024. The city and street address of the Starbucks are not stated in the public materials reviewed.
- What do public sources say about the Lexington retail center?
- Cove Capital's offering page reports the center 97% occupied and shadow-anchored by Walmart, and its September 16, 2025 release said 84% of the center's income came from multiple national tenants at that time. The Palomar Group announced the sale of the 46,647-square-foot center at 524 West New Circle Road on August 6, 2025, reporting a July 23, 2025 closing to a national DST group it did not name and describing the property as 96% occupied. The two occupancy figures were published five weeks apart and neither establishes occupancy today. A current rent roll and lease-expiration schedule belong in the offering documents.
- What does "debt-free" mean for my exchange?
- Cove Capital 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 needs to replace that debt to avoid taxable boot cannot do so through this trust alone, and would need to work the arithmetic through with a tax adviser.
- What is the minimum investment?
- The sources disagree. Cove Capital's offering page states a $100,000 minimum, while the SEC Form D filed August 14, 2025 reports $1,000 in the field for the minimum investment accepted from an outside investor. A Form D field and a sponsor's marketed minimum often differ; the operative number is the one in the offering documents, which a prospective investor can confirm with the sponsor or the selling broker-dealer.
In the news
Sources
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These links support the record as a whole; individual details may come from different sources.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.