Cove Eastwood Village Opportunity 71 DST
Multi-tenant retail in Birmingham, AL — sponsored by Cove Capital Investments
Files with the SEC as Eastwood Village Opportunity 71 DST
Minimum investment
$1k
Offering size
$22.8M
How much has sold
15.0%
Asset type
Multi-tenant retail
Location
Birmingham, AL
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
A Delaware Statutory Trust — passive fractional ownership that can qualify for 1031 exchange treatment — holding Eastwood Village East, a multi-tenant retail center in Birmingham, Alabama, shadow-anchored by a Walmart Supercenter that is not part of the offering.1 Cove Capital Investments announced the completed all-cash purchase on February 21, 2024.1 The sponsor said on October 3, 2024 that the offering was fully subscribed, raising $22,798,024.2
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Eastwood Village East is an anchored neighborhood retail center at 7817 Crestwood Blvd. in Birmingham, Alabama.3 Cove Capital Investments announced the completed acquisition on February 21, 2024, describing the center as shadow-anchored by a neighboring Walmart Supercenter that the Trust does not own.1 A December 18, 2024 property preview distributed through Realty Mogul reported a purchase price of $17,578,000.3 Shopping Center Business reported the center was 96% occupied at the time of sale.4
- Reported location
- Birmingham, AL
- Property size
- 130,056 sq ft
Who is the tenant, and what's the lease?
There is no single tenant: rent comes from a mix of national retailers including Ross Dress for Less, Five Below, Office Depot, Michaels, Party City, Hibbett Sports, America's Best, T-Mobile and Starbucks.1 Cove Capital reported the center 97% occupied with recent lease extensions and renewals as of October 1, 2024.5 Individual lease expiration dates are not in the public record.
How did it end?
Closed to new investment · still operating
No full-cycle or disposition announcement has been issued; the offering remains listed on Cove Capital's website as 'fully subscribed' (multi-tenant retail center, Birmingham, AL, $22,798,024 raised as announced October 3, 2024) and is not included in Cove's published list of full-cycle events or its June 17, 2026 portfolio milestone press release; the February 6, 2024 $17.6M sale of an Eastwood Village retail center in Birmingham reported by Shopping Center Business was a separate, prior transaction between a Louisiana partnership and a different seller (not Cove).
Eastwood Village East, a 130,056 sq ft all-cash/debt-free, multi-tenant retail center in a dense and affluent submarket of Birmingham, AL, shadow-anchored by Walmart Supercenter. National tenants include Ross Dress for Less, Five Below, Office Depot, Michaels, Party City, Hibbett Sports, America's Best, T-Mobile and Starbucks. Reg D 506(c) offering targeting $22,798,024 raise, $25,000 minimum, all-cash/debt-free DST.
130,056 sq ftSupporting evidence
Counted on Cove Capital Investments’s Record Card as: Still operating Document
How is it financed, and what does it pay?
The Trust owns the center outright, so there is no lender, no loan maturity to refinance and no mortgage that could be foreclosed; the flip side is that investor equity funds the entire purchase. Cove Capital describes the offering as 0% leverage and debt-free.6
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments sponsors Delaware Statutory Trusts for 1031 exchange investors and markets debt-free structures as its specialty.6 Founders Dwight Kay and Chay Lapin announced on October 3, 2024 that this Trust had been fully subscribed, raising $22,798,024.2 AltsWire reported the offering launched in January 2024, matching the SEC filing record.5
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Eastwood Village Opportunity 71 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 23 active / 57 total offerings from Cove Capital Investments
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust's SEC record consists of a single Form D — the short notice an issuer files when selling securities privately — with no amendments since.7 Rule 506(c) means the sponsor may advertise the offering publicly but must take steps to verify that every investor is accredited.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Cove Eastwood Village Opportunity 71 DST?
Top1031 lists Cove Eastwood Village Opportunity 71 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Eastwood Village Opportunity 71 DST?
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.
Can I still invest in this Trust?
Cove Capital announced on October 3, 2024 that the Eastwood Village Opportunity 71 DST was fully subscribed, raising $22,798,024. A fully subscribed offering is closed to new investors. The only SEC filing on record is the original Form D from January 9, 2024, which was never amended to reflect the final total, so the sponsor's announcement is the source for the completed raise.
What does an all-cash, debt-free DST mean for a 1031 exchange?
It means the Trust bought the property without a mortgage. For a 1031 exchange, the IRS requires you to replace both the equity and the debt from your relinquished property. A debt-free DST supplies no replacement debt, so it generally suits an exchanger whose sold property was unencumbered — an exchanger who had a loan would need another source of replacement debt or would recognize boot. Confirm your own numbers with your tax adviser.
Who are the tenants?
It is a multi-tenant center. Cove Capital named Ross Dress for Less, Five Below, Office Depot, Michaels, Party City, Hibbett Sports, America's Best, T-Mobile and Starbucks among the tenants, with a neighboring Walmart Supercenter acting as a shadow anchor that the Trust does not own. Shopping Center Business reported the property was 96% occupied when it sold in March 2024; Cove Capital reported 97% occupancy in October 2024.
Is there a 721 UPREIT exit planned?
No. The record shows no provision for converting investor interests into operating partnership units of a REIT — a 721/UPREIT exit. Absent that path, the eventual outcome for investors depends on a sale of the property itself, and no sale, refinancing, or full-cycle result has been reported in the public record reviewed.
What did Cove Capital pay for the property?
A December 18, 2024 property preview distributed through Realty Mogul reported a purchase price of $17,578,000 for the 130,056-square-foot center. Cove Capital announced the completed acquisition on February 21, 2024 and targeted $22,798,024 of equity from accredited investors in the Rule 506(c) offering, the difference reflecting reserves, fees and offering costs disclosed in the PPM (the private placement memorandum, the offering's full legal disclosure document).
Chapter 9Cove Capital Fully Subscribes Eastwood Village DST Offering in Birmingham, Ala.Trade-press article announcing Cove Capital fully subscribed the debt-free Eastwood Village Opportunity 71 DST in Birmingham, AL. (Drone Video Footage) Cove Capital Investments' Founding Partners Provide an in depth Look at the Firm's Eastwood Village Opportunity 71 DST in Birmingham, ALPress release featuring drone video and a detailed overview of the Eastwood Village Opportunity 71 DST by Cove Capital founders Dwight Kay and Chay Lapin. (Drone Video Footage) Cove Capital Investments' Founding Partners Provide an in depth Look at the Firm's Eastwood Village Opportunity 71 DST in Birmingham, ALSponsor blog version of the drone video in-depth look at the Cove Eastwood Village Opportunity 71 DST in Birmingham, AL. Cove Capital Acquires 130,056-Square-Foot Eastwood Village Retail Center in Birmingham, AlabamaTrade-press article reporting Cove Capital's acquisition of the 130,056-SF Eastwood Village retail center (acquired for $17.6M, 96% occupied, anchored by Ross, Five Below, Office Depot, Michaels, Party City and Starbucks) for the Eastwood Village Opportunity 71 DST targeting $22.8M in equity. Cove Capital Adds One of Alabama's Top Performing Multi-Tenant Retail Centers to Its Growing Debt-Free Delaware Statutory Trust Portfolio for 1031 Exchange InvestorsPress release profiling the addition of the Birmingham, AL multi-tenant retail center (Eastwood Village) anchored by Ross, Five Below, Office Depot, Michaels, Party City and Starbucks to Cove Capital's debt-free DST portfolio. Cove Capital Investments Acquires an All-Cash / Debt-Free Retail Center for Its Eastwood Village Opportunity 71 DSTPress release announcing Cove Capital's acquisition of Eastwood Village East, a 130,056 sq ft multi-tenant retail center in Birmingham, AL, shadow-anchored by Walmart, as a Reg D 506(c) DST targeting $22,798,024 raise. Cove Capital Investments Acquires an All-Cash / Debt-Free Retail Center for Its Eastwood Village Opportunity 71 DSTSponsor press archive entry (Jan 27, 2024) for the Eastwood Village Opportunity 71 DST acquisition announcement. Cove Eastwood Village Opportunity 71 DST (Eastwood Village, Birmingham, AL)Sponsor-site offering page describing the 130,056-SF debt-free multi-tenant retail center acquisition targeting $22.8M in equity.