Cove Essential Net Lease 58 DST
Net lease property · sponsored by Cove Capital Investments
Cove Essential Net Lease 58 DST was a DST sponsored by Cove Capital Investments that owned 3 net lease properties. Its last Form D was filed Mar 23, 2023.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Mar 23, 2023.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $11,074,616Equity offered, per the Form D
- Sold
- 14.6%Form D, Mar 23, 2023; the % is our arithmetic
- Investors reported
- Form D, Mar 23, 20236
- Selling commissions
- Form D Item 15; the % is our arithmetic$553,731 · 5.0% 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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Cove Essential Net Lease 58 DST. Top1031 is not a broker-dealer.Cove Essential Net Lease 58 DST · Photo: covecapitalinvestments.com
What did the Trust own?
Cove Capital describes the Trust as a three-property, single-tenant net-lease portfolio of corporate-backed leases that is 100% occupied. 2 Milwaukee's assessment record lists the Trust as owner of a bank/savings-and-loan building at 3637 W Fond du Lac Avenue, recording a January 18, 2023 sale at $1,737,000. 3 The sponsor's page also names Fort Ashby, West Virginia and Pittsburgh, Pennsylvania, and states Milwaukee's state inconsistently. 2
- Property size
- 3 properties; Milwaukee asset: 2,339 sq ft finished area on a 12,400 sq ft lot; aggregate portfolio square footage not established
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
The Trust holds the properties debt-free, so there is no lender, no loan maturity, and no mortgage to refinance — and no partnership-level debt allocated to investors replacing loan balances in an exchange. 2
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $553,731 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,254,563 · 11.3% of offeringForm D Item 16· The filing’s note: “Dwight Kay and Chay Lapin will receive a portion of this amount directly, or indirectly, for various fees and selling commissions.”
- 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
- Mar 13, 2023
- 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 is a Torrance, California sponsor known for debt-free DST offerings; its Form D names Dwight Kay and Chay Lapin as executive officers and managing members. 1 On December 4, 2023, Cove announced this Trust was fully subscribed with $11,074,616 in equity raised. 4 Blue Vault carried the announcement on December 5, 2023. 5
- Sponsor
- Offerings on record
What does the SEC record show?
A single Form D — the short SEC notice a private offering files — sits on the record with no amendments; the issuer reported a first sale on March 13, 2023 and did not expect the offering to run beyond one year. 1 Rule 506(c) allows public advertising, with each investor's accredited status verified.
- Legal Trust name
- Cove Essential Net Lease 58 DST
- SEC CIK
- 1961896
- First Form D
- Mar 23, 2023
- Latest Form D
- Mar 23, 2023
- 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 | $11,074,616 | $1,619,640 | 6 | 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
- What happened to Cove Essential Net Lease 58 DST?
- Cove Essential Net Lease 58 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Mar 23, 2023.
- Where are the three properties?
- Cove's offering page lists the portfolio as WI, PA, and WV, naming Fort Ashby, West Virginia; Pittsburgh, Pennsylvania; and Milwaukee — which the page labels inconsistently as both WI and MI. Only one address is corroborated in public records: the City of Milwaukee assessment record shows the Trust as owner at 3637 W Fond du Lac Avenue, with a January 18, 2023 sale recorded at $1,737,000. The Fort Ashby and Pittsburgh street addresses are not established in the sources reviewed.
- Who are the tenants, and what do the leases say?
- Cove's marketing names Frito-Lay (PepsiCo), BMO Harris Bank, and Walgreens, while the same page's property highlights reference Walgreens/Family Dollar. The sources reviewed do not map tenants to specific buildings, resolve the Walgreens-versus-Family Dollar discrepancy, or disclose lease expirations, rent, or corporate guaranties. Those terms live in the offering documents.
- What does a debt-free, all-cash DST mean for me?
- The Trust owns its real estate without mortgage financing. There is no lender, no loan covenant, no maturity date to refinance, and no lender foreclosure risk at the property level. It also means no debt is allocated to investors, which matters if your relinquished property carried a mortgage you need to replace in the exchange — a point to work through with your own tax adviser.
- What is the minimum investment?
- The sources disagree. The 2023 Form D reports a $1,000 minimum outside investment, while Cove's offering page lists a $50,000 minimum. Neither the filing nor the sponsor page reconciles the two figures, so the governing number would be whatever the offering documents and subscription documents state.
- Does this Trust have a 721/UPREIT exit?
- No conversion to a REIT is indicated for this Trust. A 721/UPREIT exit is a structure in which DST investors' property is contributed to a REIT's operating partnership in exchange for OP units; the record here shows no such feature, so the expected path is an eventual sale of the real estate.
In the news
Sources
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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.