Cove Essential Net Lease 81 DST
Net lease property · sponsored by Cove Capital Investments
Cove Essential Net Lease 81 DST was a DST sponsored by Cove Capital Investments that owned 3 net lease properties. Its last Form D was filed Jul 16, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jul 16, 2024.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $19,023,010Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Jul 16, 2024)Form D, Jul 16, 2024
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,141,381 · 6.0% 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 81 DST. Top1031 is not a broker-dealer.What did the Trust own?
AltsWire reported in August 2024 that Cove had closed on all three buildings, each corporately backed and 100% occupied. 2 The sponsor lists a Tractor Supply store in North Carolina, a Frito-Lay distribution center in Georgia and a Sunbelt Rentals property in Florida. 1 AltsWire's city-level account reverses the first two, naming Jackson, Georgia and Elkin, North Carolina. 2 Street addresses, square footage and construction dates are not established in the reviewed record.
- Property size
- 3 properties
How was it financed, and what did it cost to sell?
No mortgage sits behind this Trust: investor equity funded the entire purchase, so there is no lender, no loan maturity and no refinancing deadline — and no borrowed dollars for an exchanger who needs to replace debt carried on a sold property. 1
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $1,141,381 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,949,125 · 10.2% of offeringForm D Item 16· The filing’s note: “Mr. Kay & Lapin will receive a portion of this amount (in)directly for various fees and selling commissions, EXCLUDING amounts received for sales in the state of OR. 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
- Not in the Form D
- 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, LLC sponsors the Trust; the Form D names managing members Dwight Kay and Chay Lapin as the executive officers tied to the offering. 3 The firm is among the more prolific DST sponsors by number of Regulation D offerings, and it markets debt-free structures as its signature approach. 1 Its page for this Trust described the offering as fully subscribed as of September 8, 2026. 1
- Sponsor
- Offerings on record
What does the SEC record show?
A single Form D covers this offering, with no amendment filed since, so the SEC record still reflects the day the raise launched. 3 Rule 506(c) lets the sponsor advertise publicly but requires it to verify each buyer's accredited-investor status rather than accept self-certification.
- Legal Trust name
- Essential Net Lease 81 DST
- SEC CIK
- 2029935
- First Form D
- Jul 16, 2024
- Latest Form D
- Jul 16, 2024
- 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $19,023,010 | $0 | 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 81 DST?
- Cove Essential Net Lease 81 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jul 16, 2024.
- What does the Trust actually own?
- Three separate single-tenant, net-leased properties: a Tractor Supply store, a Frito-Lay distribution center and a Sunbelt Rentals property, located across North Carolina, Georgia and Florida. Cove Capital and AltsWire agree on the three tenants and the three states, but their accounts differ on which tenant sits in which state at the city level.
- Does the Trust carry mortgage debt?
- No. The sponsor describes the Trust as debt-free with zero leverage, funded entirely by investor equity. For a 1031 exchanger, that matters in both directions: there is no loan to mature or refinance, but there is also no Trust-level debt to help replace mortgage debt that was paid off on the property you sold.
- Is there a 721 or UPREIT exit?
- The record shows no REIT-conversion feature for this Trust. Cove Capital discusses 721 rollups — contributing DST property into a REIT in exchange for operating-partnership units — as a general strategy, not as a completed event for Essential Net Lease 81 DST.
- What is not known from the public record?
- Lease durations and remaining terms, rents, tenant guaranty details, square footage, street addresses, the exact acquisition closing date and the final equity actually raised are not established in the reviewed SEC filing, sponsor page or trade coverage. Those items would be addressed in the offering documents.
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.