Cove Florida Net Lease 72 DST
Net lease property in Hollywood, FL — sponsored by Cove Capital Investments
Files with the SEC as Florida Net Lease 72 DST
Minimum investment
$1k
Offering size
$14.2M
How much has sold
2.0%
Asset type
Net lease property
Location
Hollywood, FL
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Cove Florida Net Lease 72 DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional real estate — holding a single-tenant net lease building at 2230 Hollywood Blvd in Hollywood, Florida, leased to Guidepost Montessori.2 Sponsor Cove Capital Investments filed one Form D on January 9, 2024 for a Rule 506(c) offering to accredited investors and reported acquiring the asset debt-free.3
Show sources (4)Hide sources (4)
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?
The Trust owns a single-tenant net lease property at 2230 Hollywood Blvd in Hollywood, Florida, inside the Miami metro area.2 Cove Capital announced on March 5, 2024 that it had completed the purchase as part of this offering.3 The sponsor describes the building as renovated in 2023 and states that $3.8 million of improvements were underway, without dating that status.2 Square footage and the exact closing date are not in the public record.
- Reported location
- Hollywood, FL
Who is the tenant, and what's the lease?
Cove Capital identifies the tenant as Guidepost Montessori, an early-childhood school operator, under a 20-year triple-net lease — meaning the tenant, not the Trust, carries taxes, insurance and maintenance — backed by a full corporate guaranty from parent Higher Ground Education.2
How did it end?
Closed to new investment · still operating
No public full-cycle, sale, or 721 UPREIT announcement has been issued for Florida Net Lease 72 DST; the trust remains listed on Cove Capital's website as 'fully subscribed' with a 'Monthly' distribution status, indicating it continues to own and operate the Guidepost Montessori (Hollywood/Miami, FL) property.
Single-tenant net lease property at 2230 Hollywood Blvd in Hollywood, FL (Miami MSA), recently renovated in 2023, leased to Guidepost Montessori under a 20-year NNN lease with parent company Higher Ground Education corporate guarantee. Reg D 506(c) offering targeting $14,189,563 raise, $25,000 minimum, all-cash/debt-free DST.
Supporting evidence
Counted on Cove Capital Investments’s Record Card as: Still operating Document
How is it financed, and what does it pay?
This Trust was capitalized without mortgage debt, so there is no lender, no loan maturity to refinance and no risk of a lender foreclosing on the asset; investors also forgo the amplification that borrowing can provide.3
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments, LLC is the sponsor and promoter of the Trust, and builds its 1031 program around debt-free, all-cash offerings.1 The Form D names Dwight Kay and Chay Lapin as executive officers, with Dwight Kay signing as manager of the signatory trustee and of the issuer.1 The firm has sponsored a broad series of numbered net lease trusts, of which this Hollywood, Florida asset is one.
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Florida Net Lease 72 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 record here is short: a single Form D notice with no amendments since.1 The issuer reported a first sale date of January 8, 2024 and sold interests under Rule 506(c), which permits public advertising but limits purchasers to accredited investors whose status the sponsor must verify.1
- 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 Florida Net Lease 72 DST?
Top1031 lists Cove Florida Net Lease 72 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Florida Net Lease 72 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.
Is this Trust still open to new investors?
Cove Capital's own property page labels the offering fully subscribed, but the page carries no date. The only SEC document on record is the original Form D filed January 9, 2024, and no amendment has been filed to report a final closing. Anyone treating the offering as open or closed should confirm current status directly with the sponsor or their representative.
What is the minimum investment?
The sources disagree. The Form D filed January 9, 2024 reported a minimum outside investment of $1,000, while Cove Capital's property page states a $25,000 minimum. The governing figure is whatever the private placement memorandum (the offering's full legal disclosure document) states.
Who actually pays the property expenses?
Under the 20-year triple-net lease that Cove Capital describes, the tenant is responsible for taxes, insurance and maintenance rather than the Trust. Guidepost Montessori is the operating tenant, and its parent, Higher Ground Education, provides a full corporate guaranty of the lease obligations.
Does this Trust have any mortgage debt?
No. Cove Capital reported that the Hollywood, Florida asset was acquired with zero leverage. For a 1031 exchanger, a debt-free trust means there is no trust-level debt to replace; exchangers who carried a mortgage on their relinquished property should discuss with their tax adviser how a debt-free replacement affects their exchange math.
Can this Trust convert into a REIT through a 721 exchange?
The record shows no 721/UPREIT feature — that is, no stated path for investors to roll their beneficial interests into operating-partnership units of a REIT. The exit contemplated is a sale of the property, and the terms governing any sale are set out in the private placement memorandum.
What is not known about this property?
Public sources reviewed did not establish the building's square footage, an explicit occupancy figure, the exact acquisition closing date, the lease's rent escalation terms, or whether the $3.8 million of improvements the sponsor described have been completed. No sale, refinancing, foreclosure or tenant bankruptcy has been reported for this Trust.
Chapter 9Cove Florida Net Lease 72 DSTSponsor property page showing the Florida Net Lease 72 DST is fully subscribed; debt-free single-tenant net lease asset on a 20-year NNN lease to Guidepost Montessori in Hollywood (Miami), FL.