Cove Net Lease Distribution 57 DST
Industrial net lease property in Elko, NV · sponsored by Cove Capital Investments
Cove Net Lease Distribution 57 DST was a DST sponsored by Cove Capital Investments that owned an industrial net lease property in Elko, NV (11,482 square feet). Its last Form D was filed Sep 20, 2022.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Sep 20, 2022.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $3,696,181Equity offered, per the Form D
- Sold
- 82.2%Form D, Sep 20, 2022; the % is our arithmetic
- Investors reported
- Form D, Sep 20, 202210
- Selling commissions
- Form D Item 15; the % is our arithmetic$184,809 · 4.9% 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 →
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 Net Lease Distribution 57 DST. Top1031 is not a broker-dealer.What did the Trust own?
The building at 3225 Ruby Vista Drive in Elko, Nevada was constructed in 2012 as a build-to-suit for FedEx Ground; the sponsor's brochure splits it into 9,773 square feet of warehouse and 1,709 square feet of office. 3 Elko County assessor records show the parcel transferring on August 25, 2022 from Cole FE Elko NV LLC to Cove Net Lease Distribution 57 for recorded consideration of $3,403,856. 4
- Reported location
- Elko, NV
- Property size
- 11,482 square feet; 1 building
How was it financed, and what did it cost to sell?
The Trust holds the building all-cash: no mortgage, no lender, no loan maturity to refinance and no debt service. An exchanger who needs to replace debt from a relinquished property gets none of it here, since a debt-free Trust passes through no mortgage liability.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $184,809 · 4.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $295,695 · 8.0% 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
- Aug 25, 2022
- 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 DSTs built around net-leased buildings, with a stated emphasis on debt-free structures. Its Form D for this Trust lists Dwight Kay and Chay Lapin as executive officers and managing members. 1 The firm announced on February 15, 2023 that this offering had been fully subscribed. 2 No later filings or exact-entity announcements for this Trust were located.
- Sponsor
- Offerings on record
What does the SEC record show?
Cove Capital filed an initial Form D — the short SEC notice a sponsor files after its first sale in a private placement — in September 2022, then a single amendment updating the subscription tally. The Trust was offered under Rule 506(c), which permits public advertising but requires the sponsor to verify that every investor is accredited.
- Legal Trust name
- Cove Net Lease Distribution 57 DST
- SEC CIK
- 1945231
- First Form D
- Sep 9, 2022
- Latest Form D
- Sep 20, 2022
- Filings on record
- 2
- 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/A | $3,696,181 | $3,040,207+$412,932 | 10 | EDGAR | |
| Form D | $3,696,181 | $2,627,275 | 10 | 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 Net Lease Distribution 57 DST?
- Cove Net Lease Distribution 57 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Sep 20, 2022.
- What does the Trust actually own?
- A single industrial distribution building at 3225 Ruby Vista Drive in Elko, Nevada, originally built in 2012 as a build-to-suit for FedEx Ground. The sponsor's brochure describes it as 9,773 square feet of warehouse plus 1,709 square feet of office, occupied by FedEx Ground as tenant, operator and guarantor.
- Who is the tenant and how long is the lease?
- FedEx Ground, identified in the sponsor's August 2022 brochure as tenant, operator and guarantor under a long-term net lease with the building 100% occupied. A lease extension was reported, but the original term, remaining term, expiration date, renewal options and rent escalations are not documented in any public source we located — those terms would sit in the offering documents.
- What does 'all-cash' or 'debt-free' mean for a DST like this one?
- The Trust bought the property without a mortgage. There is no lender, no loan covenant and no refinancing deadline, which removes lender-driven risk. The trade-off: an exchanger who must replace debt to avoid boot on their 1031 exchange gets no mortgage allocation from a debt-free Trust and has to source that elsewhere.
- Can this Trust convert into a REIT interest?
- No. The record shows no 721/UPREIT exit — the structure in which a DST's property is contributed to a REIT's operating partnership in exchange for OP units. Investors here hold beneficial interests in a Delaware statutory trust that owns the Elko building directly.
- Who is behind the Trust?
- Cove Capital Investments, a DST sponsor known for debt-free net-lease offerings. Its Form D for this Trust names Dwight Kay and Chay Lapin as executive officers and managing members. Cove Capital has sponsored dozens of DST offerings, listed on this site with counts of active and total programs.
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.