Cove Net Lease Distribution 64 DST
Industrial net lease property in Frankfort, NY · sponsored by Cove Capital Investments
Cove Net Lease Distribution 64 DST was a DST sponsored by Cove Capital Investments that owned an industrial net lease property in Frankfort, NY (61,000 sq ft). Its last Form D was filed Feb 8, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Feb 8, 2024.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $13,239,946Equity offered, per the Form D
- Sold
- 66.1%Form D, Feb 8, 2024; the % is our arithmetic
- Investors reported
- Form D, Feb 8, 202436
- Selling commissions
- Form D Item 15; the % is our arithmetic$661,999 · 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 Net Lease Distribution 64 DST. Top1031 is not a broker-dealer.Cove Net Lease Distribution 64 DST · Frankfort, NY · Photo: mma.prnewswire.com
What did the Trust own?
The building is a brand-new distribution warehouse completed in 2023 in Schuler Business Park, in Frankfort (the Town of Schuyler), Herkimer County, New York. Cove Capital Investments announced completion of the purchase for this Trust on December 21, 2023. 2 The exact street address and the purchase price do not appear in the public filings or sponsor materials reviewed here.
- Reported location
- Frankfort, NY
- Property size
- 61,000 sq ft
How was it financed, and what did it cost to sell?
Cove Capital said it acquired the property with 0% leverage, adding it to the sponsor's debt-free portfolio. 2 With no mortgage there is no lender, no loan maturity and no refinancing to negotiate — and equally no debt here for an exchanger to use in replacing a mortgage paid off on a relinquished property.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $661,999 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,560,196 · 11.7% 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
- Jan 6, 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 sponsors 1031-exchange DSTs and markets a debt-free strategy, buying buildings without mortgage financing. It announced this acquisition through PR Newswire on December 21, 2023, describing the offering as a Regulation D, Rule 506(c) raise aimed at both 1031 exchangers and direct cash investors, with a target of roughly $13.2 million in equity. 2 Kay Properties also distributed the offering to its own investor base. 3
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed its first Form D — the short SEC notice that starts the clock on a private offering — nearly a year before the sponsor announced the building's purchase, then filed a single amendment updating its sales figures. It is offered under Rule 506(c), which permits public advertising so long as every investor's accredited status is verified.
- Legal Trust name
- Cove Net Lease Distribution 64 DST
- SEC CIK
- 1947572
- First Form D
- Jan 12, 2023
- Latest Form D
- Feb 8, 2024
- 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 | $13,239,946 | $8,759,818+$7,005,382 | 36+31 | EDGAR | |
| Form D | $13,239,946 | $1,754,436 | 5 | 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 64 DST?
- Cove Net Lease Distribution 64 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Feb 8, 2024.
- What is the minimum investment?
- The sources disagree. The Trust's Form D reports a $1,000 minimum for the offering, while Cove Capital's offering page states a $25,000 minimum. The discrepancy is unresolved in the public record — the offering documents control the actual subscription minimum.
- Who is the tenant, and what happens when the lease ends?
- The sponsor identifies the tenant as PepsiCo North America Beverages under a 10-year triple-net lease signed around the 2023 acquisition, with two five-year extension options at the tenant's election. The current expiration date, rent escalation schedule and any guarantor details are not stated in the public materials reviewed; those terms live in the lease abstract inside the offering documents.
- Does this Trust have debt?
- No. Cove Capital stated the property was acquired with 0% leverage as part of its debt-free portfolio. For an investor, that removes lender covenants, loan maturities and refinancing risk — and it also means the Trust supplies no replacement debt for an exchanger who had a mortgage on the property they sold.
- Can this be rolled into a REIT later through a 721 exchange?
- The record shows no 721/UPREIT feature — that is the structure where a DST's property is contributed to a REIT's operating partnership in exchange for units. This Trust is not set up that way, so the expected exit is a sale of the property itself, with proceeds available for a subsequent 1031 exchange.
In the news
Sources
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These links support the record as a whole; individual details may come from different sources.
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.