Cove Net Lease Distribution 66 DST
sponsored by Cove Capital Investments
Cove Net Lease Distribution 66 DST, sponsored by Cove Capital Investments, filed its first Form D with the SEC on Jul 13, 2023 for a $3.8 million offering. Its last Form D was filed Jul 13, 2023.
How it ended
No outcome recorded · under 7 years
Last Form D filed Jul 13, 2023.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $3,819,645Equity offered, per the Form D
- Sold
- 2.6%Form D, Jul 13, 2023; the % is our arithmetic
- Investors reported
- Form D, Jul 13, 20231
- Selling commissions
- Form D Item 15; the % is our arithmetic$190,982 · 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 66 DST. Top1031 is not a broker-dealer.What did the Trust own?
Cove Capital Investments announced on November 27, 2023 that it had completed the purchase of a newly constructed industrial distribution center in Richlands, Virginia for this Trust. 3 The sponsor describes the 2023-built property as a distribution warehouse and product exchange center sited adjacent to Highway 460. 2 The sources reviewed do not establish a street address, building square footage, or rent.
How was it financed, and what did it cost to sell?
The Trust holds the building without a mortgage, so there is no lender, no loan maturity, and no refinancing event to plan around. The trade-off is that a 1031 exchanger who needs to replace debt from a sold property cannot get that debt here.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $190,982 · 4.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $396,915 · 10.3% 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
- Jul 7, 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 this Trust and builds its 1031 platform around unleveraged, debt-free net-lease offerings like this one. 2 The firm announced the Richlands acquisition on November 27, 2023. 3 AltsWire later reported that the offering was fully subscribed on March 29, 2024, with just over $3.8 million of equity raised. 4
- Sponsor
- Offerings on record
What does the SEC record show?
One Form D — the brief notice an issuer files with the SEC when it sells securities privately — is on record for this Trust, with no amendments after it. 1 It was offered under the SEC rule that allows public advertising but limits purchases to accredited investors whose status the sponsor must verify.
- Legal Trust name
- Cove Net Lease Distribution 66 DST
- SEC CIK
- 1984802
- First Form D
- Jul 13, 2023
- Latest Form D
- Jul 13, 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 | $3,819,645 | $100,000 | 1 | 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 66 DST?
- Cove Net Lease Distribution 66 DST is a Historical offering. Last Form D filed Jul 13, 2023.
- What does the Trust actually own?
- A single-tenant industrial property: a distribution warehouse and product exchange center in Richlands, Virginia, built in 2023 and located next to Highway 460, according to the sponsor. Cove Capital announced completing the purchase on November 27, 2023. The exact street address, square footage, and rent are not established in the public sources reviewed.
- Who is the tenant and what kind of lease is in place?
- The building serves Frito-Lay/PepsiCo, and the sponsor describes the lease as a long-term 10-year net lease. In a net lease, the tenant bears most property-level operating expenses rather than the Trust. Renewal options, rent escalations, and whether the lease is guaranteed by the parent company are not spelled out in the public sources reviewed and would be found in the offering documents.
- What does a debt-free DST mean for my exchange?
- There is no mortgage on the property, so there is no lender, no debt maturity, and no risk of a loan default or forced refinancing. It also means the Trust carries no debt for you to inherit — so if your relinquished property had a loan and you need to replace that debt to complete a fully tax-deferred exchange, an unleveraged Trust does not supply it. That is a question for your CPA or exchange accommodator.
- What was the minimum investment?
- The Form D filed July 13, 2023 reports a $1,000 minimum outside investment accepted. Cove Capital's November 27, 2023 announcement described a $25,000 minimum for the offering. The two figures come from different documents and serve different purposes; the offering documents govern.
- Is there any reported exit or sale?
- No outcome has been reported for this Trust in the sources reviewed. There is no record of a sale, refinancing, or 721/UPREIT roll-up — a transaction in which DST interests are exchanged for operating-partnership units in a REIT — and this Trust's data shows no REIT conversion provision. Absence of a reported event is a limit of the public record, not evidence that nothing happened.
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.