Cove Rogers Business Park 73 DST
Industrial in Fulshear, TX — sponsored by Cove Capital Investments
Show sources (11)Hide sources (11)
These links support the historical public record; individual details may come from different sources.
- Cove Capital Investments ↗
- U.S. Securities and Exchange Commission — Form D ↗
- Connect Money ↗
- Cove Capital Investments ↗
- Cove Capital Investments ↗
- PR Newswire (Cove Capital Investments) ↗
- PR Newswire (Cove Capital Investments) ↗
- Cove Capital Investments ↗
- U.S. Securities and Exchange Commission — Form D ↗
- Cove Capital Investments ↗
- prnewswire.com ↗
What is this, in one paragraph?
Cove Rogers Business Park 73 DST is a Delaware Statutory Trust — a fractional co-ownership structure that qualifies for 1031 exchanges — holding a multi-tenant flex-industrial and mixed-use center in Fulshear, Texas, on the Houston metro's western edge.1 Cove Capital Investments bought it without mortgage debt and announced on October 9, 2024 that the offering was fully subscribed, so it is closed to new investors.7
Minimum investment
$1k
Offering size
$23.2M
How much has sold
None sold yet
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited 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 asset sits at the corner of Rogers Road and FM 359, just north of downtown Fulshear, Texas.1 Cove Capital Investments acquired the multi-tenant flex-industrial and mixed-use center, and Connect Money reported the purchase complete as of April 30, 2024.3 The sponsor says the property was bought below replacement cost.4 No purchase price has been disclosed in any reviewed source.
- Reported location
- Fulshear, TX
- Property size
- 83,669 square foot
Who is the tenant, and what's the lease?
This is a multi-tenant property, and no reviewed source names an individual tenant or states lease terms. Cove's offering page describes brand-new leases and 96.41% occupancy.5 Its October 9, 2024 release put occupancy at 95.22% and cited recent tenant lease extensions and renewals.6
How did it end?
Still operating
No public full-cycle, sale, or 721 UPREIT announcement has been issued for Rogers Business Park Opportunity 73 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 83,669 sq ft multi-tenant flex industrial property in Fulshear, TX.
All-cash/debt-free DST; 96.41% occupied multi-tenant flex industrial and mixed-use center in Fulshear, TX (Houston MSA); raised $23,186,525 equity; min investment $25,000; purchased below replacement cost; 0% leverage; potentially 721 exchange rollup; one mile from seven master-planned communities delivering 9,000+ new homes.
83,669 square footSupporting evidence
Counted on Cove Capital Investments’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
There is no mortgage and no lender on this property — Cove structured the Trust debt-free, which removes refinancing and foreclosure risk while leaving no borrowed money to magnify outcomes in either direction.8
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments is a DST sponsor built around all-cash, debt-free offerings; the Form D for this Trust names the firm as promoter and Dwight Kay and Chay Lapin as managing members.9 Cove announced the offering fully subscribed on October 9, 2024.7 The structure contemplates a possible 721 rollup, in which investors would later exchange trust interests for operating-partnership units in a REIT rather than receive cash.
- Sponsor
- Cove Capital Investments
- May convert to a REIT
- Yes
- 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?
Cove filed one Form D for this Trust, a new-notice filing under Rule 506(c) — the exemption that lets an issuer advertise publicly but sell only to investors whose accredited status is verified.2 It was filed before the first sale and never amended, so EDGAR never recorded how the raise progressed.2
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Rogers Business Park Opportunity 73 DST
- 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 Rogers Business Park 73 DST?
Top1031 lists Cove Rogers Business Park 73 DST in the Historical cohort because its latest filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Cove Rogers Business Park 73 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.
Can I still invest in Cove Rogers Business Park 73 DST?
No. Cove Capital Investments announced on October 9, 2024 that the Rogers Business Park Opportunity 73 DST offering was fully subscribed, meaning it is closed to new investors. Interests in a closed DST occasionally change hands privately, but there is no public market for them and transfer is governed by the trust agreement and the private placement memorandum (PPM), the offering's full legal disclosure document.
Why does the SEC record not show the offering as sold out?
Because the only filing on record is the original Form D, submitted April 2, 2024 before the first sale, and it was never amended. Form D amendments are how an issuer updates sales progress; without one, EDGAR simply preserves the day-one snapshot. The sponsor separately announced full subscription in an October 9, 2024 press release.
What is the minimum investment?
The sources disagree and Top1031 does not reconcile them. The April 2, 2024 Form D states a $1,000 minimum outside investment.[2] Cove's own offering page for the Trust lists a $25,000 minimum and identifies the DST as 1031-exchange qualified.[10] The PPM controls; a prospective buyer of a secondary interest would confirm terms there.
What does a debt-free DST mean for me as an investor?
It means the trust owns the property outright with no mortgage. There is no lender, no loan covenants, no refinancing deadline and no risk of foreclosure wiping out equity. It also means an investor whose relinquished property carried debt may need another way to satisfy the 1031 requirement to replace that debt — often additional cash — since this Trust supplies no replacement mortgage.[8]
Where exactly is the property?
At Rogers Road and FM 359, just north of downtown Fulshear, Texas, in the Houston metropolitan area.[1] Cove's marketing materials describe the site as roughly one mile from seven master-planned communities slated to deliver more than 9,000 new homes.
What is the 721 exchange exit the paperwork mentions?
A 721 exchange, also called an UPREIT, lets a DST's property be contributed to a real estate investment trust's operating partnership, with investors receiving partnership units instead of cash. It can defer taxes at that step, but it converts a direct real property interest into a security, ending the ability to do future 1031 exchanges with that position. Nothing in the reviewed record shows this Trust has taken that step.
Chapter 9Cove Capital Investments Fully Subscribes Its Rogers Business Park Opportunity 73 Delaware Statutory Trust Offering in Fulshear, TXOfficial press release: Cove Capital announces its Rogers Business Park Opportunity 73 DST in Fulshear, TX is fully subscribed, raising $23,186,525 in equity. Cove Capital Investments Acquires Texas Business Park for Debt-Free DST OfferingCove Capital acquired Rogers Business Park in Fulshear, TX for a debt-free DST offering (Opportunity 73) targeting just over $23.1M from accredited investors at 96.41% occupancy.