Top1031

Cove Texas Build-to-Rent 97 DST

Build-to-rent property in San Antonio, TX · sponsored by Cove Capital Investments

Sold outReported fully subscribed · latest Form D Aug 8, 2025 (opens in a new tab)

Cove Texas Build-to-Rent 97 DST is a DST sponsored by Cove Capital Investments that owns a build-to-rent property in San Antonio, TX (83 units). Its latest Form D, filed Aug 8, 2025, lists a $27.2 million offering with a $1,000 minimum.

Key facts

Minimum investment
$1,000
From the Form D
Offering size
$27,223,181
Equity offered, per the Form D
Sold so far
11.5%
Form D, Aug 8, 2025; the % is our arithmetic
Investors reported
17
Form D, Aug 8, 2025
Selling commissions
$1,361,159 · 4.9% of offering
Form D Item 15; the % is our arithmetic
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 →

Can I still invest?

No new interests: the offering is reported fully subscribed.

By Top1031’s calculation from the latest Form D, filed Aug 8, 2025, 11.5% of the offering had sold.

Other Cove Capital Investments offerings on record

Availability changes without a filing. The sponsor or a registered representative can confirm what is open.

Looking for an offering like this one? A licensed 1031 specialist from our affiliated partner can talk through what is on record.

Ask a 1031 specialist about this recordFree. About: Cove Texas Build-to-Rent 97 DST. Top1031 is not a broker-dealer.
Cove Texas Build-to-Rent 97 DST image

Cove Texas Build-to-Rent 97 DST · San Antonio, TX · Photo: covecapitalinvestments.com

City-level mapSan Antonio, TX metroMap shows the city, not the exact address.

What does the Trust own?

These are houses built to be leased rather than sold to individual homebuyers. The San Antonio Business Journal reported that D.R. Horton built the community in 2024 and placed it at 13927 Borolanite Drive in the Alamo Ranch area on the city's northwest side. 5 Cove Capital announced on August 6, 2025 that it had completed the acquisition, finalizing this offering. 3

Reported location
San Antonio, TX
Property size
83 units (avg 1,861 SF)

How have sales gone?

The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.

How is it financed, and what did it cost to sell?

The Trust owns the community outright: no mortgage, no lender, no loan maturity that could force a refinance or sale. An exchanger who sold a leveraged property and needs replacement debt to avoid taxable boot will not find that leverage here.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$1,361,159 · 4.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,405,623 · 8.8% of offering
Form D Item 16
· The filing’s note: “Mr Kay & Lapin will receive a portion of this amount (in)directly for various fees & Selling commissions, EXCLUDING amounts received for sales in Oregon, 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

Individual representatives named in Item 12 are not listed.

Date of first sale
Jul 15, 2025
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.

What does the SEC record show?

No amendment has followed the original Form D, so EDGAR still shows the offering as it stood on the day it was filed. 1 The sponsor's May 6, 2026 announcement that the offering was fully subscribed appears nowhere in the SEC record. 4

Legal Trust name
Texas Build-To-Rent 97 DST
SEC CIK
2080379
First Form D
Aug 8, 2025
Latest Form D
Aug 8, 2025
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$27,223,181
$3,133,336
17
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

Can I still invest in Cove Texas Build-to-Rent 97 DST?
No new interests: Cove Texas Build-to-Rent 97 DST is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active offering.
Where exactly is the property?
The Form D places it in San Antonio, Texas without a street address, and the sponsor's page for the Trust does not publish one. The San Antonio Business Journal, reporting on August 11, 2025, identified the 83-home community at 13927 Borolanite Drive in the Alamo Ranch area of northwest San Antonio. Confirm the address and legal description in the offering documents and in the title record.
What does "build-to-rent" mean here?
Build-to-rent describes housing constructed specifically to be leased rather than sold to individual homebuyers. The San Antonio Business Journal reported that D.R. Horton built this community in 2024; it comprises 83 units averaging 1,861 square feet, and Top1031's record notes pool and lazy river amenities. Cash flow comes from many household leases rather than one corporate tenant, so vacancy and turnover are spread across the homes instead of concentrated in a single lease that either renews or does not.
Is there a current occupancy figure for this community?
Not a verified current one. The San Antonio Business Journal reported the 83-home community 95% occupied as of July 30, 2025, which is a historical snapshot tied to the acquisition period. Cove's August 2025 press material attaches a similar occupancy sentence to a separately named Dallas build-to-rent offering, and no issuer filing states occupancy. Ask the sponsor for a current rent roll and occupancy report alongside the offering documents.
How was this offering sold, and who could buy it?
It was offered under Rule 506(c), a private-placement exemption that lets a sponsor advertise publicly but requires it to verify that every buyer is an accredited investor — someone meeting SEC income or net-worth thresholds — rather than accept self-certification. Cove Capital said the equity came from accredited 1031-exchange and direct-cash investors.
What does a debt-free DST mean for my 1031 exchange?
With no mortgage on the property, your investment equals your share of the equity and no loan balance is allocated to you. If you sold a property carrying debt and need replacement debt to avoid taxable boot, an all-cash Trust does not supply it. There is also no loan maturity that could force a refinance or sale. Discuss the arithmetic of your specific exchange with your CPA or tax counsel before relying on any structure.

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.