Cove Texas Build-to-Rent 97 DST
Build-to-rent / SFR multifamily property in San Antonio, TX — sponsored by Cove Capital Investments
Debt-free (0% LTV); min $100k; 95% occupied 7/30/25; $27.22M equity; pool/lazy river amenities
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These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
Cove Texas Build-to-Rent 97 DST is a Delaware Statutory Trust — fractional, passive ownership that can serve as 1031 exchange replacement property — holding a rental-home community in San Antonio that Cove Capital describes as newly constructed in 2024.1 The sponsor announced the purchase closed on August 6, 2025.2 On May 6, 2026 it announced the offering was fully subscribed at $27,223,181.3
Minimum investment
$1k
Offering size
$27.2M
How much has sold
12.0%
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?
These homes were built to be leased rather than sold to individual buyers; Cove Capital describes the community as 2024 construction totaling 154,431 rentable square feet.1 Transaction reporting places it at 13927 Borolanite Drive, in the Alamo Ranch area on the city's northwest side.4 Cove Capital announced completion of the purchase on August 6, 2025.2 Shared amenities include a resort-style pool and lazy river, with a sports court under construction as of the sponsor's listing.1
- Reported location
- San Antonio, TX
- Property size
- 83 units (avg 1,861 SF)
Who is the tenant, and what's the lease?
This is residential rental housing rather than a single-tenant net lease: income comes from many household leases that reset at renewal, not from one corporate tenant paying taxes, insurance and maintenance. Research through September 14, 2026 identified no named property manager and no published lease terms.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
12.0% reported sold
- Amount sold
- $3,133,336
- Reported unsold
- $24,089,845
- Investors reported
- 17
- Total offering
- $27,223,181
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
The Trust owns the community outright — no mortgage, no lender, nothing to refinance, and no lender foreclosure risk at the property level.1 An exchanger who sold a leveraged property and must replace that debt to avoid taxable boot will not find leverage here.
- Financing
- All cash. This offering reports no mortgage debt.
- Loan-to-value
- 0%covecapitalinvestments.com
Who's behind it?
Cove Capital Investments sponsors debt-free Delaware Statutory Trusts for 1031 exchange investors; founders Dwight Kay and Chay Lapin spoke for the firm in Connect Money's May 11, 2026 coverage of this offering's close. The firm has remained an active San Antonio buyer, announcing a separate 170-unit multifamily acquisition for another DST on July 24, 2026. On July 17, 2026 it published portfolio statistics of $1,133,765,047 across 137 properties and 2,768 investors.
- Sponsor
- Cove Capital Investments
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 active / 58 total offerings from Cove Capital Investments
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
No amendment has followed the original Form D, so EDGAR still shows the offering as it stood the day it was filed; Cove Capital's May 6, 2026 full-subscription announcement appears nowhere in the SEC record.3 The exemption used here permits general advertising, provided each buyer's accredited status is verified rather than self-certified.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Texas Build-To-Rent 97 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
Is Cove Texas Build-to-Rent 97 DST still raising money?
Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for Cove Texas Build-to-Rent 97 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 this Trust?
Cove Capital announced on May 6, 2026 that the offering was fully subscribed after raising $27,223,181 in equity, meaning it stopped accepting new subscriptions as of that date. The single Form D on record was filed in August 2025 and never amended, so the figures on this page reflect that filing rather than the final result. Confirm current availability with the sponsor or your own representative.
What does "build-to-rent" mean here?
Build-to-rent describes housing constructed specifically to be leased rather than sold to individual homebuyers. Cove Capital's offering page describes this community as newly constructed in 2024 with 154,431 rentable square feet, and lists a resort-style pool, lazy river, fitness center, clubhouse and playground. 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.
Where exactly is the property?
The Form D and Top1031's data place it in San Antonio, Texas, without naming a street address. Transaction reporting from Traded, dated August 6, 2025, ties this DST to an 83-unit build-to-rent community at 13927 Borolanite Drive; local coverage places that deal in the Alamo Ranch area on the city's northwest side. Because no issuer filing names the community, confirm the address and legal description in the Private Placement Memorandum — the offering document that governs the deal — and in the title record.
Is there a published occupancy figure for this community?
One dated figure. The August 2025 transaction record reported the community at 95% occupancy as of July 30, 2025, and a September 14, 2026 research run located no later occupancy update. Treat it as a point-in-time number more than a year old, and ask for a current rent roll and occupancy report alongside the Private Placement Memorandum.
What is the minimum investment?
The two public sources disagree. The Form D filed in August 2025 reports a $1,000 minimum outside investment accepted, while Cove Capital's listing for this Trust states a $100,000 minimum. Sponsors commonly set a higher practical minimum than the floor disclosed on a Form D, and 1031 exchange minimums can differ from cash-investment minimums. The Private Placement Memorandum and subscription agreement control.
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. Discuss the arithmetic of your specific exchange with your CPA or tax counsel before relying on any structure.
Chapter 9Cove Capital's Texas Build-to-Rent DST Hits $27.2M Equity TargetConnectMoney confirms Cove Texas Build-to-Rent 97 DST is fully subscribed at $27,223,181 in equity, with quotes from Cove Capital founders Dwight Kay and Chay Lapin highlighting demand, debt-free structure, and lease rollover upside. Cove Capital Fully Subscribes $27M Texas Build-to-Rent Delaware Statutory Trust OfferingCove Capital announced the Cove Texas Build-to-Rent 97 DST has fully subscribed, raising $27,223,181 from accredited 1031 investors for the 83-unit brand-new Build-to-Rent community in San Antonio.