Cove Texas Build-to-Rent 97 DST

Top1031 lists Cove Texas Build-to-Rent 97 DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

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.

Cove Capital announced on May 6, 2026 that the offering was fully subscribed after raising $27,223,181 in equity, meaning it was no longer accepting new subscriptions as of that date. The single Form D on record predates that announcement and was never amended, so the sales figures shown on this page reflect the August 8, 2025 filing snapshot rather than the final result. Confirm current availability with the sponsor or your own representative.

Build-to-rent describes housing constructed specifically to be leased rather than sold to individual homebuyers. Cove Capital's offering page describes a community newly constructed in 2024 and operated as one professionally managed property, with a resort-style pool, lazy river, fitness center, clubhouse and playground, plus a sports court described as under construction. 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.

The Form D and Top1031's enrichment data place it in San Antonio, Texas. The San Antonio Business Journal reported on August 11, 2025 that Cove Capital bought the 83-unit build-to-rent community at 13927 Borolanite Drive in Alamo Ranch for this Trust, and Hoodline later described the deal as an 83-home build-to-rent community on the city's Northwest Side. No issuer filing names the community, so confirm the address and legal description in the Private Placement Memorandum — the offering document that governs the deal — and in the title documents.

Cove Capital reported the community 95% occupied as of July 30, 2025, days before the closing was announced. That is a snapshot taken around the purchase, not a current reading, and no occupancy data appears in the SEC filing. Research through August 26, 2026 located no later property-level occupancy figure. Ask for a current rent roll and occupancy report alongside the Private Placement Memorandum.

The two public sources disagree. The Form D filed August 8, 2025 reports a $1,000 minimum outside investment accepted, while Cove Capital's own offering page 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; confirm the figure that applies to your exchange before subscribing.

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.