Cove Texas Build-to-Rent 97 DST

The property

The trust owns an 83-unit, newly constructed (2024 vintage) build-to-rent single-family rental community in San Antonio, Texas, totaling 154,431 rentable square feet with an average unit size of approximately 1,861 square feet; the sponsor lists amenities including a resort-style pool, lazy river, fitness center, clubhouse, playground, and a sports court under construction ⁴. Independent reporting identifies D.R. Horton as the developer and builder of the community acquired by Cove Capital in the August 2025 transaction ⁶. The sponsor reported the property at 95% occupancy as of July 30, 2025, citing room for rate increases on upcoming lease rollovers ⁴.

Capitalization and offering

The sponsor states the DST acquired the property entirely debt-free through a 100% all-cash structure supported by a $27,223,181 equity raise, and that the sellers awarded the deal below appraised value ¹. An issuer-filed Form D dated August 8, 2025 reported a total offering amount of $27,223,181 with $3,133,336 sold as of that filing date ². The sponsor subsequently reported, in May 2026, that the Regulation D Rule 506(c) offering had fully subscribed at the full $27,223,181 from accredited 1031 exchange and direct cash investors ⁵, a milestone republished on the sponsor's press page ³.

Sponsor and structure

The sponsor is Cove Capital Investments, LLC, headquartered in Torrance, California, founded by Dwight Kay and Chay Lapin ¹. The sponsor describes the DST as structured with an optional 721 Exchange UPREIT exit strategy rather than a forced conversion, allowing investors to evaluate a potential REIT structure at exit ⁴.