Cove Tractor Net Lease 51 DST
Net lease property · sponsored by Cove Capital Investments
Cove Tractor Net Lease 51 DST was a DST sponsored by Cove Capital Investments that owned a net lease property. Its last Form D, filed Sep 20, 2022, reports the offering fully sold.
How it ended
The last Form D, filed Sep 20, 2022, reports the offering fully sold.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $6,833,237Equity offered, per the Form D
- Sold
- 100%Form D, Sep 20, 2022; the % is our arithmetic
- Investors reported
- Form D, Sep 20, 202222
- Selling commissions
- Form D Item 15; the % is our arithmetic$204,997 · 2.9% of offering
- 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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Cove Tractor Net Lease 51 DST. Top1031 is not a broker-dealer.What did Cove Tractor Net Lease 51 DST own?
A Kay Properties marketplace listing describes this Trust as a single-tenant net-lease offering in the Nashville, Tennessee metropolitan area. 3 That regional label is as far as the public record goes: no street address, property name, building size, or acquisition date has been verified from SEC filings or dated news coverage. A Form D describes the securities being sold, not the real estate behind them.
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
The Kay Properties listing describes the offering as all-cash and debt free. 3 A debt-free trust carries no mortgage, so there is no lender to refinance with and no loan to default on — and nothing at the trust level to satisfy an exchanger who needs to replace debt from a relinquished property. No loan terms appear in the SEC record.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $204,997 · 2.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $581,382 · 8.5% of offeringForm D Item 16· The filing’s note: “Dwight Kay and Chay Lapin will receive a portion of this amount directly, or indirectly, for various fees and selling commissions.”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- FNEX Capital, LLC · CRD 166316
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 26, 2022
- 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.
Who's behind Cove Tractor Net Lease 51 DST?
Cove Capital Investments sponsors a long series of similarly named net-lease Delaware statutory trusts; the row below shows how many are on record here. The Form D names Dwight Kay as manager of the sole member and manager of the signatory trustee, and discloses that Dwight Kay and Chay Lapin would receive portions of the offering amount, directly or indirectly, as fees and selling commissions. 4
- Sponsor
- Offerings on record
What does the SEC record show?
The initial Form D — the brief notice an issuer files with the SEC for a private placement — was later amended once to update the sales figures shown below. That first filing reports a first sale of securities on May 26, 2022. 2 Rule 506(c) allows an issuer to advertise publicly, provided every purchaser's accredited status is verified.
- Legal Trust name
- Cove Tractor Net Lease 51 DST
- SEC CIK
- 1933238
- First Form D
- Jun 9, 2022
- Latest Form D
- Sep 20, 2022
- Filings on record
- 2
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $6,833,237 | $6,833,237+$5,568,910 | 22+15 | EDGAR | |
| Form D | $6,833,237 | $1,264,327 | 7 | 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
- What happened to Cove Tractor Net Lease 51 DST?
- Cove Tractor Net Lease 51 DST is a Historical offering. The last Form D, filed Sep 20, 2022, reports the offering fully sold.
- What property does this Trust own?
- The only public description found is a Kay Properties marketplace listing identifying Cove Tractor Net Lease 51 DST as a single-tenant net-lease offering in the Nashville, Tennessee MSA. No street address, property name, or square footage has been verified in SEC filings, sponsor materials, or dated news coverage.
- Who is the tenant?
- No source reviewed names the tenant. Treat the tenant as unconfirmed until the offering documents are reviewed.
- Does the Trust have a mortgage?
- The Kay Properties listing describes the offering as all-cash and debt free, meaning no property-level loan. Investors doing a 1031 exchange who must replace debt from a relinquished property generally cannot do so through a debt-free trust. No lender, loan amount, or maturity appears anywhere in the SEC record for this trust.
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.