Cove Tractor Net Lease 51 DST
Net lease property — sponsored by Cove Capital Investments
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Cove Tractor Net Lease 51 DST is a Cove Capital Investments offering organized as a Delaware statutory trust — the passive co-ownership vehicle used in 1031 exchanges.1 It raised capital in 2022 under Rule 506(c), the rule permitting public advertising to buyers whose accredited status is verified, for a single-tenant net-leased property in the Nashville, Tennessee metro area.3 No street address, tenant name, or property-level event has been publicly verified.
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These links support the historical public record; individual details may come from different 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?
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.
Who is the tenant, and what's the lease?
No SEC filing or verified source names the tenant, the lease term, or any renewal options. The Kay Properties listing describes only a single-tenant net-lease structure, the arrangement in which the occupying tenant — not the trust's investors — carries most or all of the property's operating costs.3
How did it end?
No ending on record
The Cove Tractor Net Lease 51 DST is a debt-free single-tenant Tractor Supply net-lease offering in the Nashville MSA, TN; no public sale, foreclosure, or full-cycle announcement has been located.
Public search located only a Nashville-MSA offering label and the 2022 Form D for Cove Tractor Net Lease 51 DST; no exact property name, street address, physical size, dated article naming this trust, or exact-property image was publicly verified, and a similarly located 2025 Tractor Supply sale was not tied to this DST.
How is it financed, and what does it pay?
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.
Who's behind it?
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 Research through 2026-08-23 turned up no dated news article naming this particular Trust.
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Cove Tractor Net Lease 51 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 active / 57 total offerings from Cove Capital Investments
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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
What happened to Cove Tractor Net Lease 51 DST?
Top1031 lists Cove Tractor Net Lease 51 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Tractor Net Lease 51 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.
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. The Trust's legal name references "Tractor," but research through 2026-08-23 could not tie this specific trust (SEC CIK 1933238) to a named operator, and a similarly located 2025 Tractor Supply sale in Tennessee could not be connected to this DST. Treat the tenant as unconfirmed until the PPM — the private placement memorandum, the offering's full disclosure document — is 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.
Can I still invest in this offering?
The sales figures on this page show what the last Form D amendment reported. That amendment was filed in September 2022, and no later SEC filing for this trust appears on record as of 2026-08-23. Availability of any secondary interests would be a question for the sponsor or your own broker-dealer, not the SEC record.
What does Rule 506(c) mean for me as an investor?
506(c) is the exemption that lets a private offering be advertised publicly — on websites, in ads, at seminars. In exchange, the issuer must take reasonable steps to verify that every purchaser is an accredited investor, which typically means producing tax returns, brokerage statements, or a letter from a CPA or attorney rather than simply checking a box.
Has the property been sold or refinanced?
No outcome has been reported. As of the 2026-08-23 research run, no acquisition price, refinancing, sale, or other property-level event was established for this specific trust in SEC filings or public reporting. The SEC record ends with the September 2022 Form D amendment.