Essential Net Lease Portfolio 90 DST
Net lease portfolio (industrial distribution + retail) property in Multi-state (2) — sponsored by Cove Capital Investments
Minimum investment
$1k
Offering size
$12.8M
How much has sold
None sold yet
Asset type
Net lease portfolio (industrial distribution + retail) property
Location
Multi-state (2)
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Essential Net Lease Portfolio 90 DST is a Delaware statutory trust — a structure letting 1031 exchange investors hold fractional real estate as replacement property — sponsored by Cove Capital Investments. It owns two single-tenant net-leased buildings: a FedEx Ground facility in Safford, Arizona and a Tractor Supply in Grants, New Mexico, both bought without mortgage debt.3 It is raising from accredited investors.
Debt-free (0% LTV); $12,765,363 equity target; min $100k; FedEx Ground (2015, Safford AZ) + Tractor Supply (2023 BTS, Grants NM); fully occupied
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These links support the public record as a whole; 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?
Cove Capital announced on June 18, 2025 that it had closed on both buildings and completed formation of the Trust.3 One is a FedEx Ground distribution facility in Safford, Arizona, dating to 2015; the other a Tractor Supply store in Grants, New Mexico, built to suit in 2023. Cove's offering page describes the two together as a single-tenant net lease portfolio.2 Exact street addresses are not settled by public filings.
- Reported location
- Multi-state (2)
- Property size
- 2 properties; over 33,000 square feet
Who is the tenant, and what's the lease?
The tenants are FedEx Ground and Tractor Supply, each on a long-term net lease — meaning the tenant, not the Trust, carries most operating costs — and Cove reported the portfolio fully occupied at closing.3 Rent levels, expiration dates and any parent-company guaranties are not established in public filings.
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.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
The Trust bought both properties outright, so there is no lender, no loan maturity and no refinancing event mid-hold.2 Nothing is owed against the buildings, and no borrowed money magnifies outcomes in either direction.
- Financing
- All cash. This offering reports no mortgage debt.
- Loan-to-value
- 0%covecapitalinvestments.com
Who's behind it?
Cove Capital Investments, LLC is the sponsor behind this Trust and builds its 1031 platform around debt-free, net-leased offerings.3 In a press release dated July 17, 2026, Cove reported more than $1.13 billion in sponsored DST transactions, 137 properties, over 4.28 million square feet under management, and $206.3 million of capital returned to investors. It files frequently and runs many offerings at once.
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Essential Net Lease Portfolio 90 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?
No amendment has been filed since the original notice, so the public record has never been updated with sales progress — that first notice reported the first sale had yet to occur.1 Rule 506(c) permits public advertising of the offering provided each investor's accredited status is verified.
- Form D filedFirst and latest filing on record.
- 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 Essential Net Lease Portfolio 90 DST still raising money?
Top1031 lists Essential Net Lease Portfolio 90 DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Essential Net Lease Portfolio 90 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.
Is this Trust still accepting investors?
Top1031 classifies it as raising. The only filing on record is the Form D dated June 5, 2025, which reported that the first sale had yet to occur and no investors.[1] No later amendment has been filed reporting sales progress or full subscription, so the public record does not confirm how much equity remains.[1]
What does "debt-free" mean for a 1031 exchange investor?
The Trust owns both properties with no mortgage, so there is no lender, no loan covenant and no maturity date to refinance. It also means the Trust provides no replacement debt — an exchanger who carried a mortgage on the relinquished property should take that up with their tax adviser.
Who are the tenants?
A FedEx Ground facility in Safford, Arizona and a Tractor Supply in Grants, New Mexico, which Cove reported as fully occupied under long-term net leases when it closed on the two properties on June 18, 2025.[3] Public filings do not disclose the rent, remaining term or guaranty structure.
Why do the minimum investment amounts differ?
The Form D filed with the SEC lists a low nominal minimum for the offering, while Cove's own offering page for the Trust states $100,000.[2] The Private Placement Memorandum — the offering document that governs the deal — is the controlling source; confirm the figure there.
Can this convert into REIT shares later?
Nothing in the record indicates a 721/UPREIT exit, in which DST interests are contributed to a REIT operating partnership in exchange for partnership units. Top1031 records this Trust as not designated for REIT conversion.
Chapter 9Cove Capital Launches $27.6M Five State, Five-Asset DST OfferingRound-up article that references the recently completed Portfolio 90 acquisition alongside the launch of a new five-state DST and mention of other fully-subscribed Cove offerings. Cove Capital Completes $12.7M Arizona, New Mexico Net Lease DST AcquisitionReports Cove Capital's completed acquisition for the Cove Essential Net Lease Portfolio 90 DST, a 506(c) offering seeking ~$12.76M in equity (FedEx Safford AZ + Tractor Supply Grants NM). Cove Capital Investments, LLC Successfully Closes on Two Debt Free Properties for its Cove Essential Net Lease Portfolio 90 DST Offering Available for 1031 Exchange InvestorsCove Capital successfully closes on the FedEx Ground facility in Safford, AZ and the Tractor Supply in Grants, NM, completing the formation of the Cove Essential Net Lease Portfolio 90 DST.