Essential Net Lease Portfolio 90 DST
4 net lease properties in 2 states · sponsored by Cove Capital Investments
Essential Net Lease Portfolio 90 DST was a DST sponsored by Cove Capital Investments that owned 4 net lease properties in 2 states. Its last Form D was filed Jun 5, 2025.
How it ended
No outcome recorded · under 7 years
Last Form D filed Jun 5, 2025.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $12,765,363Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Jun 5, 2025)Form D, Jun 5, 2025
- Selling commissions
- Form D Item 15; the % is our arithmetic$638,268 · 4.9% 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 →
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Ask a 1031 specialist about this recordFree. About: Essential Net Lease Portfolio 90 DST. Top1031 is not a broker-dealer.Essential Net Lease Portfolio 90 DST · Photo: covecapitalinvestments.com
What did the Trust own?
Cove Capital announced on June 18, 2025 that it had closed on both buildings, completing 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. 2 Exact street addresses are not settled by public filings.
- Reported location
- Multi-state (2)
- Property size
- 2 properties; over 33,000 square feet
How was it financed, and what did it cost to sell?
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.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $638,268 · 4.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,149,734 · 9.0% of offeringForm D Item 16· The filing’s note: “Mr. Kay & Lapin will receive a portion of this amount (in)directly for various fees & selling commissions, EXCLUDING amounts received for sales in Oregon. OR proceeds will be received by registered representatives licensed in the state of OR”
- 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
- Not in the Form D
- 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 the Trust?
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
- Offerings on record
- 18 active / 59 total
What does the SEC record show?
No amendment has been filed since the original notice, so the public record has never been updated with the Offering's progress. 1 Rule 506(c) permits public advertising of the offering provided each investor's accredited status is verified.
- Legal Trust name
- Essential Net Lease Portfolio 90 DST
- SEC CIK
- 2069988
- First Form D
- Jun 5, 2025
- Latest Form D
- Jun 5, 2025
- Filings on record
- 1
- 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $12,765,363 | $0 | 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 Essential Net Lease Portfolio 90 DST?
- Essential Net Lease Portfolio 90 DST is a Historical offering. Last Form D filed Jun 5, 2025.
- 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. 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 states a $1,000 nominal minimum, while Top1031's record of the sponsor's offering terms shows a $100,000 minimum. The offering documents are 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.
In the news
Sources
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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.