Top1031

Parkdale Commons

Retail property in Waco, TX · sponsored by Cove Capital Investments

HistoricalLast Form D filed Jan 12, 2023 (opens in a new tab)

Parkdale Commons was a DST sponsored by Cove Capital Investments that owned a retail property in Waco, TX (191,559 sq ft). Its last Form D was filed Jan 12, 2023.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Jan 12, 2023.

Cove Capital Investments has 18 active offerings on record →

Key facts

Minimum investment
$1,000
From the Form D
Offering size
$21,593,348
Equity offered, per the Form D
Sold
50.1%
Form D, Jan 12, 2023; the % is our arithmetic
Investors reported
27
Form D, Jan 12, 2023
Selling commissions
$1,079,667 · 4.9% of offering
Form D Item 15; the % is our arithmetic
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: Parkdale Commons. Top1031 is not a broker-dealer.
Parkdale Commons image

Parkdale Commons · Waco, TX · Photo: thepalomargroup.com

What did Parkdale Commons own?

Parkdale Commons is a multi-tenant retail power center built in 1973 in the primary retail node of west Waco, surrounded by Target, Walmart, Lowe's and Home Depot and near Baylor University. The center sits on 16.28 acres. 1 Cove Capital announced on January 31, 2023 that it had closed on the property as a value-add acquisition for this Trust. 2

Property address
1200 Richland Dr, Waco, TX 76710
Property size
191,559 sq ft

Tenant and lease terms are not in the SEC filings or cited sources.

How was it financed, and what did it cost to sell?

Cove bought the center outright with no mortgage, so there is no lender, no loan maturity and no refinancing risk. 2 The flip side: a debt-free Trust carries no debt for an exchanger who needs to replace mortgage debt from the property they sold.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$1,079,667 · 4.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,343,466 · 10.8% of offering
Form 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

Individual representatives named in Item 12 are not listed.

Date of first sale
Jan 3, 2023
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.

What does the SEC record show?

No amendment has been filed since the original Form D new notice; the sponsor reported the offering's first sale on January 3, 2023. 5 Rule 506(c) let Cove advertise the Trust publicly, provided each investor's accredited status — income or net-worth tested — was verified.

Legal Trust name
Cove Parkdale Commons Opportunity 62 DST
SEC CIK
1960645
First Form D
Jan 12, 2023
Latest Form D
Jan 12, 2023
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$21,593,348
$10,819,202
27
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 Parkdale Commons?
Parkdale Commons is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jan 12, 2023.
Why does the SEC data show only part of the raise?
Because the sales figures come from the single Form D filed January 12, 2023, days after the offering's first sale on January 3, 2023, and that notice was never amended. Sponsors are not required to file an updated Form D as a raise fills, so the SEC snapshot is a January 2023 point-in-time picture, not the final tally the sponsor announced in August 2023.
What does a debt-free DST mean for a 1031 exchanger?
The Trust owns the property with no mortgage. There is no lender, no loan covenant and no maturity date that could force a refinancing or sale. It also means an investor whose relinquished property carried a mortgage has no debt in this Trust to replace, which is a question for their own tax adviser.
Who are the tenants, and when do the leases run out?
Cove identifies Hobby Lobby as the anchor, with dd's Discounts (a Ross Stores brand), True Value, Burlington and other retailers in the center. The sponsor reports Hobby Lobby and dd's Discounts terms through 2026, staggered expirations extending to 2031, a True Value renewal on a 10-year term, and 22,502 square feet of vacancy. Income depends on multiple tenants rather than one.
Has anything changed at the property since the offering closed?
Cove reported on June 26, 2026 that it had constructed a coffee kiosk on previously unused parking at Parkdale Commons and executed a new 10-year triple-net ground lease with 7 Brew Coffee at $75,000 per year. That report came in a paid press release from the sponsor and was not independently verified.
Is there a REIT or 721 UPREIT exit planned?
The record shows no 721/UPREIT feature — the structure in which DST investors contribute their interest to a REIT's operating partnership instead of doing another exchange. No sale, refinancing or other exit outcome for this Trust has been reported in the sources reviewed.

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.