Peanut Factory Lofts
Multifamily property in San Antonio, TX · sponsored by Cove Capital Investments
Peanut Factory Lofts was a DST sponsored by Cove Capital Investments that owned a multifamily property in San Antonio, TX (102 units). Its last Form D was filed Sep 26, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Sep 26, 2024.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $18,679,418Equity offered, per the Form D
- Sold
- 14.9%Form D, Sep 26, 2024; the % is our arithmetic
- Investors reported
- Form D, Sep 26, 202415
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,120,765 · 5.9% 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: Peanut Factory Lofts. Top1031 is not a broker-dealer.Peanut Factory Lofts · San Antonio, TX · Photo: i.ytimg.com
What did Peanut Factory Lofts own?
The building was originally constructed as a peanut processing plant and later converted into The Peanut Factory Lofts, a Class-A apartment community that folded the original silos into living units, according to Cove Capital. 2 The sponsor reports 96,184 square feet, a 2014 construction date and 127 parking spaces. 2 Northmarq, which brokered the September 19, 2024 sale, says it represented a private individual seller and procured Cove Capital as buyer. 1
- Reported location
- San Antonio, TX
- Property size
- 102 units
How was it financed, and what did it cost to sell?
No lender sits behind this Trust. Cove Capital markets the offering as 0% leverage and 100% debt-free. 3 With no mortgage there is no refinancing deadline and no lender foreclosure risk — and no replacement debt for exchangers who need to match a mortgage they paid off.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $1,120,765 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,774,544 · 9.4% of offeringForm D Item 16· The filing’s note: “Mr. Kay & Lapin will receive a portion of this amount (in)directly for various fees and selling commissions, EXCLUDING amounts received for sales in the state of OR, 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
- Sep 16, 2024
- 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 Peanut Factory Lofts?
Cove Capital Investments, co-founded by Dwight Kay and Chay Lapin, builds its 1031 exchange business around debt-free DST offerings and runs a broad shelf of them. It announced on October 1, 2024 that it had completed the purchase of The Peanut Factory Lofts and established this Trust as a Rule 506(c) offering targeting $18,679,418 in equity. 5 On May 30, 2025 the sponsor announced the offering had fully subscribed at that amount. 2
- Sponsor
- Offerings on record
What does the SEC record show?
One Form D covers this offering and no amendments have followed it. That filing reported a first sale on September 16, 2024, ten days before the notice reached EDGAR. 4 It is offered under Rule 506(c), the exemption that lets a sponsor advertise publicly so long as every investor's accredited status is verified.
- Legal Trust name
- San Antonio Multifamily 74 DST
- SEC CIK
- 2037919
- First Form D
- Sep 26, 2024
- Latest Form D
- Sep 26, 2024
- 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 | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $18,679,418 | $2,793,611 | 15 | 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 Peanut Factory Lofts?
- Peanut Factory Lofts is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Sep 26, 2024.
- Does the Trust carry a mortgage?
- No. Cove Capital describes the offering as 0% leverage and 100% debt-free, so the trust owns the San Antonio property outright with no lender. For a 1031 exchanger, that means no refinancing risk and no lender foreclosure exposure, but also no debt to replace mortgage debt retired on a relinquished property — a point worth checking with your own tax adviser.
- What exactly is the property?
- The Peanut Factory Lofts is a 102-unit apartment community in downtown San Antonio, Texas. Cove Capital reports it spans 96,184 square feet with 127 parking spaces, was constructed in 2014, and was created from a former peanut processing plant, with the original silos incorporated into apartments. The sponsor lists one-, two- and three-bedroom floorplans.
- Who is the tenant?
- There is no single tenant. This is a multifamily property, so revenue comes from individual residents on their own leases, which typically renew or turn over on a rolling basis. The sources reviewed did not identify the property manager or a reported occupancy figure for the property.
- Could this Trust convert into a REIT?
- The record for this Trust does not indicate a 721 or UPREIT exit — the transaction in which DST investors contribute the property to a real estate investment trust's operating partnership in exchange for REIT units. Cove Capital's structure here is a straight DST holding a single property. The governing terms live in the offering documents.
- How was this offering sold?
- Under Rule 506(c) of Regulation D, an exemption from SEC registration that permits general solicitation and public advertising but limits purchasers to accredited investors whose status the sponsor must verify. Accredited investor status generally rests on income or net-worth thresholds set by the SEC. The Form D reported a $1,000 minimum investment amount.
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.