Peanut Factory Lofts
Multifamily property in San Antonio, TX — sponsored by Cove Capital Investments
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
Peanut Factory Lofts is a 102-unit apartment community in downtown San Antonio held in a Delaware Statutory Trust — a structure that lets 1031 exchange investors own a fractional interest in real estate — sponsored by Cove Capital Investments and owned without mortgage debt. Cove Capital announced on May 30, 2025 that the offering had fully subscribed after securing $18,679,418 from accredited investors.2
Minimum investment
$1k
Offering size
$18.7M
How much has sold
15.0%
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
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
Who is the tenant, and what's the lease?
This is an apartment community rather than a single-tenant net lease, so income comes from many individual resident leases that turn over regularly instead of one corporate credit. Cove Capital describes one-, two- and three-bedroom floorplans.3
How did it end?
Still operating
Property (Peanut Factory Lofts, 102-unit multifamily, downtown San Antonio) was acquired by Cove Capital on Sep 19, 2024 and the DST fully subscribed on May 30, 2025 with $18,679,418 in equity; no full-cycle/exit announcement has been published and Cove's most recent (Jun 17, 2026) portfolio milestone press release does not list this trust as completed, and the property remains an operating apartment community per its own website and Zillow/Yelp listings [1][2][3].
102-unit multifamily asset converted from a historic 1912 peanut-processing facility. Acquired by Cove Capital Sep 2024; equity targeted approximately $18.68M. Fully subscribed May 2025.
102 unitsSupporting evidence
Counted on Cove Capital Investments’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
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.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
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
- Cove Capital Investments
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 active / 58 total offerings from Cove Capital Investments
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- San Antonio Multifamily 74 DST
- 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
What happened to Peanut Factory Lofts?
Peanut Factory Lofts is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Peanut Factory Lofts?
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.
Can I still invest in this Trust?
No — Cove Capital announced on May 30, 2025 that the San Antonio Multifamily 74 DST had fully subscribed after securing $18,679,418 from accredited investors, meaning the offering is closed to new investors. The only SEC filing on record is the original Form D from September 26, 2024, which reflects an early snapshot of the raise rather than its final state.[2]
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.[3] 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.[2] The sponsor lists one-, two- and three-bedroom floorplans.[3]
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 private placement memorandum (PPM), the offering document delivered to investors.
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.
Chapter 9Cove Capital Fully Subscribes $18.68M Multifamily DST OfferingCove Capital fully subscribed its $18.68M Cove San Antonio Multifamily 74 DST backed by the Peanut Factory Lofts. Cove Capital Investments purchases Peanut Factory Lofts in San AntonioCove Capital purchased the Peanut Factory Lofts, a 102-unit asset, for the Cove San Antonio Multifamily 74 DST targeting $18.68M in equity. Cove Capital Investments complete the acquisition of a high-quality multifamily assetTrade-press coverage of Cove Capital's all-cash acquisition of The Peanut Factory Lofts in downtown San Antonio to launch the San Antonio Multifamily 74 DST with an $18,679,418 equity raise. Cove Capital Acquires San Antonio Multifamily Asset for DST OfferingCove Capital acquired The Peanut Factory Lofts, a 102-unit multifamily asset in downtown San Antonio, to seed the Cove San Antonio Multifamily 74 DST.