Top1031

Pleasant Creek Apartments

Multifamily property in Lancaster, TX · sponsored by Cove Capital Investments

HistoricalLast Form D filed Sep 20, 2022 (opens in a new tab)

Pleasant Creek Apartments was a DST sponsored by Cove Capital Investments that owned a multifamily property in Lancaster, TX (159 units). Its last Form D was filed Sep 20, 2022.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Sep 20, 2022.

Cove Capital Investments has 18 active offerings on record →

Key facts

Minimum investment
$1,000
From the Form D
Offering size
$32,493,647
Equity offered, per the Form D
Sold
18.1%
Form D, Sep 20, 2022; the % is our arithmetic
Investors reported
16
Form D, Sep 20, 2022
Selling commissions
$1,624,682 · 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 →

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: Pleasant Creek Apartments. Top1031 is not a broker-dealer.

What did Pleasant Creek Apartments own?

The property sits at 1255 West Pleasant Run Road in Lancaster, Texas. 1 Built in 1983, it is a two-story community of 16 buildings roughly 15 miles south of downtown Dallas, with one-, two- and three-bedroom floorplans. 2 Cove bought it as a value-add deal: prior owners had spent more than $1.5 million upgrading about half the units, and Cove said it planned quartz countertops, stainless-steel appliances, plumbing and lighting work, and carports. 2

Reported location
Lancaster, TX
Property size
159 units; 130,128 square feet

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

The Trust holds the property with no mortgage on it — what the sponsor calls debt-free: no lender, no loan maturity to refinance, and no possibility of a lender foreclosing on the investors' interests. 3

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$1,624,682 · 4.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,972,054 · 9.1% 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
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.

What does the SEC record show?

The SEC file is short: an initial Form D — the brief notice of an exempt private offering — plus one amendment updating sales, both filed in 2022. Rule 506(c) let Cove advertise the Trust publicly, provided every investor's accredited status was verified.

Legal Trust name
Cove Dallas Multifamily 59 DST
SEC CIK
1943443
First Form D
Aug 23, 2022
Latest Form D
Sep 20, 2022
Filings on record
2
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/A$32,493,647
$5,900,011+$5,900,011
16
EDGAR
Form D$32,493,647
$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 Pleasant Creek Apartments?
Pleasant Creek Apartments is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Sep 20, 2022.
What does "debt-free" or all-cash mean for a DST like this one?
It means the Trust owns the property outright, with no mortgage against it. There is no loan to refinance at maturity and no lender that could foreclose. It also means no mortgage debt is passed through to investors, which matters if your relinquished property had debt you need to replace in the exchange — a point to work through with your tax adviser and the offering documents.
Who is the tenant?
There isn't one. This is a 1983-built apartment community, so revenue comes from many residents on short-term leases rather than a single corporate tenant on a long-term net lease. No occupancy percentage or rent roll detail was located in public sources.
Has Cove reported anything about how the property is performing?
Yes. On November 5, 2024, Cove Capital Investments announced that the most recent annualized distribution rate for this Trust was 15.50% higher than the same period a year earlier, and described it as the third consecutive annual increase in three years, totaling 23.42%; the announcement did not state the underlying rates. Cove attributed the increase to renovation work, rental rates, tenant occupancy and expense controls. These are sponsor-reported figures for completed periods, not projections.
Could this Trust convert into a REIT through a 721 exchange?
The record shows no 721/UPREIT exit contemplated — that is the structure where a DST's property is eventually contributed to a REIT's operating partnership in exchange for OP units. Here the filing data indicates no such conversion path, so an exit would be expected to come from a sale of the property.
What does the SEC record actually show about the raise?
Two filings: the original Form D on August 23, 2022 and a single amendment on September 20, 2022. The amendment's sales figures are a snapshot from that date and predate Cove's January 2024 announcement that the offering was fully subscribed, so the SEC file alone understates the final raise.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.