Texas Small Bay 85 Flex DST
Industrial in San Antonio, TX — sponsored by Cove Capital Investments
Show sources (8)Hide sources (8)
These links support the historical public record; individual details may come from different sources.
- Cove Capital Investments (sponsor offering page) ↗
- U.S. Securities and Exchange Commission, EDGAR Form D (accession 0002040117-24-000001) ↗
- Connect Money (Connect CRE) ↗
- U.S. Securities and Exchange Commission (data.sec.gov) ↗
- Connect Money (Connect CRE) ↗
- Kay Properties & Investments ↗
- AltsWire ↗
- connectmoney.com ↗
What is this, in one paragraph?
Texas Small Bay 85 Flex DST is a Delaware statutory trust — a structure that lets 1031 exchangers own fractional interests in real estate — holding a 68,400-square-foot, two-building multi-tenant flex/industrial property in San Antonio's Northwest submarket.1 Cove Capital Investments sponsored the offering, which carries no mortgage debt and which Connect Money reported fully subscribed on December 18, 2024.5
Minimum investment
$1k
Offering size
$15.4M
How much has sold
11.0%
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 trust holds two single-story flex/industrial buildings constructed in 2000 in the Northwest submarket of San Antonio, Texas.1 Connect Money reported on November 20, 2024 that Cove Capital had completed the purchase of the asset for placement into this trust.3 In that report, Cove co-founder Chay Lapin said in-place rents at the property sat below market.3 The specific street address has not been publicly disclosed.
- Reported location
- San Antonio, TX
- Property size
- 68,400 SF
Who is the tenant, and what's the lease?
Cove Capital's offering page describes the property as 100% leased to a multi-tenant roster anchored by two federal agencies, the U.S. Geological Survey and the U.S. Fish & Wildlife Services, with average tenant tenure of 9.8 years and a weighted-average lease term above 5.4 years.1 A full tenant roster and lease-expiration schedule are not publicly disclosed.
How did it end?
Still operating
68,400 SF multi-tenant flex/industrial asset in San Antonio (Northwest submarket) was acquired by Cove Capital in Nov 2024 and placed into the Texas Small Bay 85 Flex DST (target raise ~$15.4M); 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 [6][7][3].
Multi-tenant flex/industrial asset built in 2000; 68,400 SF; 0% leverage / all-cash; minimum investment $25,000; equity target $15,374,450. Cove sponsor page reflects fully subscribed. Specific street address not publicly disclosed.
68,400 SFSupporting 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?
The trust carries no mortgage. Investor equity funded the purchase outright, which means no lender, no loan maturity and no refinancing deadline sitting behind the asset — and no borrowed money working alongside that equity either. Cove Capital markets the structure as debt-free.1
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments is a Delaware statutory trust sponsor whose principal office is at 2958 Columbia Street, Torrance, California.4 Co-founders Dwight Kay and Chay Lapin are named on this trust's Form D as its executive officers and managing members.2 Reporting the San Antonio purchase on November 20, 2024, Connect Money described Cove's holdings at that point as 107 DST properties.3
- 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?
The trust's SEC record consists of a single notice of exempt offering with no later amendments; it reports a first sale on September 24, 2024, shortly before the notice reached EDGAR.2 The exemption claimed permits general advertising but restricts purchasers to investors whose accredited status has been verified.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Texas Small Bay 85 Flex 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 Texas Small Bay 85 Flex DST?
Texas Small Bay 85 Flex DST 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 Texas Small Bay 85 Flex DST?
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's own offering page shows the trust's status as fully subscribed.[1] Connect Money reported on December 18, 2024 that Cove had fully subscribed this offering alongside another industrial DST, so it is closed to new investors.[5]
What was the minimum investment, and why do sources differ?
Sources disagree and we report each as stated. Cove Capital's offering page lists a $25,000 minimum.[1] The Form D reports the SEC-form minimum investment field as $1,000.[2] A 2024 article on kpi1031.com describing the same San Antonio asset states a $100,000 minimum.[6] The governing figure would be the one in the private placement memorandum (PPM), the offering's full legal disclosure document.
How large was the offering?
The Form D reported a total offering amount of $15,374,450 in beneficial interests in the Delaware statutory trust.[2] Cove's November 25, 2024 launch coverage described the raise as targeting roughly $15.4 million in equity.[7]
Who are the tenants?
Cove Capital names the U.S. Geological Survey and the U.S. Fish & Wildlife Services as anchor tenants and describes the property as 100% leased to a multi-tenant base.[1] The remaining tenants, their square footage and their lease expiration dates are not publicly disclosed.
Has there been a sale, refinancing or 721/UPREIT exit?
No outcome has been reported. The purchase price, and any subsequent disposition, refinancing, or 721/UPREIT rollup — a contribution of the property into a REIT in exchange for operating-partnership units — are not disclosed in the SEC filing, sponsor materials, or independent reporting reviewed as of September 10, 2026. The trust is not structured with a REIT conversion feature.
What fees were disclosed in the SEC filing?
The Form D allocated $1,625,702 of gross proceeds to payments to executive officers, directors or promoters, including fees and selling commissions paid at least in part to Dwight Kay and Chay Lapin, and separately reported $922,467 in sales commissions.[2] Full fee detail sits in the PPM.
Chapter 9Cove Capital Fully Subscribes $13.3M Florida, Texas Industrial DST OfferingConnect Money reports Cove Capital fully subscribed its Texas Small Bay 85 Flex DST offering along with another industrial DST, confirming the closing status of the 85 offering. Cove Capital Acquires San Antonio Small Bay Industrial Asset for DSTCove Capital completed the purchase of a multi-tenant flex/industrial asset in San Antonio, TX for the Cove Texas Small Bay 85 Flex DST, targeting $15,374,450. Cove Texas Small Bay 85 Flex DSTSponsor offering page for the all-cash/debt-free flex-industrial DST (a 68,400-sf, two-building multi-tenant asset built in 2000 in San Antonio's Northwest submarket, anchored by U.S. Geological Survey and U.S. Fish & Wildlife Services); page shows status as fully subscribed.