Top1031

Texas Small Bay 85 Flex DST

Industrial property in San Antonio, TX · sponsored by Cove Capital Investments

HistoricalLast Form D filed Oct 7, 2024 (opens in a new tab)

Texas Small Bay 85 Flex DST was a DST sponsored by Cove Capital Investments that owned an industrial property in San Antonio, TX (68,400 SF). Its last Form D was filed Oct 7, 2024.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Oct 7, 2024.

Cove Capital Investments has 18 active offerings on record →

Key facts

Minimum investment
$1,000
From the Form D
Offering size
$15,374,450
Equity offered, per the Form D
Sold
10.8%
Form D, Oct 7, 2024; the % is our arithmetic
Investors reported
5
Form D, Oct 7, 2024
Selling commissions
$922,467 · 6.0% 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: Texas Small Bay 85 Flex DST. Top1031 is not a broker-dealer.
Texas Small Bay 85 Flex DST image 1 of 2

Texas Small Bay 85 Flex DST · San Antonio, TX · Photo: mma.prnewswire.com

What did Texas Small Bay 85 Flex DST own?

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

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

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

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$922,467 · 6.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,625,702 · 10.5% of offering
Form D Item 16
· The filing’s note: “Mr. Kay & Lapin will receive a portion of this amount (in)directly for various fees & 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

Individual representatives named in Item 12 are not listed.

Date of first sale
Sep 24, 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.

What does the SEC record show?

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.

Legal Trust name
Texas Small Bay 85 Flex DST
SEC CIK
2040117
First Form D
Oct 7, 2024
Latest Form D
Oct 7, 2024
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$15,374,450
$1,671,500
5
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 Texas Small Bay 85 Flex DST?
Texas Small Bay 85 Flex DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Oct 7, 2024.
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. The Form D reports the SEC-form minimum investment field as $1,000. A 2024 article on kpi1031.com describing the same San Antonio asset states a $100,000 minimum. The governing figure would be the one in the offering documents.
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. Cove's November 25, 2024 launch coverage described the raise as targeting roughly $15.4 million in equity.
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. 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.

In the news

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.
Cove Capital Investments ↗

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.