The Ellington

Availability unconfirmed. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.

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.

Cove Capital announced the purchase in a release dated July 24, 2026, describing it as completed through a lender's real-estate-owned (REO) disposition — a bank selling property it repossessed from a defaulting borrower — at a price below both the appraised value and the outstanding loan balance. The San Antonio Business Journal, reporting on July 29, 2026, said the closing occurred May 4, 2026. No deed or title record directly establishing the Trust's ownership was identified in the material reviewed as of September 7, 2026.

No public record reviewed as of September 7, 2026 discloses the purchase price. Cove Capital's own announcement describes it only in relative terms — below the property's appraised value and below the outstanding loan balance. For context, the San Antonio Business Journal reported that Bexar County appraisal district records value the property at $14.5 million. A stated purchase price, and how offering proceeds are applied to it, would appear in the Private Placement Memorandum (PPM), the private offering document a sponsor gives prospective investors.

Yes, though not from SEC filings. The property's own website and public rental listings place The Ellington at 5315 Gawain Drive, San Antonio, Texas 78218, and the San Antonio Business Journal ties Cove Capital's offering to The Ellington on the city's Northeast Side. The Form D names only the legal issuer, SAN ANTONIO MULTIFAMILY 119 DST, with no property name or address, so the street-level identification rests on those outside sources.

A Cushman & Wakefield marketing listing dated October 30, 2025 — before Cove Capital's purchase — described The Ellington as a 170-unit, 1982-built garden community with 40% of units still in original "classic" condition, which the broker framed as value-add upside. No source reviewed as of September 7, 2026 reports renovation work completed since that date, a capital budget, or a verified current occupancy figure. Any planned unit-renovation program and its funding would be described in the PPM.

Only accredited investors — broadly, individuals meeting SEC income or net-worth thresholds. The Offering is made under Rule 506(c), the exemption that permits general advertising but requires the sponsor to verify accredited status with documents such as tax returns or a letter from a CPA or attorney. The Form D filed June 11, 2026 reports a $1,000 minimum accepted from an outside investor, though sponsors and their selling agents commonly apply higher practical minimums for 1031 exchange buyers.

They come from the single Form D filed June 11, 2026 — a snapshot as of that notice, not a live balance. A California state electronic filing depository record for the same accession number, marked as an amendment and dated June 12, 2026, reports a smaller amount sold to fewer investors than the SEC notice; the two records are separately filed and have not been reconciled. Sponsors are not required to amend a Form D as a raise progresses, and no reviewed source reports this Offering as fully subscribed as of September 7, 2026.