The Ellington
Multifamily property in San Antonio, TX · sponsored by Cove Capital Investments
Active offeringLatest Form D filed Jun 11, 2026 (opens in a new tab)
The Ellington is a DST sponsored by Cove Capital Investments that owns a multifamily property in San Antonio, TX (170 units). Its latest Form D, filed Jun 11, 2026, lists a $15.8 million offering with a $1,000 minimum.
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $15,821,820Equity offered, per the Form D
- Sold so far
- Form D, Jun 11, 2026; the % is our arithmetic36.2%
- Investors reported
- Form D, Jun 11, 202618
- Selling commissions
- Form D Item 15; the % is our arithmetic$949,309 · 5.9% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.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 →
Sales so far
- Latest Form D
- Jun 11, 2026 · 1 filing
- First sale
- May 27, 2026
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $5,729,968
- Not yet sold
- $10,091,852
- Investors
- 18
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
36.2% of $15,821,820 sold, calculated by Top1031 from the Form D
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Ask a 1031 specialist about this recordFree. About: The Ellington. Top1031 is not a broker-dealer.No photo on record.
What does The Ellington own?
The community's own website gives its address as 5315 Gawain Drive, 78218. 5 A broker's October 2025 sales listing described a garden apartment property built in 1982, with 67% of units then not fully upgraded. 4 Cove Capital acquired it through a lender's real-estate-owned disposition — a bank selling collateral it had repossessed — reporting a May 4, 2026 closing. 1 The sponsor says the price was below both appraised value and the outstanding loan balance, and has not disclosed it. 3
- Property address
- 5315 Gawain Drive, San Antonio, TX
- Property size
- 170 units
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
The Trust carries mortgage debt rather than owning the building free and clear: the loan is repaid from rents and sale proceeds before investors receive anything, and refinancing or repayment at maturity falls to the sponsor rather than to each owner individually. No reviewed source names the lender or states loan terms.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $949,309 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,494,855 · 9.4% of offeringForm 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 Oregon, 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
- FNEX Capital, LLC · CRD 166316
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 27, 2026
- 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.
Who's behind The Ellington?
Cove Capital Investments is a Los Angeles–based sponsor that packages properties into Delaware statutory trusts for 1031 exchange investors, filing each Trust under its own Form D — the SEC notice for an exempt private offering. Connect Money reported on August 10, 2026 that the firm also acquired a Michigan corporate headquarters for a separate DST. An earlier Cove Trust, San Antonio Multifamily 74 DST, is fully subscribed.
- Sponsor
- Offerings on record
- 18 active / 59 total
What does the SEC record show?
The issuer's Form D reports the first sale of Trust interests on May 27, 2026, weeks before the notice itself was filed. 2 Because the offering may be generally advertised, the sponsor must verify each buyer's accredited status rather than take the buyer's word for it.
- Legal Trust name
- SAN ANTONIO MULTIFAMILY 119 DST
- SEC CIK
- 2138195
- First Form D
- Jun 11, 2026
- Latest Form D
- Jun 11, 2026
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $15,821,820 | $5,729,968 | 18 | 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
- Is The Ellington an active offering?
- The Ellington is an Active offering: its latest Form D was filed Jun 11, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- What did Cove Capital pay for The Ellington?
- No reviewed source states a purchase price. Cove Capital's July 24, 2026 announcement described the deal only in relative terms — a lender's real-estate-owned (REO) disposition at a price below the property's appraised value and below the outstanding loan balance. How offering proceeds and mortgage debt are applied to the purchase would be set out in the offering documents.
- Has the acquisition actually closed?
- Yes, according to the company and outside reporting. The San Antonio Business Journal reported on July 29, 2026 that the purchase of The Ellington closed on May 4, 2026; Cove Capital announced the completed acquisition in a July 24, 2026 press release, and Multifamily Leadership reported it on August 3, 2026. The securities timeline is separate: the first sale of Trust interests to an investor is a subscription milestone, not a real estate closing.
- Where exactly is the property, and how old is it?
- The San Antonio Business Journal identifies The Ellington as a 170-unit apartment community on San Antonio's Northeast Side, and the community's own website gives the address as 5315 Gawain Drive, San Antonio, Texas 78218. A Cushman & Wakefield sales listing dated October 30, 2025 described it as a garden apartment community built in 1982. The Form D names only the legal issuer, SAN ANTONIO MULTIFAMILY 119 DST, with no property name or address, so street-level identification rests on those outside sources rather than on the SEC record.
- Who manages the apartments day to day?
- A HAR.com listing for the property identifies the Tipton Group as The Ellington's manager. That listing does not establish the terms, fees, or effective dates of any management agreement, and no reviewed source states whether the manager is affiliated with the sponsor. The property management arrangement for the Trust would be described in the offering documents.
- Is there a master lease behind this Trust?
- No reviewed source names a master tenant or master lease for this Trust. Income comes from residents on individual apartment leases; the rental listing advertises six- to twelve-month terms, which are advertised options rather than verified terms of every executed lease. Many DSTs use a master lease or a management structure to keep the trustee passive under IRS rules — which applies here would be described in the offering documents.
- How current are the subscription figures shown here?
- They come from the issuer's Form D filed June 11, 2026, the only SEC filing on record for this Trust as of October 4, 2026. A Form D is a point-in-time snapshot, not a live balance, and a sponsor is not required to refile each time a new investor subscribes. Current availability would come from the sponsor or the selling broker-dealer.
In the news
AltsWire ↗also: citybiz ↗also: The Best Times ↗also: Investors Hangout ↗also: PR Newswire ↗also: Connect Money ↗also: New York Real Estate Journal ↗also: New England Real Estate Journal ↗also: PR Newswire / Yahoo Finance ↗also: MultifamilyBiz.com ↗also: Multifamily Leadership ↗also: MultifamilyBiz ↗
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.