Virginia Small Bay 121 DST
Other property in Newport News, VA — sponsored by Cove Capital Investments
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These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
Virginia Small Bay 121 DST is a Delaware statutory trust — a passive co-ownership structure whose interests can serve as replacement property in a 1031 exchange — sponsored by Cove Capital Investments and raising a $16,207,609 offering.1 The Form D names no property. Trade press ties a Newport News, Virginia flex building Cove Capital bought for $13.4 million to a DST offering, but no reviewed report names this Trust.2
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's Form D identifies no property, portfolio, or address; the PPM — the sponsor's full private placement memorandum — is where the real estate is formally identified.1 Connect CRE reported on July 29, 2026 that Friedman Real Estate completed the sale of the 81,426-square-foot Technology Center at 813 Diligence Drive in Newport News, Virginia, for $13.4 million. CoStar reported that purchase as a Cove Capital DST acquisition on August 18, 2026; neither report names this Trust.2
- Reported location
- Newport News, VA
Who is the tenant, and what's the lease?
No tenant, lease structure, or rent roll appears in the public filing, and the reviewed public record establishes no lease or occupancy facts at the Trust level.1 Tenant names, rents, and expiration dates live in the PPM rather than in any SEC document.
How are sales going?
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
- $2,763,824
- Reported unsold
- $13,443,785
- Investors reported
- 12
- Total offering
- $16,207,609
How is it financed, and what does it pay?
The Form D discloses no loan amount, no lender, and no loan terms, so the public record does not establish whether this Trust carries mortgage debt or owns its property free of it.1 The distinction matters in a 1031 exchange, where debt generally has to be replaced alongside equity.
Who's behind it?
Cove Capital Investments sponsors 1031-exchange DST programs from Torrance, California; the Form D names Cove Capital Investments, LLC as this Trust's sponsor and promoter and Dwight Kay as manager of the signatory trustee and of the issuer.1 CoStar, on August 18, 2026, described the firm as a California investor making its first move into the Newport News market.2 Institutional Real Estate, Inc. reported on September 11, 2026 that Cove Capital fully subscribed a separate industrial DST offering.
- Sponsor
- Cove Capital Investments
- May convert to a REIT
- Not stated
- 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 record is a single new Form D notice — not an amendment — reporting a first sale of interests on July 24, 2026, a securities milestone rather than a property closing date.1 The exemption relied on permits public advertising of a private offering, provided each buyer's accredited status is verified with documents rather than self-certified.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Virginia Small Bay 121 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
Is Virginia Small Bay 121 DST still raising money?
The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for Virginia Small Bay 121 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.
What property is behind this Trust?
The SEC Form D filed August 28, 2026 identifies no property, portfolio, or address; the private placement memorandum is the document that formally establishes what real estate the Trust holds. Connect CRE reported on July 29, 2026 that Friedman Real Estate had sold the 81,426-square-foot Technology Center at 813 Diligence Drive in Newport News, Virginia, for $13.4 million, and CoStar reported on August 18, 2026 that Cove Capital acquired it as a DST offering. Neither report names Virginia Small Bay 121 DST, so the match to this specific Trust is not established by the public record.
Who is the tenant, and what does the lease look like?
The public filing names no tenant and states no lease terms, and no reviewed source establishes lease or occupancy facts for this Trust. Broker listings circulated for the candidate Newport News building are not attributed to the Trust and should not be read as Trust-level disclosure. Tenant identity, square footage, rent, and lease expiration dates would be set out in the PPM and confirmed with the sponsor.
Is this Trust leveraged?
The public record does not say. Form D does not require disclosure of mortgage debt, and no lender, loan amount, interest rate, or maturity appears in the reviewed evidence. A reported $13.4 million purchase price for the candidate building does not by itself reveal any split between debt and equity. Because a 1031 exchange generally requires replacing debt as well as equity, leverage is a term to confirm directly with the sponsor and in the PPM.
Who sold the building, and when?
Connect CRE reported on July 29, 2026 that Friedman Real Estate completed the sale of the 81,426-square-foot Technology Center at 813 Diligence Drive in Newport News, Virginia, for $13.4 million; Newport News Daily reported the same acquisition by Cove Capital on August 20, 2026. The SEC record dates no acquisition: the Form D's July 24, 2026 first-sale date refers to the first sale of securities to an investor, not the purchase of a building.
Is the offering still open?
As of the Form D filed August 28, 2026, the issuer reported that part of the $16,207,609 offering had been sold and a balance remained. Availability can change without any new SEC filing being required, so a dated notice does not establish that interests are open today. Only the sponsor or a selling broker-dealer can confirm current status.
What does the offering exemption mean for me as an investor?
This Trust is offered under the private-placement rule that permits general advertising — websites, emails, listing sites. The tradeoff is that every purchaser must be an accredited investor (meeting SEC income or net-worth tests) and the sponsor must take reasonable steps to verify it, typically through tax returns, brokerage statements, or a letter from your CPA or attorney. Checking a box to self-certify does not satisfy that standard.