Virginia Small Bay 121 DST
Other property in Newport News, VA — sponsor not disclosed
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Virginia Small Bay 121 DST is a Delaware statutory trust — a passive co-ownership structure whose beneficial interests can serve as replacement property in a 1031 exchange — sponsored by Cove Capital Investments. CoStar reported the asset is the Technology Center, a flex building in Newport News, Virginia, bought for $13.4 million as a DST offering.2 The $16,207,609 offering is still raising.1
Property details are not confirmed yet. The SEC filings below are the current public record.
Show sources (4)Hide sources (4)
These links support the public record as a whole; individual details may come from different 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?
CoStar reported that Cove Capital acquired the Technology Center, a flex building at 813 Diligence Drive in Newport News, Virginia, for $13.4 million and placed it into a DST offering.2 Connect CRE reported on July 29, 2026 that the 81,426-square-foot building was sold by Friedman Real Estate.3 The SEC filing itself names no property; the address above comes from trade reporting, not the filing.
- Reported location
- Newport News, VA
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
- Still available
- $13,443,785
- Investors reported
- 12
- Total offering
- $16,207,609
Who's behind it?
Cove Capital Investments, LLC is a Torrance, California sponsor of 1031-exchange DST programs; the Form D names it as this offering's promoter and sponsor and shows the Trust was organized in Delaware in 2026.1 CoStar framed the Newport News purchase, reported August 18, 2026, as the firm's first move into that market.2
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- Legal Trust name
- Virginia Small Bay 121 DST
- May convert to a REIT
- Not stated
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The initial Form D reports a first sale of interests on July 24, 2026 — a securities milestone, not a property acquisition date.1 The exemption relied on here lets a sponsor advertise a private offering publicly, provided each buyer's accredited status is verified with documents rather than self-certified.
- Form D filedFirst and latest filing on record.
- 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?
Top1031 lists Virginia Small Bay 121 DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
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 does this Trust hold?
Trade press identifies it. CoStar reported on August 18, 2026 that Cove Capital acquired the Technology Center, a flex building in Newport News, Virginia, for $13.4 million as a DST offering, and Connect CRE reported the building measures 81,426 square feet at 813 Diligence Drive. The SEC Form D does not name any property — it lists only Cove Capital's Torrance, California office, which is the issuer's principal place of business. The private placement memorandum (PPM), the sponsor's full offering document, is what formally identifies the real estate held by this Trust.
Who is the seller, and when did the sale happen?
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 for $13.4 million. Newport News Daily reported the same $13.4 million industrial sale on August 20, 2026. The SEC record does not date the acquisition; the Form D's July 24, 2026 first-sale date refers to the sale of securities to an investor, not to the purchase of the building.
Who is the tenant and what are the lease terms?
No public source located discloses the tenant roster, occupancy, or lease structure for this Trust. The building has been described in trade reporting as a flex/industrial property, a type often occupied by multiple small-bay users rather than a single credit tenant, but that is a category description and not disclosure about these leases. Rent roll, lease expirations, and any vacancy would be set out in the PPM.
Is this Trust still raising money?
Yes as of the Form D filed August 28, 2026, which reports a portion of the $16,207,609 offering sold and a balance remaining. Availability can change at any time without a new SEC filing being made, so only the sponsor or a selling broker-dealer can confirm whether interests remain open today.
What does Rule 506(c) mean for me as an investor?
506(c) is the private-placement exemption that permits public advertising of an offering — websites, emails, listing sites. The tradeoff is that every purchaser must be an accredited investor and the sponsor must take reasonable steps to verify it, typically through tax returns, brokerage statements, or a letter from your CPA or attorney. Self-certification alone does not satisfy 506(c).
How is the Trust financed?
No public source discloses whether Virginia Small Bay 121 DST carries mortgage debt, who any lender would be, or the loan terms. Form D does not require that disclosure, and the reported $13.4 million purchase price does not by itself reveal the debt-versus-equity split. Because a 1031 exchange generally requires replacing debt as well as equity, leverage is a term to confirm in the PPM before identifying this Trust as replacement property.