The minimum investment on Essential Gurnee Industrial 123 DST is $1,000. The trailing-twelve-month median minimum across Top1031's tracked market is $100,000. The Trust's Form D, filed August 19, 2026, names Cove Capital Investments as promoter.
The exemption claimed is Rule 506(c), so the offering may be advertised publicly and every purchaser must be verified as accredited. The filing is a notice of an exempt offering, not SEC approval and not a review of the offering's merits. One broker-dealer is named: FNEX Capital, LLC.
Public solicitation and a four-figure floor settle two different questions: who may be shown the Trust, and how small a subscription it can accept. Neither term describes the buyers who have actually cleared it. And the raise was running before the notice reached EDGAR. Set against the tracked market the offering is small in absolute terms too, its ceiling well below the median offering size of the trailing twelve months.
Term | Filing | Tracked median, trailing twelve months |
|---|---|---|
Offering amount, up to | $9,970,721 | $48,204,995 |
Sales commissions, share of maximum offering | 6.0% | 6.5% |
Sales commissions, amount | $598,243 | |
Amount sold as of August 19, 2026 | $1,107,912 | |
Amount remaining | $8,862,809 | |
Investors | 6 | |
Date of first sale | July 16, 2026 | |
Signed | Dwight Kay, Manager of Signatory Trustee and Manager of Issuer, August 18, 2026 |
Gurnee is in the title and nowhere else
The filing classifies the issuer's industry as Commercial and stops. No property address, no tenant, no lease term, no statement of whether the Trust carries debt. The one address the Form D does carry is the issuer's own, in Torrance, California. Cove's releases describe its acquisitions as debt-free, including the retail property announced on August 18, 2026; this filing says nothing either way. The title names Gurnee. The filing does not confirm a property there.
The sponsor's 2026 formations each arrived with a release naming the asset: a Paducah, Kentucky distribution facility for 116, a grocery-anchored center in Princeton, Kentucky for 117, a corporate headquarters building in Southfield, Michigan for 118, a 170-unit community in San Antonio for 119, retail space in Shreveport for 120. Not 122, whose first sale the SEC record dates to July 21, 2026, and for which research located no separate sponsor or trade-press launch announcement. Not 123: editorial coverage searched through August 26, 2026 turned up nothing beyond the Form D itself.
Top1031 lists 24 Active Trusts under Cove Capital, out of 230 Active Trusts tracked. Where the public record shows offering ceilings for this year's siblings, 114, 116 and 119, each runs above the ceiling here. So the newest number in the run is the smaller raise among them, and the one that reached the federal record with nothing announced behind it.