Houston Small Bay 122 DST Files at a $1,000 Minimum Against a $100,000 Tracked Median

Houston Small Bay 122 DST set its minimum investment at $1,000. Across the 230 active Delaware Statutory Trust (DST) offerings Top1031 tracks, the trailing-twelve-month median minimum is $100,000. That number, and little else, comes from the Form D the Trust filed with the Securities and Exchange Commission on July 21, 2026.

FNEX Capital, LLC is the named broker-dealer, and the Trust claimed Rule 506(c), which conditions the advertising latitude on verified accredited status for every purchaser. Together those two facts make the shape of the raise legible. An offering that can be marketed in public and entered for four figures is built to reach the individual buyer directly, including the exchanger with a small unplaced remainder rather than a whole relinquished-property balance to place. A six-figure minimum screens that buyer out. This one is designed not to.

The ceiling is up to $13.49 million, against a median tracked offering size of $46.33 million. The commission line is where the offering turns ordinary: sales commissions equal 6.0% of the maximum, the same share as the median commission across the tracked market, and no finder's fees are reported. Market-standard pricing, retail-scale entry.

Named for Houston, addressed in Torrance

The only street address in the filing belongs to the promoter: 2958 Columbia Street, Torrance, California, the office of Cove Capital Investments and of Dwight Kay and Chay Lapin, the two executive officers listed. Kay signed for the issuer as manager of its sole member. Houston appears in the marketing title and nowhere else in the document. The industry is stated as Commercial. There is no property address, no debt terms, no fee schedule beyond the commission line and nothing on distributions; the PPM will state those terms.

Cove Capital Investments is named on 24 active offerings in Top1031's directory, so a $13.49 million raise is a small unit inside a broad program rather than a standalone bet.

Through July 22, 2026, the public record on this Trust runs to the filing itself and a StreetInsider republication of it dated July 21, 2026. No trade-press or national coverage surfaced.

One more thing about that minimum: $1,000 is not the lowest among the active offerings Top1031 tracks. Wide as it looks set against $100,000, the four-figure entry point has become a tier of this market rather than an outlier in it.