Virginia Small Bay 121 DST will take a subscription of $1,000. Across the Form D filings from likely DST issuers Top1031 tracks over the trailing twelve months, amendments included, the median minimum is $100,000. It is not the lowest minimum in the tracked data. It is also not the only term here that runs small: the same cohort's median offering size is $48.92 million, and this Trust's ceiling, in the table below, sits well under that.
The Trust filed under Rule 506(c), which permits general solicitation and requires every purchaser to be a verified accredited investor. A low minimum lowers the check, not the accreditation bar. FNEX Capital, LLC is the only broker-dealer named. Sales commissions run 6.0% of the maximum offering against a 6.5% median in the same cohort, and the record does not show whether that commission figure was flagged as an estimate.
What the filing does not carry is the building. No property, no address, no location beyond the Delaware jurisdiction and the Torrance, California issuer address shared by the Promoter and both executive officers. A Form D is a notice of an exempt offering, not SEC approval and not a review of the offering's merits; the offering documents are the document where the property and the distribution terms appear.
The filing lists Cove Capital Investments, LLC as a Promoter and names Dwight Kay and Chay Lapin as executive officers. Kay signed as Manager of Signatory Trustee and Manager of Issuer.
Item | Form D, filed August 28, 2026 |
|---|---|
Issuer | Virginia Small Bay 121 DST |
Jurisdiction | Delaware |
Exemption | Rule 506(c) |
Broker-dealer | FNEX Capital, LLC |
Maximum offering amount | $16,207,609 |
Amount sold as of the filing date | $2,763,824 |
Remaining to be sold | $13,443,785 |
Investors to date | 12 |
Minimum investment accepted | $1,000 |
Sales commissions | $972,457 |
Finders' fees | $0 |
Date of first sale | July 24, 2026 |
Small bay is a format this sponsor has run before and filled. Cove Fort Worth Small Bay Industrial 96 DST was announced fully subscribed on July 29, 2026. Cove Ponder Small Bay Industrial 101 DST, assembled from a 19-building industrial property, was reported fully subscribed on May 1, 2026. Both took city names. This one takes a state's.
Cove's summer was loud. Southfield Corporate 118 DST was announced on August 5, 2026; Shreveport Opportunity 120 DST on August 18, 2026, and again in a second dated wire posting on August 27, 2026; full subscriptions for Cove Saddle Creek Kansas 109 DST, Cove Essential Net Lease Industrial 114 DST and Cove Essential Net Lease Industrial 108 DST were announced on August 31, September 1 and September 9, 2026.
A search of the record from June 14 through September 12, 2026 located no release naming Virginia Small Bay 121 DST. What that search surfaced instead was EDGAR and the filing aggregators that mirror it.
The $1,000 line is a term, not a transaction. A Form D reports the smallest subscription the Trust will accept from an outside investor; it says nothing about what anyone actually wrote.