The City of Waynesboro's August 2026 property-transfer record names Waynesboro VA eCommerce 126 DST as the current owner in a transfer dated August 21, 2026. The Trust's Form D gives the same date as its date of first sale.
That municipal line is close to the whole public record of what this Delaware Statutory Trust (DST) bought. A search on October 5, 2026 for material naming the Trust located the SEC filing, a filing-aggregator page, and the city spreadsheet, and nothing else; no sponsor release and no trade-press item naming the Trust was found in that search, which covered indexed material and is expressly not an exhaustive record of unindexed, private, or member-only sources. A Form D does not call for an address, a tenant, or a price. It calls for an industry box, and this one reads Commercial.
Form D, filed September 23, 2026 | |
|---|---|
Offering amount, up to | $13,552,181 |
Amount sold as of the filing | $11,835,784 |
Amount remaining | $1,716,397 |
Minimum investment | $1,000 |
Sales commissions | $813,131 |
Exemption | Rule 506(c) |
Broker-dealer | FNEX Capital, LLC |
The minimum is the term that separates this filing from the tracked market, where the trailing-twelve-month median across Form D filings by likely DST issuers is $100,000. It is not the lowest minimum Top1031 tracks. And a floor describes who may participate, not who did: the form counts 19 investors behind the amount reported sold. This is the Trust's only Form D on file, and it is not an amendment, so no later notice revises that figure. The raise is small against the same cohort's median offering amount of $48,917,049 per filing, a median that counts filings including amendments rather than unique Trusts. Sales commissions, a figure the form marks an estimate, come to 6.0% of the maximum offering, under the 6.5% tracked median.
Rule 506(c) permits general solicitation and requires every purchaser to be verified as accredited. FNEX Capital, LLC is the named broker-dealer, and the filing's own clarifications place both Dwight Kay and Chay Lapin, each listed as an Executive Officer and described as a managing member of the offering, as registered with FNEX Capital. The men managing the offering are registered with the firm named to sell it, by the filing's own account. Cove Capital Investments, LLC is listed as Promoter, with a clarification identifying it as the promoter and sponsor of the offering. Kay signed as Manager of Signatory Trustee and Manager of Issuer. Cove Capital has 25 published Active Trusts in Top1031's directory, which carries 227 published Active Trusts in all, a count that excludes delisted records and includes fully subscribed offerings.
Cove's newswire traffic over the summer announced completed business: a release dated August 5, 2026 on the acquisition of a Southfield, Michigan headquarters building and the formation of Southfield Corporate 118 DST; an August 18, 2026 release on a retail acquisition for Shreveport Opportunity 120 DST, reissued on August 27, 2026; and full-subscription releases for Cove Fort Worth Small Bay Industrial 96 DST on July 29, 2026, Cove Saddle Creek Kansas 109 DST on August 31, 2026, Cove Essential Net Lease Industrial 114 DST on September 1, 2026 and Cove Essential Net Lease Industrial 108 DST on September 9, 2026. A Top1031 report on Essential Gurnee Industrial 123 DST, published August 26, 2026, met the same gap from the other side, when that filing did not confirm its property at all. Waynesboro at least sits somewhere specific. The document that puts it there was published by a Virginia city, on a date the spreadsheet does not state.