Texas Small Bay Industrial Portfolio 86 DSTFirst filed 2025Two-property (part of a five-building) 100%-leased small-bay industrial portfolio in the Houston, TX metro area (Katy & Richmond, TX) was acquired debt-free by Cove Capital to finalize this DST, announced May 6, 2025. The offering is shown as fully subscribed on the sponsor's site; no disposition, 721 conversion, or foreclosure evidence has been found. Source ↗
Eastwood Village Opportunity 71 DSTFirst filed 2024No full-cycle or disposition announcement has been issued; the offering remains listed on Cove Capital's website as 'fully subscribed' (multi-tenant retail center, Birmingham, AL, $22,798,024 raised as announced October 3, 2024) and is not included in Cove's published list of full-cycle events or its June 17, 2026 portfolio milestone press release; the February 6, 2024 $17.6M sale of an Eastwood Village retail center in Birmingham reported by Shopping Center Business was a separate, prior transaction between a Louisiana partnership and a different seller (not Cove). Source ↗
Essential Net Lease 81 DSTFirst filed 2024No full-cycle or disposition announcement has been issued; the offering remains listed on Cove Capital's 'current offerings' page as 'fully subscribed' (Tractor Supply Company / Frito-Lay distribution / Sunbelt Rentals net lease portfolio in NC, GA, FL) and is not included in Cove's published list of full-cycle events or its June 17, 2026 portfolio milestone press release. Source ↗
General Time Industrial Park Opportunity 84 DSTFirst filed 2024No evidence of sale or full cycle; Cove Capital announced on Jun 11, 2025 that the General Time Industrial Park Opportunity 84 DST (113,157 SF multi-tenant industrial in Athens, GA) was fully subscribed at $16.5M and remained listed as a current offering on Cove Capital's website (PR Newswire, Jun 11, 2025). Source ↗
San Antonio Multifamily 74 DSTFirst filed 2024Property (Peanut Factory Lofts, 102-unit multifamily, downtown San Antonio) was acquired by Cove Capital on Sep 19, 2024 and the DST fully subscribed on May 30, 2025 with $18,679,418 in equity; no full-cycle/exit announcement has been published and Cove's most recent (Jun 17, 2026) portfolio milestone press release does not list this trust as completed, and the property remains an operating apartment community per its own website and Zillow/Yelp listings [1][2][3]. Source ↗
Texas Small Bay 85 Flex DSTFirst filed 202468,400 SF multi-tenant flex/industrial asset in San Antonio (Northwest submarket) was acquired by Cove Capital in Nov 2024 and placed into the Texas Small Bay 85 Flex DST (target raise ~$15.4M); no full-cycle/exit announcement has been published and Cove's most recent (Jun 17, 2026) portfolio milestone press release does not list this trust as completed [6][7][3]. Source ↗
TRACTOR NET LEASE 79 DSTFirst filed 2024Brand-new (2023-built) Tractor Supply store in Quinlan TX was acquired by Cove Capital as the property for this net-lease DST (target raise $6,420,509); no full-cycle/exit announcement has been published and Cove's most recent (Jun 17, 2026) portfolio milestone press release does not list this trust as completed, and the Tractor Supply store remains operating per the Tractor Supply store locator [4][5][3]. Source ↗
Cove Texas Net Lease 63 DSTFirst filed 2023Cove Capital announced on February 7, 2024 that the Cove Texas Net Lease 63 DST was fully subscribed with a brand-new 20-year corporate net lease in Lewisville, TX; no sale or full-cycle announcement has been issued, indicating the trust continues to hold and operate the property. Source ↗
Cove Capital Investments is a Delaware Statutory Trust sponsor that provides accredited investors with debt-free, zero-leverage real estate for 1031 exchanges and direct cash investment. The firm reports a portfolio of 134 properties in 36 states spanning multifamily, industrial, net-lease and medical assets, and, as of March 31, 2026, more than $1.083 billion in offerings, over 4.1 million square feet of sponsored real estate, and more than $201.8 million in capital returned to investors since inception. Its completed programs include multifamily, logistics distribution and net-lease data center assets, and dated 2024 through 2026 announcements describe industrial and net-lease acquisitions in Texas, Florida and Mississippi.
Cove Capital Investments describes itself as a Delaware Statutory Trust sponsor company specializing in providing accredited investors access to debt-free investment options for 1031 exchanges and direct cash investments1. The firm says it was founded with a mission to provide DST offerings with zero leverage as a purposeful, contrarian strategy to mitigate risk, summarized on its homepage as "We are different. We are debt free."2. Cove reports a portfolio of 134 properties in 36 states spanning multifamily, industrial, net-lease and medical assets, and states that its principals seek to invest side by side with 1031 exchange investors in each Cove offering2. With information stated as current as of March 31, 2026, the firm reported more than $1.083 billion in offerings, over 4.1 million square feet of sponsored real estate, and more than $201.8 million in capital returned to investors since inception1.
Reported full-cycle programs
On October 26, 2022, Cove announced that its Missoula multifamily DST had gone full cycle, selling for $8,140,000, and reported a 149.21% total return and an 18.29% average annualized return for investors who closed simultaneously3. The Cove Dulles Distribution Debt Free DST, an industrial net-lease distribution facility in Sterling, Virginia, in the Washington, D.C. metro area4, sold for $8,150,000, with Cove reporting a 126.44% total return and an 8.67% average annualized return5. Cove also reports that its Tacoma Data Center Debt Free DST, a net-lease data center program, sold for $9,800,000 at a 116.9% total return and a 5.57% annualized return6. These performance figures are sponsor-reported.
Dated program activity, 2024 to 2026
On October 3, 2024, Cove announced that its Debt-Free Eastwood Village Opportunity 71 DST in Birmingham, Alabama had been fully subscribed after raising $22,798,0247. On May 6, 2025, the sponsor said it had completed the acquisition of two properties to finalize its Texas Small Bay Industrial Portfolio 86 DST, a newly constructed small-bay industrial portfolio in the greater Houston region4. It announced the purchase of a distribution center in Fort Walton Beach, Florida for the Cove Florida Industrial 98 DST on September 23, 20258, and on November 18, 2025 the acquisition of a single-tenant net-lease industrial distribution facility in Vicksburg, Mississippi for the Essential Net Lease Industrial 104 DST in a 100% debt-free transaction4. On May 11, 2026, Cove announced that its Diversified Portfolio 88 DST, five essential net-lease and retail assets totaling approximately 211,000 square feet, had been fully subscribed after raising $27,689,2294. A June 1, 2026 release described the 100% debt-free acquisition of a distribution facility completing the Cove Essential Net Lease Industrial 116 DST9, and a sponsor announcement carried by Yahoo Finance on August 31, 2026 reported that the Cove Saddle Creek Kansas 109 DST had been fully subscribed after raising $12,951,877 from accredited investors10.
Cove Essential Net Lease Industrial 93 DSTSponsor product page lists the Clinton, OK brand-new 2024 8,026 sq ft Frito-Lay distribution trust as fully subscribed, 0% leverage, $100K minimum, debt-free.
Los Angeles Investor Snags San Antonio Apartments In 170-Unit DealHoodline reports Cove's separate 170-unit Ellington acquisition and, as background, identifies the earlier Alamo Ranch deal as a $27.2 million DST tied to an 83-home build-to-rent community on San Antonio's Northwest Side.
Logistics Warehouse Worker - PepsiCo - Walla Walla, WAJob posting dated July 28, 2026 for a Logistics Warehouse Worker at PepsiCo's Walla Walla, WA 99362 facility, the underlying property of the Industrial 99 DST, indicating the facility is operational and actively staffing.
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