Cove Capital Purchases Two DFW Properties for DST Offering

Cove Capital Investments, LLC, a private equity real estate firm and DST sponsor company that specializes in providing accredited investors access to debt-free investment options for their 1031 exchange and direct cash investments, announced its Cove Parkdale Commons Opportunity 62 DST, a regulation D Rule 506c Delaware Statutory Trust offering, is fully subscribed. The total amount of equity raised for the offering was $21,593,348.

According to Dwight Kay, Managing Member and Co-Founder of Cove Capital Investments, the 1031 exchange DST offering was made available to accredited 1031 exchange and direct cash investors as an all-cash/debt-free DST offering designed to potentially mitigate risk of lender foreclosure or lender cash flow sweeps. The 191,559 square-foot building is anchored by one of Hobby Lobby’s retail stores and includes a strong roster of other national tenants.

“We would like to thank each of our clients who invested in this DST and all of the members of the Cove selling group including Broker/Dealers, Registered Representatives, and RIAs,” said Kay.

Kay explained that the Cove Parkdale Commons Opportunity 62 DST is a value-add investment located in the primary retail node of West Waco.

“The center is surrounded by a large concentration of national retailers including Target, Tractor Supply, Lowe’s and Home Depot. In addition, Parkdale Commons showcases a balanced and compatible list of local retailers and is strategically located near Baylor University. We felt confident our investors would be attracted to the asset’s location, the quality of the tenants, and the overall business strategy set forth in the Private Placement Memorandum,” said Kay.

Chay Lapin, Managing Member and Co-Founder of Cove Capital Investments explained that the Parkdale Commons acquisition team is currently implementing a detailed business plan for the asset.

“Our strategy involves potentially adding value to the property through renewing and extending certain leases, marking current under market leases to market, implementing an extensive marketing program to fill vacant space as well as a capital improvement and property appeal enhancement program. In the end, we feel this multi-pronged value-add strategy will potentially drive the assets value,” said Lapin.

(This news/press release has not been altered by, apart from the headline, and has been obtained from a syndicated source:-