Cove Capital Fully Subscribes $21.6 Million DST Offering

Cove Capital Investments LLC, a private equity real estate firm and Delaware statutory trust sponsor, announced its Cove Parkdale Commons Opportunity 62 DST, a Regulation D 506(c) Delaware statutory trust offering, is fully subscribed.

Cove says the total amount of equity raised for the offering was $21.6 million.

The 191,559 square-foot building is anchored by one of Hobby Lobby’s retail stores and includes 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 Dwight Kay, managing member and co-founder of Cove Capital Investments.

Kay explained that the Cove Parkdale Commons Opportunity 62 DST is a value-add investment located in West Waco, Texas.

“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.

Cove Capital Investments is a private equity real estate firm providing accredited investors access to 1031 exchange-eligible Delaware statutory trust properties, as well as other real estate investment offerings. The team consists of acquisitions, asset management, accounting, due diligence, in-house counsel, investor relations, marketing and capital markets. Cove has sponsored over 1.9 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors.

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