Cove Capital Investments Acquires Value-Add Multifamily Community in Growing Dallas Fort-Worth, Texas Neighborhood for Its Cove Multifamily 59 DST￼
The acquisition represents another Texas multifamily purchase by Cove Capital as it continues to build a portfolio of debt-free multifamily offerings for accredited investors seeking Delaware Statutory Trust 1031 Exchange or Direct-Cash real estate Investments
LOS ANGELES, Sept. 16, 2022 /PRNewswire/ — Cove Capital Investments, LLC, a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors, announced it has completed the purchase of a 159-unit, 130,128 square foot value-add multifamily community in the growing Dallas Fort-Worth area.
The investment will be part of the “Cove Dallas Multifamily 59 DST”, a Regulation D, Rule 506c offering, which will allow accredited investors to participate in the acquisition of a multifamily community with value-add potential located just 20 minutes from revitalized downtown Dallas that sees more than 135,000 employees on a daily basis.
“The Cove Dallas Multifamily 59 DST is an attractive apartment community in the Dallas Fort Worth region of Texas that provides investors the opportunity to participate in a debt-free DST investment that has the potential for creating significant value. The previous owners recently invested more than $1.5 million in capital improvements to approximately 50% of the units. Now Cove Capital will continue to provide extensive renovations, including adding new quartz countertops, stainless steel appliances, upgraded plumbing and lighting fixtures and adding carports to cover approximately 100 cars,” said Dwight Kay, Managing Member and Co-Founder of Cove Capital Investments.
Built in 1983, the two-story community features one-, two- and three-bedroom floorplans across 16 buildings. Common-area amenities include a swimming pool, a fitness center, a business center and laundry facilities.
According to Managing Member and Co-Founder, Chay Lapin, the Cove Dallas Multifamily 59 DST represents an excellent example of a value-add DST investment opportunity for Cove Capital investors.
“As a proactive owner-operator, Cove Capital will be able to potentially provide value to our investors through implementing a renovation plan that includes upgrading both interiors and exteriors, and driving operational efficiencies to help maximize revenue potential,” said Chay Lapin, Managing Member and Co-Founder of Cove Capital Investments.
Located at 1255 West Pleasant Road, the community is roughly 15 miles south of downtown Dallas. Pleasant Creek sits in proximity of interstates 35 and 20, as well as Texas State Highway 342, offering access to several dining, shopping and entertainment options. Northrup Grumman Systems, Dallas Boss Truck Stop and FFE Logistics are some of the employers in the area.
Lapin continued, “The Cove portfolio now consists of more than 1.5 million square feet of multifamily, industrial, medical and net lease assets. We are thankful to the hundreds of loyal Cove clients as well as the many Broker Dealers, Registered Representatives and RIAs that have placed their trust in Cove Capital.”