Cove Capital Announces 15.5% Increase in Distributions for Dallas Multifamily DST
Cove Capital Investments announced an increase in annual distributions, paid monthly, for its Cove Multifamily 59 Delaware Statutory Trust offering. The offering, made available in August 2022, consists of a 159-unit multifamily apartment community in Dallas, TX MSA.
The most recent distribution rate increased by 15.5% over the same period a year ago, marking the third consecutive increase in the past three years, totaling a 23.42% increase over that period, according to Dwight Kay, managing member and founding partners of Cove Capital Investments.
“When Cove acquired this DST offering, we quickly identified it as an asset with the potential for significant value-add opportunities (which we implemented) and with our debt-free underwriting model, have been able to provide regular monthly cash flows for our investors, consecutive annual distribution increases, and long-term appreciation potential,” a Cove spokesperson told Connect Money.
Cove Capital Investments is a DST sponsor company that operates a portfolio of over 2.4 million square feet of real estate in 33 states nationwide.
