Cove Capital Completes Acquisition of 83-Unit BTR Community in San Antonio
Cove Capital Investments announced the successful acquisition of an 83-unit Build-to-Rent (BTR) residential home community in San Antonio, Texas, marking the formation of its Cove Texas Build-to-Rent 97 DST, a Regulation D, Rule 506(c) offering targeting an equity raise of $27,223,181.
Constructed in 2024, the community boasts a 95% occupancy rate as of July 30, 2025, with each single-family rental averaging 1,861 square feet. Cove Capital highlighted the potential for income growth through rental rate increases as leases renew, contributing to rising Net Operating Income (NOI). In line with the firm’s alignment strategy, Cove’s principals are also investing personal capital into the offering.
Chay Lapin, co-founder and managing member at Cove, noted that the DST structure includes a potential 721 UPREIT exchange as an optional exit for investors. “Instead of signing up today in a forced 721 UPREIT DST, our investors are going to be given the option to participate in a future potential 721 UPREIT or not – at their discretion,” said Lapin.
This acquisition follows Cove’s June 2025 purchase of a fully occupied FedEx Ground facility in Arizona and a Tractor Supply Co. store in New Mexico as part of its Essential Net Lease Portfolio 90 DST, which is seeking to raise $12.76 million in equity.
Cove Capital, headquartered in Los Angeles, manages a debt-free portfolio spanning over 3 million square feet across 35 states.
Pictured: 83-unit BTR residential home community in San Antonio.
