Subject: BFA
(Drone Video Footage) Cove Capital Investments' Founding Partners Provide an in depth Look at the Firm's Eastwood Village Opportunity 71 DST in Birmingham, AL
LOS ANGELES, April 30, 2024 /PRNewswire/ -- Cove Capital Investments Founding Partners, Dwight Kay and Chay Lapin, recently provided an in depth look at its recently acquired Cove Eastwood Village Opportunity 71 DST, a multi-tenant retail center in Birmingham, AL available for 1031 exchange as well as direct investment. This investment is a Regulation D, Rule 506(c) offering that is targeting to raise $22,798,024 in equity from accredited investors with a minimum investment requirement of $25,000. Cove Capital purchased the asset in an all-cash/debt-free transaction as a purposeful strategy to potentially mitigate risks associated with debt.
According to Dwight Kay, Managing Member and Founding Partner of Cove Capital Investments, the retail center is shadow anchored by a high performing Walmart Supercenter (not a part of the subject offering), and anchored by Ross Dress for Less, Five Below, Office Depot, Michaels, Party City, Hibbett Sports, America's Best, T-Mobile & Starbucks.
"We are thrilled with this acquisition for a number of reasons. First, it shares a parking lot with a super Walmart, and while the Walmart is not part of the offering, we really like the synergy it brings to the Cove Eastwood Village Opportunity 71 shopping center," said Kay.
Chay Lapin, also Managing Member and Founding Partner at Cove Capital Investments explained that the Cove Eastwood Village Opportunity DST is the #1 retail center in the market1 with many of the tenants ranking within the top percentile within their respective chains as top performers.
How Multi-Tenant Retail Centers Can Act Like a "Buoy" Investment
Both Kay and Lapin commented that they like the multi-tenant retail asset class for a number of reasons including that the staggered lease expirations can potentially provide opportunity for ownership.
"This is what we would call a 'buoy investment.' That means there is the potential for creating additional value through increasing rents, backfilling space, and extending lease terms. There is the opportunity to really get in there, roll up our sleeves, and start adding potential value to the asset," said Kay.
Lapin added, "The purchase of Cove Eastwood Village is a value-add strategy with a goal of potentially increase net operating income and property value/investor equity. What makes this property particularly appealing for our DST offering is that it is the #1 Retail Center in the market seeing an estimated 3.4M visits per year2. The property is neighbor to multiple national tenants and is seeing street traffic of a combined 78,000 vehicles per day3. The retail center's strategic location in Birmingham, AL, is near the University of Alabama Birmingham, hosting over 21,600 full-time students (2022 Fall Enrollment). The location stands as a densely populated center in Birmingham, AL, with a population of 116,944 within a 5-mile radius of the property," explained Lapin.
Interested accredited investors considering a 1031 exchange or a direct investment are encouraged to visit www.covecapitalinvestments.com to register for a copy of the Private Placement Memorandum which goes into full detail on the business plan and risk factors of investing in this Delaware Statutory Trust offering.
About Cove Capital Investments
Cove Capital Investments is a DST sponsor company providing accredited investors access to 1031 exchange eligible Delaware Statutory Trust properties as well as other real estate investment offerings. The Cove Capital team consists of Acquisitions, Asset Management, Accounting, In-House Counsel, Investor Relations, Marketing and Capital Markets. Cove Capital maintains a robust current inventory of DST and private equity real estate offerings potentially available to investors. Cove Capital Investments has sponsored more than 1.9 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors.
For further information, please visit www.covecapitalinvestments.com or contact Cove Capital at (877) 899-1315 and via email at [email protected].
Footnote 1 = Offering Memorandum
Footnote 2= Offering Memorandum
Footnote 3 = Offering Memorandum
*Past performance is no guarantee of future results.
* Diversification does not guarantee profits or protect against losses.
*This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the "Memorandum"). Please read the entire Memorandum paying special attention to the risk section prior to investing. This material contains information that has been obtained from sources believed to be reliable. However, Cove Capital Investments, LLC does not guarantee the accuracy and validity of the information herein. Investors should perform their own investigations before considering any investment. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. For an investor to qualify for any type of investment, there are both financial requirements and suitability requirements that must match specific objectives, goals and risk tolerances. Securities offered through FNEX Capital, member FINRA, SIPC.
SOURCE Cove Capital Investments
These press releases may also interest you
|
News published on and distributed by:
