Cove Capital and Capital Square picked up build-to-rent communities in San Antonio.
Cove Capital Investments completed the purchase of a brand-new Build-to-Rent multifamily residential home community. The purchase completes the formation of the firm’s Cove, Texas, Build-to-Rent 97 DST, a Regulation D, Rule 506(c) offering with a $27,223,181 equity raise. The Cove, Texas, Build-to-Rent 97 DST features a community of 83 newly constructed single-family rental units with high-end, resort-style amenities.
The Cove Dallas Build-to-Rent 87 DST offering was constructed in 2024 by DR Horton and currently has an occupancy rate of 95%. In addition, there is room for potential rental rate increases as leases roll over in the coming months. Because Cove Capital acquired the asset entirely debt-free, the sellers awarded it to Cove below appraised value—creating an immediate value-add opportunity.
Capital Square acquired Woodland Cottages, a 62-unit adult BTR community at 161 Friendship Lane in Fredericksburg, for its CS1031 Texas Active Adult Living I DST, targeting 1031 exchange investors.
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