Cove Capital
Overview
Cove Capital Investments has built a distinctive franchise on a single contrarian premise: debt-free DSTs. Founded in 2012 by Dwight Kay and Chay Lapin, the firm structures all-cash offerings that carry no mortgage risk—eliminating the lender-driven loss scenarios that have tripped up leveraged DSTs in downturns—across net-lease, industrial and multifamily assets. With more than $958 million in sponsored transactions across roughly 129 assets, principal co-investment in every offering, and optional (rather than mandatory) 721 UPREIT exits, Cove markets capital preservation and alignment to a largely repeat base of 2,600-plus investors. The zero-leverage model caps upside but is precisely the point for its risk-averse clientele.
Strategy & advantages
- Built its entire franchise on debt-free, all-cash DSTs, eliminating lender-driven foreclosure scenarios.
- Principals Dwight Kay and Chay Lapin co-invest in every offering, a hard alignment signal.
- Offers optional, non-mandatory 721 UPREIT exits, preserving investor flexibility.
- Serves a largely repeat base of 2,600+ investors.
- Has sponsored $958M+ in transactions across ~129 net-lease, industrial and multifamily assets.
Important disclosures. Sponsor information and performance metrics are sponsor-reported and compiled by Baker 1031 from sponsor and public sources; they have not been independently verified and are subject to change. Full-cycle returns, equity multiples, hold periods, and success rates reflect realized programs only (survivorship bias), are averaged across differing assets, vintages, and structures, are net of fees and program expenses, and are not indicative of future results and not a recommendation. Designation as a preferred sponsor reflects Baker’s due-diligence coverage, not an endorsement or guarantee. For accredited investors only; not an offer or solicitation. Securities offered through Aurora Securities, Inc. (ASI), member FINRA/SIPC; subject to registered-principal approval.