Dwight Kay and Chay Lapin Announce that Cove Capital Investments has Acquired an Industrial Asset in Athens, GA on Behalf of 1031 Exchange Delaware Statutory Trust Investors

LOS ANGELES, Oct. 31, 2024 ~ Cove Capital Investments, LLC, a Delaware Statutory Trust sponsor company, has recently announced the successful completion of their latest acquisition. The firm has purchased an Industrial Asset in Athens, GA as part of their General Time Industrial Park Opportunity 84 DST. This offering, which falls under Regulation D, Rule 506(c), aims to raise $16,527,966 in private equity.

The Founding Partners of Cove Capital Investments, Dwight Kay and Chay Lapin, are pleased to announce this latest addition to their growing portfolio. According to Kay, who also serves as the Managing Member of the company, this property was acquired with the intention of providing investment opportunities for both 1031 exchange and direct cash investors. He also notes that the property was purchased below replacement cost.

The asset spans over 113,000 square feet and is located within the larger 35-acre General Time mixed-use development in Athens. This development is expected to become a new social and commercial hub for residents of the city. The property is home to two well-known businesses and underwent redevelopment between 2018-2021 with high-quality construction.

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Kay explains that this investment presents an opportunity for accredited investors to invest in a debt-free DST real estate asset located next to a planned mixed-use development in the growing Athens market. He adds that this location is particularly attractive due to its proximity to various amenities and its potential for future growth.

Chay Lapin, also a Managing Member and Founding Partner at Cove Capital Investments, expresses excitement about introducing another debt-free DST real estate investment option. He highlights that both tenants are established and well-known businesses and emphasizes the attractive location in Athens.

Lapin further explains that the former General Time Corporation/Westclox factory plus surrounding land will be repurposed into a vibrant live-work-play community with restaurants, retail shops, multifamily units, office space, entertainment venues, and hospitality options.

Kay concludes by stating that this investment is a testament to their dedication to acquiring quality assets in strategic locations that provide potential for investors. He also mentions that this property, like many of Cove Capital's real estate acquisitions, was acquired with 0% leverage, providing investors with the opportunity to potentially mitigate risk.

With this latest acquisition, Cove Capital Investments' portfolio now spans over 2.5 million square feet. The company continues to prioritize debt-free DST offerings for investors who want to minimize risk and avoid lender foreclosure or cash flow sweeps.

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