US: Cove Capital Investments, a real estate investment manager, has completed the purchase of an 83-unit build-to-rent (BTR) residential community in San Antonio, Texas.
The acquisition finalised its Cove Texas BTR 97 Delaware Statutory Trust (DST) offering.
The $27.2 million (£21.2 million) equity raise opportunity has been structured without debt, which the company says enhances investor protection and eliminates foreclosure risk.
The community, built in 2024, consists of single-family rental homes averaging 1,861 square feet.
It features high-end finishes and resort-style amenities, including a pool and lazy river.
As of 30 July 2025, the property had a 95 per cent occupancy rate.
Located near major employers and top-rated schools, the development is positioned in one of San Antonio’s fastest-growing submarkets.
Cove Capital said rent increases as leases renew could further boost revenue and net operating income.
Founding partner Dwight Kay described the asset as a “trophy” property, while co-founder Chay Lapin pointed to the optional 721 Exchange rollup as a possible exit strategy for investors, allowing for a future UPREIT conversion if desired.
Cove Capital acquired the property below appraised value, citing the debt-free structure as a factor in securing favourable terms. Company principals are also investing their own capital into the offering.
Highlights:
– Cove Capital Investments acquires an 83-unit BTR community in San Antonio, Texas.
– Deal valued at £21.2 million, was completed without debt.
– Homes average 1,861 square feet and include luxury finishes and resort-style amenities.
– As of July 30 2025, occupancy was at 95 per cent.
