Cove Capital Investments Acquires 170-Unit Multifamily Property in San Antonio
Cove Capital Investments has expanded its real estate portfolio by acquiring a 170-unit multifamily community in San Antonio, Texas. The property was acquired through a lender's REO disposition process at a price below appraised value.
Cove Capital Investments has acquired a 170-unit multifamily community in San Antonio, Texas, adding to its Delaware Statutory Trust (DST) portfolio. The property, named Cove San Antonio Multifamily 119 DST, was obtained directly from a lender's REO (Real Estate Owned) disposition process.
According to the company, the purchase price was below both the property's appraised value and the outstanding loan balance. This transaction provides an attractive basis for Cove Capital's 1031 exchange investors.
Dwight Kay, Managing Member and Co-Founder of Cove Capital, stated that the multifamily asset aligns with the company's strategy of acquiring quality properties at an attractive basis in markets with favorable long-term fundamentals. The location in northeast San Antonio benefits from proximity to major industrial and logistics corridors.
San Antonio is highlighted as one of the nation's fastest-growing metropolitan areas, supported by a diversified economy including advanced manufacturing, healthcare, and tourism. The acquisition comes as the city's multifamily market anticipates a decline in new construction deliveries.