Sponsor Profile

Cove Capital

Torrance, CA · Founded 2012 · covecapitalinvestments.com · Reviewed July 2026

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…

Baker 1031 Investments is an independent broker-dealer representative and is not affiliated with, endorsed by, or sponsored by Cove Capital. This page is Baker 1031’s own research profile of the sponsor. Cove Capital and its logo are trademarks of their respective owner, used here for identification only.

Assets Under Mgmt
$958M
Year Founded
2012
Headquarters
Torrance, CA

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.

Cove Capital Strategies & 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.
These describe the sponsor’s approach and potential advantages only, and should be weighed against the risks common to DST investments — illiquidity, loss of principal, and no guaranteed distributions. Full risk factors are in each offering’s Private Placement Memorandum.

Cove Capital Track Record

Baker 1031 does not yet have full-cycle, deal-by-deal results for Cove Capital in its dataset. Aggregate figures above, where shown, are sponsor-reported and not independently verified. Past performance does not guarantee future results.

Current Cove Capital Offerings

Baker 1031 tracks this sponsor’s active DST and 1031-eligible offerings. Verified investors can review what’s currently available. Browse current offerings →

Gerald F. “Jerry” Baker, III — Founder & Managing Principal, Baker 1031 Investments · FINRA Series 22 / 63 · SIE. Read full bio →

Sponsor figures are sponsor-reported and not independently verified; they may reflect selection and survivorship bias, and past performance does not guarantee future results. This profile is educational and is not investment advice or an offer to sell or a solicitation to buy any security. Offerings are available only to accredited investors and are made solely through the sponsor’s Private Placement Memorandum. Securities offered through Aurora Securities, member FINRA/SIPC. Real estate investments involve risk, including possible loss of principal.

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