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BTR Daily - August 13, 2025 - Cove Capital closes $27.2M BTR acquisition

BTR Daily - August 13, 2025 - Cove Capital closes $27.2M BTR acquisition

Dwight Mortgage Trust lends $44.3M. Berkadia arranges $43.5M refi. Tricon Residential breaks ground on 93 units. Many big builders are stepping back from BTR--this one's still all in. Two new BTR deals.

Matt H & Aid Sopjani
August 13, 2025

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NEWS ROUNDUP

ACQUISITION: Cove Capital closes $27.2 million BTR acquisition. Cove Capital Investments, led by Dwight Kay and Chay Lapin, has completed the purchase of an 83-home, newly built BTR community in San Antonio, TX, finalizing the formation of the Cove Texas Build-to-Rent 97 DST, a Regulation D, Rule 506(c) offering with $27.2 million in equity. Constructed in 2024 and currently 95% leased, the single-family homes average 1,861 square feet and feature high-end finishes alongside resort-style amenities, including a pool and lazy river. The acquisition was completed entirely debt-free, allowing Cove to secure the property below appraised value and eliminate foreclosure risk, while also enabling potential rental rate increases as leases turn over.

FINANCING: Dwight Mortgage Trust lends $44.3 million for two Georgia BTR communities. Dwight Mortgage Trust has provided two bridge loans totaling $44.3 million to ARK Homes for Rent for newly built BTR projects in Auburn and Port Wentworth, GA. The Station at Kentmere, in Auburn, is a 149-unit townhome community offering three-bedroom residences with one-car garages, 2.5 baths, and amenities such as a clubhouse, fitness center, resort-style pool, outdoor entertainment areas, and grilling stations. Waterside at Rice Hope, in Port Wentworth, comprises 103 three-bedroom townhomes, also with 2.5 baths and garages, and features a clubhouse, playground, lap pool, lazy river, fishing pond, and grilling areas.

FINANCING: Berkadia arranges $43.5 million in financing for Arizona BTR. Berkadia has arranged $43.5 million in refinancing for a newly built, 196-unit BTR property in Pinal County, Arizona, on behalf of the borrower. The three-year, interest-only loan carries a mid-200 spread over SOFR and a 70% loan-to-value ratio, returning over $500,000 to investors while reducing the cost of capital. The transaction was led by Joel Kirstein, Mackinley Robinson, Vin Basa, Mark Forrester, and Andrew Curtis, with Robinson noting it as an example of Berkadia SFR/BTR’s collaborative approach. Completed in 2024, the community offers private backyards, a resort-style pool and spa, and a modern clubhouse, with convenient access to Phoenix, South Chandler, and major employers like Intel and Lucid Motors.

DEVELOPMENT: Tricon Residential breaks ground on 93-home BTR community in South Carolina. Tricon Residential has started construction on Tricon Simpsonville, a 93-home BTR community in Simpsonville, South Carolina, in partnership with Dream Finders Homes. The project will feature three-bedroom townhomes with two-car garages, fenced yards, luxury finishes, and smart home technology, alongside community amenities such as pickleball and tennis courts, a pool, and playgrounds. Positioned near top schools and job centers, the development aims to provide high-quality rental housing at rents below the cost of homeownership. Jonathan Ellenzweig, David O’Neill, and Christopher Pena highlighted the project’s role in addressing the housing shortage while offering affordability and lifestyle benefits.

READ: Many big builders are stepping back from BTR—this one’s still all in.