Passco Promenade Crossing DST sold its property on March 19, 2015, taking the Delaware Statutory Trust (DST) full cycle. Passco Companies lists the program among the completed entries on its published track record.
The Trust's filing record says little about the asset itself. A Form D records the terms of a raise, not the real estate behind it, so the property, its location, and its financing do not appear in the filing Passco Companies made for the Trust.
Record | Detail |
|---|---|
Sponsor | Passco Companies |
Asset class | Residential |
First Form D | November 13, 2009 |
Exemption claimed | Rule 506(b) |
Maximum offering amount | $13,650,000 |
Minimum investment | $5,000,000 |
Exit type | Property sold |
Sale price | $27,400,000, as reported by the sponsor in the track record published with a Passco offering memorandum |
Annualized return | 7.18%, as reported by the sponsor in that same document |
Top1031 carries both sponsor figures at medium confidence, and neither is independently confirmed in the public filing record.
Two hold figures sit in the record. The disposition record states 5.54 years. A hold of 5.3 years follows from the first filing date and the exit date on file. This report relies on 5.54 years, the figure the disposition record itself carries; nothing in the record explains the difference between the two.
The private placement memorandum that set the distribution terms for beneficial owners is not a public document. Beyond the two figures the sponsor publishes, what the sale produced for the Trust's individual investors is not on the record.