Canal 1535
Class A multifamily high-rise property — sponsored by Passco Companies
Files with the SEC as Passco Canal DST
Minimum investment
$25k
Offering size
$93.7M
How much has sold
None sold yet
Asset type
Class A multifamily high-rise property
Location
Not stated
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Canal 1535 is a Delaware Statutory Trust — a passive co-ownership structure whose interests can be used in a 1031 exchange — sponsored by Passco Companies. It holds a 330-unit Class A apartment high-rise at 1535 Canal Street in downtown New Orleans, the sponsor's first asset in that city.3 Two Form D notices were filed in 2022, and no later SEC filing records how the offering ended.
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Opened in 2020 and previously known as Canal Crossing, the tower was sold to Passco Companies in the spring of 2022.2 NOLA.com reported that the deal covered the building plus a 500-space parking lot for $120 million. Greystar manages the community, which Passco describes as a luxury high-rise within walking distance of the French Quarter.
- Property size
- 330 units
Who is the tenant, and what's the lease?
This is an apartment building rather than a single-tenant net-leased property, so income comes from hundreds of individual resident leases that turn over continually instead of one corporate covenant. The community's own FAQ page advertises short-term lease options of three to eleven months.4
How did it end?
No sale or other ending on record
Passco Canal DST (CIK 1928216) — Canal 1535, the 330-unit luxury high-rise in New Orleans, LA, remains listed in Passco's 'Our Properties' portfolio as of June 30, 2026 (JRW status 'Active' since May 16, 2022) and is still actively leased; no sale, 721/UPREIT exchange, or foreclosure announcement has been located.
Passco's release describes Canal 1535 as its first New Orleans asset, managed by Greystar, with luxury high-rise amenities and a location within walking distance of the French Quarter; the AltsWire article groups it with Passco's 272-unit Sawgrass Point acquisition but does not state a Canal 1535-specific DST subscription or closing status.
330 unitsSupporting evidence
How is it financed, and what does it pay?
No trust-level debt amount, lender, or loan terms for this DST appear in the public record reviewed, so whether the Trust is leveraged or all-cash is not established here. Passco's acquisition announcement credits Caleb Marten of KeyBank Real Estate Capital's Commercial Mortgage Group with arranging acquisition financing for its two 2022 Louisiana purchases.3
Who's behind it?
Passco Companies is an Irvine, California real estate firm and a repeat sponsor of DST programs; SEC records place the Trust at Passco's 2050 Main Street, Suite 650 address.1 The initial Form D names Passco Companies, LLC alongside Passco Canal 1535 Depositor, LLC and Passco Canal 1535 Manager, LLC as promoters of the offering, and identifies Larry K. Sullivan as president of the sole member of the issuer's manager.5
- Sponsor
- Passco Companies
- Legal Trust name
- Passco Canal DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 4 active / 31 total offerings from Passco Companies
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The initial Form D — the SEC's brief notice of a private placement sold under an exemption from registration — was signed May 16, 2022.5 An amended Form D/A followed that September, restating the same offering total.1 The Trust may be advertised publicly, but each buyer must be a verified accredited investor.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to Canal 1535?
Top1031 lists Canal 1535 as historical. It is no longer raising money.
Where does Top1031 get the data for Canal 1535?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Is this Trust still open to new investors?
The public record does not say. Passco Canal DST filed an initial Form D on May 17, 2022 and an amendment on September 14, 2022, and no later SEC filing for the Trust appears on record. No reviewed source establishes a final subscription amount, a closing date, or a sale of the property. Anyone mid-exchange should confirm current status directly with the sponsor or their own representative.
What does the Trust actually own?
Canal 1535, a 330-unit Class A multifamily high-rise at 1535 Canal Street in downtown New Orleans. The building opened in 2020 under the name Canal Crossing and was sold to Passco Companies in spring 2022.[2] NOLA.com reported that the transaction included a 500-space parking lot and a price of $120 million.
Who runs the property day to day?
Greystar. Passco's release named Greystar as the manager at acquisition, and Greystar's own property page for Canal 1535 at 1535 Canal St, New Orleans, LA 70112 still listed the community as professionally managed by Greystar as of May 25, 2025.[6]
Is there a 721/UPREIT exit?
The record shows none. A 721 or UPREIT exit is a structure in which DST interests are later contributed to a REIT's operating partnership in exchange for partnership units; this Trust is not flagged as one that may convert to a REIT, so an investor should assume the exit path is a sale or refinancing of the property unless the PPM — the private placement memorandum, the offering's full disclosure document — says otherwise.
What is not disclosed in the public record?
Several things a buyer would want. No trust-level debt amount, loan-to-value, or master lease structure was found in the reviewed sources; no verified occupancy figure exists for the property; and the purchase price is reported by NOLA.com at $120 million while New Orleans CityBusiness reported on May 5, 2022 that the price was not disclosed.[2] Those items live in the PPM and the sponsor's closing materials.
Chapter 9Passco Buys Two Multifamily Properties in LouisianaAltsWire reported Passco's purchase of Canal 1535, a 330-unit Class A high-rise in Downtown New Orleans, as part of two Louisiana multifamily acquisitions totaling 602 units.