Canal 1535
Class A multifamily high-rise property in New Orleans, LA · sponsored by Passco Companies
Canal 1535 was a DST sponsored by Passco Companies that owned a class A multifamily high-rise property in New Orleans, LA (330 units). Its last Form D was filed Sep 14, 2022.
How it ended
No outcome recorded · under 7 years
Last Form D filed Sep 14, 2022.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $93,650,000Equity offered, per the Form D
- Sold
- Not reported in its Form D filings (latest Sep 14, 2022)Form D, Sep 14, 2022
- Investors reported
- Form D, Sep 14, 20223
- Selling commissions
- Form D Item 15; the % is our arithmetic$8,194,375 · 8.7% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: Canal 1535. Top1031 is not a broker-dealer.Canal 1535 · New Orleans, LA · Photo: medialibrarycfo.entrata.com
What did Canal 1535 own?
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.
- Reported location
- New Orleans, LA
- Property size
- 330 units
How was it financed, and what did it cost to sell?
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
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $8,194,375 · 8.7% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $11,260,951 · 12.0% of offeringForm D Item 16· The filing’s note: “Passco Canal 1535 Depositor, LLC will be responsible for paying certain fees and costs of approximately $10,835,049.”
- Broker-dealers named in the Form D
- 26 named in the Form D
Show the firms
- Berthel, Fisher & Company Financial Services, Inc. · CRD 13609
- Cabot Lodge Securities LLC · CRD 159712
- Centaurus Financial, Inc. · CRD 30833
- Colorado Financial Service Corporation · CRD 104343
- Concorde Investment Services, LLC · CRD 151604
- Courtlandt Securities Corporation · CRD 137356
- Crown Capital Securities, L.P. · CRD 6312
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- Great Point Capital LLC · CRD 114203
- Huntwicke Securities, LLC · CRD 146993
- Independent Financial Group, LLC · CRD 7717
- JRL Capital Corporation · CRD 10225
- Kalos Capital, Inc. · CRD 44337
- Lightpath Capital, Inc. · CRD 34617
- McDermott Investment Services, LLC · CRD 154926
- National Securities Corporation · CRD 7569
- NexTrend Securities, Inc. · CRD 43710
- Passco Capital, Inc. · CRD 117323
- RCX Capital Group, LLC · CRD 114290
- Somerset Securities, Inc. · CRD 2493
- Titan Securities · CRD 131392
- Triad Advisors LLC · CRD 25803
- Wealthforge Securities, LLC · CRD 152550
- Whitehall-Parker Securities, Inc. · CRD 10608
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Not in the Form D
- Minimum investment
- $25,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind Canal 1535?
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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- Passco Canal DST
- SEC CIK
- 1928216
- First Form D
- May 17, 2022
- Latest Form D
- Sep 14, 2022
- Filings on record
- 2
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $93,650,000 | $0 | 3 | EDGAR | |
| Form D | $93,650,000 | $0 | 3 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- What happened to Canal 1535?
- Canal 1535 is a Historical offering. Last Form D filed Sep 14, 2022.
- 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. 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.
- 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 offering documents say 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. Those items live in the offering documents and the sponsor's closing materials.
In the news
Sources
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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 offering documents before investing.