Top1031

Carrington Park

Multifamily property in Plano, TX · sponsored by Passco Companies

HistoricalLast Form D filed May 11, 2010 (opens in a new tab)

Carrington Park was a DST sponsored by Passco Companies that owned a multifamily property in Plano, TX (364 units). Its last Form D was filed May 11, 2010.

How it ended

Sold, result reported by the sponsor

Last Form D filed May 11, 2010.

Passco Companies has 4 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$14,950,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (May 11, 2010)
Form D, May 11, 2010
Selling commissions
$1,420,250 · 9.5% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: Carrington Park. Top1031 is not a broker-dealer.

What did Carrington Park own?

Independent reporting ties this Trust to Carrington Park at 2000 Central Parkway in Montgomery, Alabama — a 240-unit apartment community built in 2008 and recorded as sold on April 26, 2017. 1 The property size shown below describes a Plano, Texas community and is not corroborated by any source naming this Trust. No located source states an acquisition date, purchase price, or seller.

Reported location
Plano, TX
Property size
364 units; 340,770 sf

How was it financed, and what did it cost to sell?

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
$1,420,250 · 9.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$3,208,218 · 21.4% of offering
Form D Item 16
· The filing’s note: “Passco Carrington Park Depositor will be responsible for paying certain fees and costs in the amount of approximately $2,751,945. The total amount anticipated to be retained is $456,273.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

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.

What does the SEC record show?

The Trust's entire SEC record is one Form D with no amendments — the notice filing that reports a private placement rather than registering it. 3 The exemption shown below barred general advertising and limited sales to accredited investors, people meeting SEC income or net-worth thresholds.

Legal Trust name
Passco Carrington Park DST
SEC CIK
1491696
First Form D
May 11, 2010
Latest Form D
May 11, 2010
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$14,950,000
$0
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 Carrington Park?
Carrington Park is a Historical offering. Last Form D filed May 11, 2010.
Where was the property?
Cushman & Wakefield's listing places Carrington Park at 2000 Central Parkway, Montgomery, Alabama 36106, a 240-unit apartment community built in 2008. A separate 364-unit Plano, Texas community appears in this record's property data and is not corroborated by any source that names this Trust; treat the Montgomery record as the better-supported identification.
Was any outcome reported for investors?
No SEC filing reports an outcome. Baker 1031's Passco sponsor profile lists Carrington Park (Montgomery, AL) as a completed seven-year multifamily investment and reports a 1.61x equity multiple and a 7.00% annualized return. Cushman & Wakefield separately records the sale as closing on April 26, 2017. Both are third-party reports, not filings.
Why do the minimum investment figures conflict?
The 2010 Form D carries a $1,420,250 figure in a minimum-investment field, while $25,000 appears as the displayed minimum. These have not been reconciled by any public source. Anyone reviewing a Passco offering should take the minimum from the offering documents and subscription documents rather than from a Form D field.
Does this Trust have a 721/UPREIT exit?
Nothing in the public record indicates one. A 721 or UPREIT exit is a structure where investors contribute their interests to a REIT's operating partnership for partnership units instead of receiving cash at sale. This Trust's record shows an outright property sale rather than that path.

Sources

Show sources (8)Hide sources (8)

These links support the record as a whole; individual details may come from different sources.

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.