Top1031

Carrington Park

Multifamily property in Plano, TX — sponsored by Passco Companies

Files with the SEC as Passco Carrington Park DST

Minimum investment
$25k
Offering size
$14.9M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Plano, TX
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Carrington Park is a Delaware Statutory Trust — a structure that lets 1031 exchangers hold fractional interests in real estate — sponsored by Passco Companies. It is closed to new investors: a single Form D was filed on May 11, 2010, and EDGAR shows no amendments since.3 Cushman & Wakefield's listing records the underlying Montgomery, Alabama apartment community as sold on April 26, 2017.1

Show sources (8)Hide sources (8)

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.

Chapter 2

What exactly is the property?

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
Chapter 3

How did it end?

What happened

Sold after 7.0 years; sponsor reported 1.61x

Per the Baker1031 Passco sponsor profile, the Passco Carrington Park DST held Carrington Park, a 240-unit multifamily property at 2000 Central Parkway in Montgomery, AL (not Carrington at Brier Creek in Raleigh), achieving a 1.61x equity multiple over a 7-year hold with a 7.00% annualized return; a Cushman & Wakefield listing records the sale closing on 4/26/2017.

Class-A garden-style multifamily community in the Legacy Drive corridor of Plano, Texas (75093), totaling 364 units and approximately 340,770 sf. One of the largest multifamily assets Passco has placed into a DST.

364 units; 340,770 sf
1.61×Equity multiple · as reported by the sponsor
7.0%Annualized return · as reported by the sponsor
$29,200,000Sale price · as reported by the sponsor
Supporting evidence
Chapter 5

What does the paperwork say?

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.

  1. Form D filedFirst and latest filing on record.
Filings on record
1
How it may be offered
Rule 506(b)Not advertised publicly. Offered through existing relationships.
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.

Chapter 6

Common questions

What happened to Carrington Park?

Top1031 lists Carrington Park as historical. It is no longer raising money.

Where does Top1031 get the data for Carrington Park?

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.

Can I still invest in Carrington Park?

No. This Trust is closed to new investors. Its only SEC filing is a Form D dated May 11, 2010, with no amendments on EDGAR, and Cushman & Wakefield's listing records the underlying apartment community as sold on April 26, 2017.

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.

What does Rule 506(b) mean for how this was sold?

506(b) is the private-placement exemption that lets a sponsor raise money without registering the offering, provided it does not advertise publicly and sells to accredited investors — those meeting SEC income or net-worth tests — with whom it already has a relationship. Terms live in the PPM, the private placement memorandum, which is not filed with the SEC.

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 PPM 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.