Chestnut Farm
Multifamily property in Matthews, NC — sponsored by Passco Companies
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
Passco Chestnut Farm DST is a Delaware statutory trust holding Chestnut Farm, a 256-unit apartment community built in 2021 in Matthews, North Carolina.2 A DST lets 1031 exchange investors hold fractional interests in a single property with the mortgage debt already arranged. Passco Companies filed one Form D notice for the offering on June 26, 2024, and the Trust may later convert into REIT shares.
Sponsor-reported, from SEC filings and cited 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?
Chestnut Farm Apartments sits at 3005 Chestnut Grove Lane in Matthews, North Carolina.3 The Class A community was completed in 2021 and offers studio through three-bedroom floor plans averaging roughly 620 to 1,480 square feet; the marketplace listing that carried the offering reported the property 95.29% occupied.2 No public source establishes when Passco acquired the property or what it paid.
- Reported location
- Matthews, NC
- Property size
- 256 units
Who is the tenant, and what's the lease?
This is an apartment community, so there is no single credit tenant: income comes from many residential leases that turn over and reprice regularly rather than from one long-term contract. The Form D discloses no lease-level terms; those sit in the private placement memorandum (PPM), the offering's disclosure document.
How did it end?
Still operating
Trust still owns and operates the property; JRW Investments lists Passco Chestnut Farm DST as 'Active' (not Full Cycle), and re-transition.com shows the offering as 'Closed Offering' (equity raise complete; trust still operating the 256-unit Chestnut Farm Apartments in Matthews, NC).
256-unit Class A multifamily community in Matthews, NC; built 2021; ~95.29% occupied; studio-3BR floorplans averaging 620-1,480 sq ft; sponsor Passco Companies (Irvine, CA, founded 1988); DST offering size approx $90.985M with equity raise approx $38.675M, 721 UpREIT option, 10-yr fixed / 5-yr IO at 3.25%, LTV ~57.49%.
256 unitsHow is it financed, and what does it pay?
Leveraged means the Trust holds mortgage debt alongside investor equity, so a portion of the property is financed rather than owned free and clear. The offering materials describe fixed-rate debt with an initial interest-only period, but no lender is named in the Form D.2
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Passco Companies is an Irvine, California sponsor founded in 1988, and the Form D lists Passco Companies, LLC as a promoter alongside Passco Chestnut Farm Depositor, LLC and Passco Chestnut Farm Manager, LLC.1 That filing names Larry K. Sullivan as president of the sole member of the Trust's manager, with William O. Passo, Belden Brown and Thomas B. Jahncke as executive officers.1 Passco's managed-portfolio page, current as of June 30, 2026, still lists Chestnut Farm.4
- Sponsor
- Passco Companies
- May convert to a REIT
- Yes
- 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 Trust is a Delaware statutory trust formed in 2024, and its notice was signed June 25, 2024, the day before it reached the SEC.1 No amendment or later notice was located as of September 7, 2026. The exemption claimed permits general advertising, so the offering may be marketed publicly, but each investor's accredited status must be verified.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Passco Chestnut Farm DST
- Filings on record
- 1
- 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 Chestnut Farm?
Chestnut Farm is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Chestnut Farm?
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?
Only one Form D notice appears on record for Passco Chestnut Farm DST, filed June 26, 2024, and no amendment or later filing was located as of September 7, 2026. Sponsors are not required to amend a Form D as a raise progresses, so current availability has to be confirmed with Passco Companies or the selling broker-dealer.
What is the minimum investment?
The Form D filed June 26, 2024 reports a minimum outside investment of $25,000. The actual minimum for a 1031 exchange investor, and any different minimum for cash investors, is set in the private placement memorandum (PPM).
What does the 721 UPREIT option mean here?
A 721 exit means the Trust's property could, at the sponsor's discretion, be contributed to a real estate investment trust in exchange for operating partnership units under Internal Revenue Code Section 721. Investors would then hold REIT-linked units instead of real property, which generally ends the ability to do another 1031 exchange with that interest. Whether and when it happens is not disclosed in the Form D.
Who runs the apartments day to day?
Fogelman, a multifamily investment and property-management firm, lists Chestnut Farm in its community directory.[3] That listing does not by itself establish the Trust's legal property manager or ownership chain, which are described in the PPM.
What is the total capitalization of the deal?
The marketplace listing for the offering reported a total property offering size of $90,985,000, funded with both investor equity and mortgage debt.[2] That figure is sponsor-reported rather than drawn from an SEC filing; the Form D reports only the equity portion being offered.
Has the Trust gone full cycle?
No sale, refinancing, or full-cycle result has been reported. Passco's managed-portfolio page, current as of June 30, 2026, still lists Chestnut Farm as a property under management, and no primary source was located showing a disposition or any adverse property event.[4]