Top1031

Chestnut Farm

Multifamily property in Matthews, NC · sponsored by Passco Companies

HistoricalLast Form D filed Jun 26, 2024 (opens in a new tab)

Chestnut Farm was a DST sponsored by Passco Companies that owned a multifamily property in Matthews, NC (256 units). Its last Form D was filed Jun 26, 2024.

How it ended

No outcome recorded · under 7 years

Last Form D filed Jun 26, 2024.

Passco Companies has 4 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$38,675,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Jun 26, 2024)
Form D, Jun 26, 2024
Selling commissions
$3,384,063 · 8.7% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
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 →

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: Chestnut Farm. Top1031 is not a broker-dealer.

What did Chestnut Farm own?

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

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

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

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.
May convert to a REIT (721)
Yes

Costs and terms from the Form D

Selling commissions
$3,384,063 · 8.7% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$7,767,731 · 20.0% of offering
Form D Item 16
· The filing’s note: “Passco Chestnut Farm Depositor, LLC will be responsible for paying certain fees and costs of approximately $5,267,731.”
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 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.

Legal Trust name
Passco Chestnut Farm DST
SEC CIK
2022611
First Form D
Jun 26, 2024
Latest Form D
Jun 26, 2024
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$38,675,000
$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 Chestnut Farm?
Chestnut Farm is a Historical offering. Last Form D filed Jun 26, 2024.
Does Chestnut Farm have a 721 UPREIT exit?
The record lists a possible 721 exit for Chestnut Farm. The offering documents set whether and when it could happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
How a DST-to-721 UPREIT exit works
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 offering documents.
Who runs the apartments day to day?
Fogelman, a multifamily investment and property-management firm, lists Chestnut Farm in its community directory. That listing does not by itself establish the Trust's legal property manager or ownership chain, which are described in the offering documents.
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. 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.

Sources

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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.