Cortona at Forest Park
Multifamily property in Saint Louis, MO — sponsored by Passco Companies
Files with the SEC as Passco Cortona DST
Minimum investment
$25k
Offering size
$41.6M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Saint Louis, MO
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Cortona at Forest Park is a Class A apartment community in the Forest Park area of St. Louis, held in Passco Cortona DST — a Delaware statutory trust, the structure that lets 1031 exchange investors own a fractional interest in real estate. Passco Companies reported completing the acquisition on December 5, 2023.1 The trust's SEC record consists of its original Form D notice.
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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.
What exactly is the property?
The five-story building at 5800 Highlands Plaza Drive dates to 2014 and holds studio, one-bedroom, and two-bedroom apartments.2 Passco Companies bought it from Invesco Real Estate in December 2023.2 Passco reported the community was 93% occupied at the time of the acquisition.1 It was still listed in Passco's managed portfolio as of June 30, 2026.3
- Reported location
- Saint Louis, MO
- Property size
- 278 units
Who is the tenant, and what's the lease?
There is no single corporate tenant here: income comes from hundreds of residents on short apartment leases, so rents and occupancy reset continually rather than being fixed by one contract. The community's published FAQ lists lease terms of 3 to 18 months and a furnished-apartment partnership with Hello Landing.4
How did it end?
Closed to new investment · still operating
The Passco Cortona DST holds Cortona at Forest Park (278 units, St. Louis, MO), acquired December 7, 2023 with a $33.7M KeyBank Fannie Mae loan; JRW Investments' Passco sponsor table lists Cortona as Active (not yet Full Cycle) with projected 4.36% annual cash flow as of 2026.
278-unit Class A multifamily community built in 2014 in the Forest Park neighborhood of St. Louis, MO. Acquired by Passco in late 2023 and held in the Passco Cortona DST.
278 unitsSupporting evidence
Counted on Passco Companies’s Record Card as: Still operating Document
How is it financed, and what does it pay?
KeyBank Real Estate Capital originated a $33.7 million Fannie Mae loan for the acquisition, so mortgage debt sits ahead of investor equity in the capital stack.2 Public research did not establish the loan's maturity, rate, or the trust's total capitalization.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Passco Companies sponsors DST programs for 1031 exchange investors and manages multifamily communities across the country.3 Announcing this purchase on December 5, 2023, the firm said it had surpassed $4 billion in assets under management, including $250 million in the Midwest.1 The Form D named Passco Companies, LLC, Passco Cortona Depositor, LLC, and Passco Cortona Manager, LLC as promoters, with Larry K. Sullivan, William O. Passo, Belden Brown, and Thomas B. Jahncke listed as executive officers.5
- Sponsor
- Passco Companies
- Legal Trust name
- Passco Cortona DST
- May convert to a REIT
- No
- 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 filed the brief notice an issuer sends the SEC when it sells securities without registering them, and no amendment has followed. The exemption claimed permits general advertising but limits buyers to accredited investors — those meeting SEC income or net-worth tests — whose status the sponsor must verify.
- Form D filedFirst and latest filing on record.
- 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 Cortona at Forest Park?
Top1031 lists Cortona at Forest Park as historical. It is no longer raising money.
Where does Top1031 get the data for Cortona at Forest 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.
What exactly am I buying an interest in?
A beneficial interest in Passco Cortona DST, a Delaware statutory trust that owns Cortona at Forest Park, a 278-unit Class A apartment community at 5800 Highlands Plaza Drive in St. Louis, Missouri.[2] A DST interest is treated as direct real property ownership for Section 1031 exchange purposes, which is why exchangers use the structure. Investors are passive; the sponsor's affiliates control management decisions.
Is the Trust still raising money?
The only document in the trust's SEC file is the Form D notice filed December 7, 2023. No amendment and no closing notice have been filed since, so the SEC record alone does not show whether the raise has finished. Third-party listing pages that describe the offering as closed cite no primary filing. Current availability would have to be confirmed with the sponsor or a selling broker-dealer.
Who lives there, and how does the income work?
It is a residential apartment community with studio, one-bedroom, and two-bedroom layouts, so income comes from many individual residents rather than one corporate tenant.[2] The property's public FAQ lists lease terms of 3 to 18 months plus a furnished-apartment partnership with Hello Landing.[4] Short leases reprice quickly in both directions, unlike the long, fixed rent schedule of a net-leased single-tenant building.
Does the Trust carry a mortgage?
Yes. KeyBank Real Estate Capital originated a $33.7 million Fannie Mae loan in connection with Passco's acquisition of the property.[2] The loan's rate, term, amortization, and any prepayment or supplemental-debt provisions were not established in public research and would be set out in the trust's private placement memorandum, the offering document delivered to prospective investors.
Can this convert into REIT shares at the end?
The record for this trust does not indicate a 721/UPREIT exit — the arrangement in which a DST's property is contributed to a REIT's operating partnership and investors receive partnership units instead of cash. Absent that feature, an exit would typically come through a sale of the property, with proceeds distributed to beneficial owners who may then attempt another 1031 exchange.
Who is the sponsor and what is their scale?
Passco Companies, which sponsors DST offerings for 1031 exchange investors and manages multifamily communities nationally.[3] When it announced the Cortona purchase on December 5, 2023, the firm said it had surpassed $4 billion in assets under management, including $250 million in the Midwest.[1] Top1031 tracks 28 offerings tied to Passco Companies, four of them currently raising.
Chapter 9Passco Buys 278-Unit St. Louis CommunityCoverage confirming the 278-unit acquisition and $4B AUM milestone. Passco Companies Acquires Cortona at Forest Park, Amplifying St. Louis's Multifamily Real Estate OpportunitiesCoverage of Passco's acquisition of Cortona at Forest Park, a 278-unit community near Forest Park in St. Louis. Passco surpasses $4 Billion AUM, $250M in the Midwest with the Acquisition of Cortona at Forest Park in St. Louis, MOPassco announces acquisition of Cortona at Forest Park, a 278-unit Class A community in St. Louis, MO, funded by a Fannie Mae loan.