Cortona at Forest Park
Multifamily property in Saint Louis, MO · sponsored by Passco Companies
Cortona at Forest Park was a DST sponsored by Passco Companies that owned a multifamily property in Saint Louis, MO (278 units). Its last Form D was filed Dec 7, 2023.
How it ended
No outcome recorded · under 7 years
Last Form D filed Dec 7, 2023.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $41,575,000Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Dec 7, 2023)Form D, Dec 7, 2023
- Selling commissions
- Form D Item 15; the % is our arithmetic$3,637,813 · 8.7% of offering
- 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 →
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Ask a 1031 specialist about this recordFree. About: Cortona at Forest Park. Top1031 is not a broker-dealer.What did Cortona at Forest Park own?
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
How was it financed, and what did it cost to sell?
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
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $3,637,813 · 8.7% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $8,210,439 · 19.7% of offeringForm D Item 16· The filing’s note: “Passco Cortona Depositor, LLC will be responsible for paying certain fees and costs of approximately $6,105,439.”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Passco Capital, Inc. · CRD 117323
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.
Who's behind Cortona at Forest Park?
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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- Passco Cortona DST
- SEC CIK
- 2003477
- First Form D
- Dec 7, 2023
- Latest Form D
- Dec 7, 2023
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $41,575,000 | $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 Cortona at Forest Park?
- Cortona at Forest Park is a Historical offering. Last Form D filed Dec 7, 2023.
- 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. 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.
- 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. The property's public FAQ lists lease terms of 3 to 18 months plus a furnished-apartment partnership with Hello Landing. 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. 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 offering documents.
- 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. 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. Top1031 tracks 28 offerings tied to Passco Companies, four of them currently raising.
In the news
Sources
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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.