Top1031

Estelle

Multifamily apartment community in Birmingham, AL — sponsored by Passco Companies

Files with the SEC as Passco Estelle DST

Minimum investment
$25k
Offering size
$67.1M
How much has sold
None sold yet
Asset type
Multifamily apartment community
Location
Birmingham, AL
Financing
All cash. This offering reports no mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Passco Estelle DST is a Delaware statutory trust formed in 2022 by Passco Companies to hold residential real estate and sell fractional interests to accredited investors, typically 1031 exchangers.1 Its SEC filings name no property; Passco's own portfolio page lists Estelle, a Birmingham, Alabama apartment community.2 Both Form D filings on record marked the date of first sale as still to occur.6

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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.

Chapter 2

What exactly is the property?

The trust's SEC filings name no property and no street address, so any link to a specific building rests on sponsor and press material rather than a filed record.6 Passco's managed-portfolio page, dated June 30, 2026, lists Estelle in Birmingham, Alabama.2 Business Alabama reported that Dobbins Group and Capstone Building Corp. completed the $45.6 million Estelle development in 2021.3 Cushman & Wakefield's listing for that property recorded a sale closing on April 18, 2022.4

Reported location
Birmingham, AL
Property size
280 units; 300,000 sq ft; nine apartment buildings
Chapter 3

Who is the tenant, and what's the lease?

An apartment community has no single credit tenant: income comes from many resident leases, usually annual, that turn over and re-price continuously. No lease counterparty, rent roll, or lease terms for this trust appear in its SEC filings or in public sponsor material.

Chapter 4

How did it end?

What happened

No sale or other ending on record

Passco acquired The Estelle (280-unit apartment community in Birmingham, AL) for ~$69M and the property remains actively listed in Passco's current 'Our Properties' portfolio with no sale, UPREIT exchange, or full-cycle announcement located.

Business Alabama reports 300,000 sq ft, 280 units in nine buildings, and construction completion in 2021; the current property site and Cushman listing use 100 Wildwood Court, while the Business Alabama article says Wildwood Circle. Cushman marks the property sold with a 2022-04-18 closing, but no dated article found here names the specific Passco Estelle DST or states subscription status.

280 units; 300,000 sq ft; nine apartment buildings
Supporting evidence
Chapter 6

What does the paperwork say?

Passco filed an original notice and later amended it; the amendment changed the offering size not at all and still marked the date of first sale as yet to occur.6 Interests may be advertised publicly, but every purchaser must be a verified accredited investor — someone who meets the SEC's income or net-worth tests.

  1. First Form D filedThe public offering record begins.
  2. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
2
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.

Chapter 7

Common questions

What happened to Estelle?

Top1031 lists Estelle as historical. It is no longer raising money.

Where does Top1031 get the data for Estelle?

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 property does Passco Estelle DST actually own?

The public record does not settle it. Neither the original Form D nor its amendment names a property or an address for the trust.[6] Passco's managed-portfolio page, dated June 30, 2026, lists Estelle in Birmingham, Alabama, which is the basis for the association shown here — but a sponsor portfolio listing is not a filed title record.[2] Dated press and brokerage coverage of that Birmingham community also disagree on the street suffix (Wildwood Circle versus Wildwood Court), so treat the property match as unconfirmed.

Is this Trust still open to new investors?

The record does not say it closed, and it does not say it sold. The most recent Form D on file is the September 14, 2022 amendment, which still marked the date of first sale as yet to occur.[6] Nothing has been filed since. No sponsor announcement was located stating that the offering was fully subscribed, withdrawn, or terminated. Confirm current status directly with the sponsor before relying on it in an exchange.

What is a Delaware statutory trust, and why does the structure matter for a 1031 exchange?

A Delaware statutory trust, or DST, is an entity that holds real estate while investors own beneficial interests in the trust rather than deeded fractions of the building. The IRS treats a qualifying DST interest as a direct interest in real property, which is what allows it to serve as replacement property in a 1031 exchange. This trust was organized as a Delaware statutory trust in 2022 and classified its industry as residential real estate.[1]

Is a 721/UPREIT exit contemplated?

The record shows no conversion to a REIT. A 721 or UPREIT exit is a structure in which investors eventually contribute their interests to an operating partnership in exchange for REIT units — a liquidity path, but one that ends 1031 eligibility. Nothing in this trust's filings or in the enrichment data indicates that path.

How is the Trust financed, and who is the lender?

Unknown from public sources. The Form D and its amendment do not disclose debt, and research located no lender, loan amount, loan-to-value, or confirmation of whether the trust is leveraged or all-cash.[6] Those terms would appear in the private placement memorandum — the offering document a sponsor gives prospective investors — which is not a public filing.

Who built the Birmingham property associated with this Trust?

Business Alabama reported that Dobbins Group and Capstone Building Corp. completed the $45.6 million Estelle development in 2021, along Birmingham's Lakeshore corridor.[3] That is a reported development cost for the project, not a capitalization figure for the trust. Cushman & Wakefield's listing for the property recorded an improved sale closing on April 18, 2022, roughly a month before the trust's first Form D.[4]

Chapter 8

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