Top1031

Estelle

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

HistoricalLast Form D filed Sep 14, 2022 (opens in a new tab)

Estelle was a DST sponsored by Passco Companies that owned a multifamily apartment community in Birmingham, AL (280 units). Its last Form D was filed Sep 14, 2022.

How it ended

No outcome recorded · under 7 years

Last Form D filed Sep 14, 2022.

Passco Companies has 4 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$67,100,000
Equity offered, per the Form D
Sold
Not reported in its Form D filings (latest Sep 14, 2022)
Form D, Sep 14, 2022
Investors reported
3
Form D, Sep 14, 2022
Selling commissions
$5,871,250 · 8.7% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
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: Estelle. Top1031 is not a broker-dealer.
Estelle image

Estelle · Birmingham, AL · Photo: estellebirmingham.com

What did Estelle own?

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

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

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$5,871,250 · 8.7% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$8,101,235 · 12.0% of offering
Form D Item 16
· The filing’s note: “Passco Estelle Depositor, LLC will be responsible for paying certain fees and costs of approximately $7,801,235.”
Broker-dealers named in the Form D
26 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?

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.

Legal Trust name
Passco Estelle DST
SEC CIK
1928215
First Form D
May 17, 2022
Latest Form D
Sep 14, 2022
Filings on record
2
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 soldInvestors
Form D/A$67,100,000
$0
3
EDGAR
Form D$67,100,000
$0
3
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 Estelle?
Estelle is a Historical offering. Last Form D filed Sep 14, 2022.
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. 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. 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 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.
How is the Trust financed, and who is the lender?
Unknown from public sources. Those terms would appear in the offering documents which are not public filings.
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. 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.

In the news

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.