Legends at Indian Springs
Multifamily property in Louisville, KY — sponsored by Passco Companies
Files with the SEC as Passco Indian Springs DST
Minimum investment
$25k
Offering size
$13.4M
How much has sold
14.0%
Asset type
Multifamily property
Location
Louisville, KY
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Passco Indian Springs DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests can serve as 1031 replacement property — formed on or around July 27, 2011 to own The Legends of Indian Springs Apartments, a 212-unit complex in Louisville, Kentucky.1 Passco Companies sponsored it. Its only SEC filing is a December 2011 Form D for a $13,450,000 equity offering.2
Show sources (11)Hide sources (11)
These links support the historical public record; individual details may come from different sources.
- Delaware Court of Chancery, Grand Acquisition, LLC v. Passco Indian Springs DST ↗
- U.S. Securities and Exchange Commission, Form D ↗
- REBusinessOnline ↗
- Louisville Business First ↗
- U.S. Securities and Exchange Commission, company submissions ↗
- Justia, Delaware Supreme Court decision ↗
- globest.com ↗
- rebusinessonline.com ↗
- thelegendsapts.com ↗
- laaky.org ↗
- potteranderson.com ↗
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?
GlobeSt reported that Passco bought The Legends at Indian Springs on November 17, 2011 and planned improvements; REBusinessOnline put the price at $20.75 million. Property reporting places the complex at 11000 Indian Legends Dr. in Louisville, Kentucky, though sources also use Indian Springs Dr. and none names the DST itself as the buyer.3 A June 2, 2017 report described it as almost fully leased.4 Current ownership is unresolved in public sources.
- Reported location
- Louisville, KY
- Property size
- 212 units
Who is the tenant, and what's the lease?
This is an apartment property, so income comes from many short-term resident leases rather than one corporate tenant — there is no single-tenant lease to read. No master lease or master tenant arrangement appears in the public sources reviewed.
How did it end?
Sold after 5.5 years; sponsor reported 12.8% annualized
Listed as a completed/full-cycle program on Passco Companies's published track record.
GlobeSt reports Passco's November 17, 2011 purchase and planned renovation, while REBusinessOnline reports a $20.75 million sale of the 212-unit property; the current property site markets it as The Legends with one-, two-, and three-bedroom apartments. Public sources use both Indian Legends Dr. and Indian Springs Dr. for the same property.
212 units12.8%Annualized return · as reported by the sponsor
$30,000,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
No reviewed public filing discloses mortgage debt, a lender, or loan terms for this Trust; the December 2011 Form D was filed as an equity offering.2 Whether the Trust carried acquisition financing is unresolved in the public record.
Who's behind it?
Passco Companies is a California-based real estate sponsor whose 1031 platform includes other Delaware statutory trusts; the SEC record lists this Trust's mailing address at 96 Corporate Park, Suite 200, Irvine, California.5 Delaware Chancery records identify Passco Indian Springs Manager, LLC as the Trust's administrative manager and Passco Companies, LLC as the entity that owns and controls that manager. A beneficial owner holding 0.185874% of Class A interests won summary judgment on September 7, 2016 compelling beneficial-owner information.1 The Delaware Supreme Court affirmed on March 3, 2017.6
- Sponsor
- Passco Companies
- Legal Trust name
- Passco Indian Springs 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's SEC file holds a single new-notice Form D, never amended, so no later filing updates its 2011 offering figures.2 It was sold as a private placement: no general advertising, and buyers limited to accredited investors who meet SEC income or net-worth tests.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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 Legends at Indian Springs?
Top1031 lists Legends at Indian Springs as historical. It is no longer raising money.
Where does Top1031 get the data for Legends at Indian Springs?
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.
Is this Trust still open to new investors?
Public filings do not settle it. The SEC record for Passco Indian Springs DST contains one Form D filed December 20, 2011 and no amendment since, so there is no later filing showing a closed or fully subscribed offering. Current status would have to come from Passco Companies or the offering documents themselves.
What property does the Trust own?
The Delaware Court of Chancery record states that Passco Indian Springs DST owns The Legends of Indian Springs Apartments, a 212-unit apartment complex in Louisville, Kentucky. Independent property reporting places the complex at 11000 Indian Legends Dr., with some sources rendering the street as Indian Springs Dr.
Has this Trust been involved in litigation?
Yes. In Grand Acquisition, LLC v. Passco Indian Springs DST, a holder of 0.185874% of Class A interests sued in Delaware for books and records about the Trust's beneficial owners. The Court of Chancery granted the holder summary judgment on September 7, 2016, and the Delaware Supreme Court affirmed on March 3, 2017.
Does the Trust offer a 721/UPREIT exit?
No 721/UPREIT exit is recorded — that is the structure in which a DST's property is contributed to a REIT's operating partnership in exchange for REIT-level units instead of a cash sale. Top1031's data marks this Trust as not convertible to a REIT.
Was the property sold, and what happened to investors?
A June 2, 2017 report said the 212-unit complex sold to a California real estate investment trust, but that report does not name Passco Indian Springs DST as the seller, and no filing confirms a trust-level sale. No outcome for investors has been reported in the sources reviewed.
Chapter 9Grand Acquisition, LLC v. Passco Indian Springs DST, C.A. No. 12003-VCMR (Del. Ch. Sep. 7, 2016)Potter Anderson summarized a Delaware Court of Chancery case involving Passco Indian Springs DST's ownership of a Louisville apartment complex and a beneficial owner's inspection rights. LEGENDS AT INDIAN SPRINGS APT. COMPLEX SELLS FOR $20.75MREBusinessOnline reported that the 212-unit Legends at Indian Springs in Louisville sold for $20.75 million to Passco. Passco Plans to Renovate Legends at Indian Springs ComplexGlobeSt reported that Passco purchased The Legends at Indian Springs on November 17, 2011 and planned improvements to the apartment complex.