Top1031

Legends at Indian Springs

Multifamily property in Louisville, KY · sponsored by Passco Companies

Historical · soldSold May 2017 · last Form D Dec 20, 2011multifamily.cushwake.com (opens in a new tab)

Legends at Indian Springs was a DST sponsored by Passco Companies that owned a multifamily property in Louisville, KY (212 units). Sold May 2017.

How it ended

No public outcome found

Sold May 2017.

Date
May 31, 2017

Source: cited report (opens in a new tab)

Passco Companies has 4 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$13,450,000
Equity offered, per the Form D
Sold
13.9%
Form D, Dec 20, 2011; the % is our arithmetic
Investors reported
8
Form D, Dec 20, 2011
Selling commissions
$1,277,750 · 9.5% 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.
How it is financed ↓
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

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: Legends at Indian Springs. Top1031 is not a broker-dealer.

What did Legends at Indian Springs own?

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

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

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.

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
$1,277,750 · 9.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,710,222 · 20.1% of offering
Form D Item 16
· The filing’s note: “Passco Indian Springs Depositor, LLC will be responsible for paying certain fees and costs in the amount of approximately $2,310,639. The total amount anticipated to be retaining is $399,583.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Dec 13, 2011
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?

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.

Legal Trust name
Passco Indian Springs DST
SEC CIK
1536513
First Form D
Dec 20, 2011
Latest Form D
Dec 20, 2011
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$13,450,000
$1,877,000
8
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 Legends at Indian Springs?
Legends at Indian Springs is a Historical offering. Sold May 2017.
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.

In the news

Sources

Show sources (11)Hide sources (11)

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.