Top1031

Legends at Wolfchase

Multifamily property in Bartlett, TN · sponsored by Passco Companies

HistoricalLast Form D filed Jun 18, 2012 (opens in a new tab)

Legends at Wolfchase was a DST sponsored by Passco Companies that owned a multifamily property in Bartlett, TN (300 units). Its last Form D was filed Jun 18, 2012.

How it ended

Sold, result reported by the sponsor

Last Form D filed Jun 18, 2012.

Passco Companies has 4 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$19,025,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Jun 18, 2012)
Form D, Jun 18, 2012
Selling commissions
$1,807,375 · 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 Wolfchase. Top1031 is not a broker-dealer.

What did Legends at Wolfchase own?

The property is Legends at Wolfchase at 8840 Bristol Park Drive in Bartlett, a Memphis suburb. 1 Passco's offering summary describes a Class A community built in 2002 on approximately 25 acres, with an average unit size of 1,094 square feet. Passco Companies bought it in 2011 for $27.8 million from BlackRock, later renamed it Preserve at Bartlett, and sold it in 2019.

Reported location
Bartlett, TN
Property size
300 units; 328,125 square feet

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

Public filings do not describe how the trust was capitalized. No mortgage lender, loan amount, or leverage schedule for the Passco ownership period appears in the SEC record or in the reporting reviewed, so the debt structure has to be read from the offering documents.

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
$1,807,375 · 9.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$3,123,103 · 16.4% of offering
Form D Item 16
· The filing’s note: “Passco Wolfchase Depositor, LLC will be responsible for paying certain fees and costs in the amount of approximately $3,123,103.”
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
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 a single Form D under Rule 506(b) — a private placement sold to accredited investors without general advertising or public solicitation — and never amended it. Because that one snapshot was filed at the outset of the raise, the public record never shows how much of the offering was ultimately placed.

Legal Trust name
Passco Wolfchase DST
SEC CIK
1551992
First Form D
Jun 18, 2012
Latest Form D
Jun 18, 2012
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 sold
Form D$19,025,000
$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 Legends at Wolfchase?
Legends at Wolfchase is a Historical offering. Last Form D filed Jun 18, 2012.
Did the offering ever fill up?
The public record does not say. Only one Form D exists, filed at the start of the raise, with no amendments to update sales activity, and no reviewed article stated that the DST was fully subscribed. The 2019 sale of the property confirms the trust owned and disposed of the asset, but not the size of the final equity raise.
Was there a reported outcome for investors?
The property changed hands at $42.1 million in 2019 after a reported 2011 purchase price of $27.8 million. Separately, Baker 1031 lists Legends at Wolfchase with a seven-year hold, a 1.86x equity multiple and a 9.24% annual return, stating those figures are sponsor-reported and not independently verified. Investor-level results depend on the trust's debt and fees, which public filings do not disclose.
Could this trust have converted into a REIT?
The record shows no 721/UPREIT feature — the exit path where a DST's property is contributed to a REIT's operating partnership in exchange for partnership units. This was a single-property Delaware statutory trust that exited by selling the asset.
Why does the sales data show so little?
Form D reports a point-in-time snapshot. This issuer filed once, in June 2012, and never amended, so the sales, investor count, and remaining-amount figures reflect that first filing rather than the completed raise.

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.