Legends at Wolfchase
Multifamily (Class A apartment community) property in Bartlett, TN — sponsored by Passco Companies
Files with the SEC as Passco Wolfchase DST
Minimum investment
$25k
Offering size
$19.0M
How much has sold
None sold yet
Asset type
Multifamily (Class A apartment community) property
Location
Bartlett, TN
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Passco Wolfchase DST was a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — offering interests in Legends at Wolfchase, a Class A apartment community in Bartlett, Tennessee, outside Memphis. Passco Companies filed one Form D in June 2012 and sold the property, by then renamed Preserve at Bartlett, in 2019 for $42.1 million. It is closed to new investors.
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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.
What exactly is the property?
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
Who is the tenant, and what's the lease?
This is an apartment community, so income came from hundreds of short-term resident leases rather than one corporate tenant. No occupancy figure, rent roll, or management agreement from the Passco ownership period appears in the public record.
How did it end?
Sold after 7.0 years; sponsor reported 9.2% annualized
Listed as a completed/full-cycle program on Passco Companies's published track record.
The offering summary describes a 300-unit Class A apartment community built in 2002 on approximately 25 acres, with average unit size of 1,094 square feet and 328,125 total square feet; later coverage reports a 2019 sale and the Preserve at Bartlett name. No exact-property photo URL was verified from the current property pages, and no reviewed article stated full subscription, sell-out, or close of the DST offering.
300 units; 328,125 square feet9.2%Annualized return · as reported by the sponsor
$42,000,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
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.
Who's behind it?
Passco Companies sponsors 1031 exchange programs, chiefly in multifamily. The Form D for this trust names Passco Capital, Inc. as sponsor, with Passco Wolfchase Depositor, LLC as depositor and Passco Wolfchase Manager, LLC as manager — the customary DST split between the entity that assembles the trust and the one that runs it.2 The Memphis Business Journal wrote on August 1, 2025 that this acquisition marked Passco's entry into the Memphis market.
- Sponsor
- Passco Companies
- Legal Trust name
- Passco Wolfchase 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?
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.
- 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 Wolfchase?
Top1031 lists Legends at Wolfchase as historical. It is no longer raising money.
Where does Top1031 get the data for Legends at Wolfchase?
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.
Can I still invest in Passco Wolfchase DST?
No. The trust filed its only Form D in June 2012 and the underlying property was sold in 2019, so the offering is closed to new investors. It appears here as a historical record for comparison, not as an available exchange option.
What happened to the property?
CoStar reported on June 19, 2019 that a joint venture of Balfour Beatty Investments and Houston-based ApexOne Investment Partners bought the 300-unit Preserve at Bartlett at 8840 Bristol Park Drive from Passco Companies for $42.1 million, about $140,000 per unit. Multi-Housing News reported on August 24, 2022 that MLG Capital later acquired the property from ApexOne.
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.
Chapter 9Market Share: Out-of-state investors buy suburban apartments, E. Memphis grocery buildingThe article reports that Legends at Wolfchase became Preserve at Bartlett while describing out-of-state investment transactions in the Bartlett market. Legends at Wolfchase sells for $42 millionThe Daily Memphian reported that the 300-unit Legends at Wolfchase apartment community in Bartlett sold for $42.1 million. Memphis Housing Authority Opens Lyons Ridge Apartments; Legends at Wolfchase Sell for $27.8MPassco Co. LLC acquired the 300-unit Legends at Wolfchase apartment community in Bartlett for $27.8 million from BlackRock.