Top1031

Novella at Tuscan Village

Multifamily property in Salem, NH · sponsored by Passco Companies

Active offeringLatest Form D filed May 28, 2026 · 2 filings since Mar 17, 2026 (opens in a new tab)

Novella at Tuscan Village is a DST sponsored by Passco Companies that owns a multifamily property in Salem, NH (230 units). Its latest Form D, filed May 28, 2026, lists a $77.4 million offering with a $25,000 minimum.

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$77,400,000
Equity offered, per the Form D
Sold so far
0.7%
Form D, May 28, 2026; the % is our arithmetic
Investors reported
12
Form D, May 28, 2026
Selling commissions
$5,921,100 · 7.6% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
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 →

Sales so far

Latest Form D
May 28, 2026 · 2 filings
First sale
Apr 20, 2026

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed May 28, 2026.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
Amount sold
$546,807
Not yet sold
$76,853,193
Investors
12

Calculated by Top1031 from the Form D filings, not stated by the sponsor:

0.7% of $77,400,000 sold, calculated by Top1031 from the Form D

Average since first sale
about $437,985 a month
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Ask a 1031 specialist about this recordFree. About: Novella at Tuscan Village. Top1031 is not a broker-dealer.
Novella at Tuscan Village image

Novella at Tuscan Village · Salem, NH · Photo: passco.com

City-level mapSalem, NH metroMap shows the city, not the exact address.

What does Novella at Tuscan Village own?

The Hanover Company built the apartment building inside Salem's Tuscan Village development and operated it as Hanover Toscana. Passco bought it and rebranded it Novella at Tuscan Village — a single building on roughly 1.615 acres, and the firm's largest Boston-area multifamily purchase to date. 4 The Registry Review, citing a Rockingham County deed, reported a $125 million purchase by a Passco affiliate on March 12, 2026 — not by the Trust. 3

Property address
15 Artisan Dr, Salem, NH
Property size
230 units

How have sales gone?

The sponsor’s own numbers, with the caveat in Sales so far ↑.

Share of the offering sold at each Form D filing date, calculated by Top1031 from the filed amounts
0%50%100%0%0.7%Mar 17, 2026May 28, 20260%50%100%0%0.7%Mar 17, 2026May 28, 2026

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

Neither Form D names a property or states debt terms. 1 The Registry Review reported registry records showing a $68.75 million KeyBank Fannie Mae mortgage in the building's sale — evidence about the building, not proof this Trust is the borrower. 3 A leveraged DST holds property subject to a mortgage, so an exchanger's replacement debt comes through the Trust.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$5,921,100 · 7.6% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$10,562,214 · 13.6% of offering
Form D Item 16
· The filing’s note: “Passco Toscana Depositor, LLC will be responsible for paying certain fees and costs of approximately $10,562,214.”
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
Apr 20, 2026
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 initial Form D — the brief notice an issuer files for an offering exempt from SEC registration — claimed Rule 506(c), which permits public advertising to verified buyers; the May amendment switched to the private exemption shown below, which bars general solicitation. 2 That amendment gave April 20, 2026 as the date of first sale. 2 Neither filing names real estate.

Legal Trust name
Passco Toscana DST
SEC CIK
2120108
First Form D
Mar 17, 2026
Latest Form D
May 28, 2026
Filings on record
2
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/A$77,400,000
$546,807+$546,807
12
EDGAR
Form D$77,400,000
$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

Is Novella at Tuscan Village an active offering?
Novella at Tuscan Village is an Active offering: its latest Form D was filed May 28, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
Is it confirmed that this Trust owns Novella at Tuscan Village?
Not in the primary record. The Form D filed March 17, 2026 and its amendment filed May 28, 2026 identify Passco Toscana DST as the issuer and set out the offering terms, but they name no real estate — not Novella, not Hanover Toscana, not the Artisan Drive address. Baker 1031, a broker listing page dated August 10, 2026, identifies Novella at Tuscan Village, formerly Hanover Toscana, as the property behind Passco Toscana DST. Deed reporting by The Registry Review names a Passco affiliate, not the Trust, as buyer, and Passco's May 8, 2026 release describes the acquisition and rebrand without naming any trust. The ownership chain is a question for the offering documents and the recorded deed.
What is known about the debt on the property?
Less than you would want. Neither Form D filing for this Trust states debt terms or names a property. The Registry Review, reporting on the March 12, 2026 sale, said registry records showed a $68.75 million KeyBank Fannie Mae mortgage on the building; that record concerns the building, not necessarily this Trust. Rate, maturity, any interest-only period, prepayment terms and cash-management triggers sit in the offering documents and the loan documents.
What is the minimum investment, and who can buy?
Both Form D filings for Passco Toscana DST state a $25,000 minimum outside investment. The May 28, 2026 amendment claims Rule 506(b), a private-placement exemption that bars general solicitation and reaches accredited investors — individuals or entities meeting SEC income or net-worth tests — through pre-existing relationships with the sponsor and its selling brokers. The initial filing had claimed Rule 506(c), which allows public advertising but requires verification of accredited status. The offering documents control the actual subscription minimum, and sponsors sometimes set a different one for cash investors than for 1031 exchangers.
Who manages the apartments, and what is occupancy?
An apartment listing for 15 Artisan Drive, Salem, New Hampshire identifies Greystar, a national apartment operator, as the property manager, and advertises lease-term options of three to 15 months as marketing terms. No verified property-wide occupancy rate, rent roll or lease-term schedule for the Trust was found in public sources, and units advertised as available to rent are not a measure of occupancy.
Can this Trust roll into a REIT at the end?
Nothing in the record for Passco Toscana DST indicates a 721/UPREIT exit — the structure in which a DST's property is eventually contributed to a real estate investment trust's operating partnership in exchange for units, converting a property interest into a securities interest. Top1031 carries this Trust as not flagged for REIT conversion. Exit mechanics, including any sponsor option to sell, refinance or roll the asset, are described in the offering documents and the trust agreement.

In the news

Sources

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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.