Novella at Tuscan Village
Multifamily property in Salem, NH — sponsored by Passco Companies
Files with the SEC as Passco Toscana DST
Minimum investment
$25k
Offering size
$77.4M
How much has sold
1.0%
Asset type
Multifamily property
Location
Salem, NH
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 Toscana DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real property — raising a $77.4 million offering from accredited investors, those meeting SEC income or net-worth tests.1 Top1031 maps it to Novella at Tuscan Village, a Salem, New Hampshire apartment community a Passco affiliate bought for $125 million on March 12, 2026.2 The Trust's Form D names no real estate.3
Passco's largest Boston-MSA buy, closed Q1 2026; built by Hanover Co. as Hanover Toscana; $77.4M Form D (506b)
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These links support the public record as a whole; individual details may come from different sources.
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What exactly is the property?
Built by The Hanover Company as Hanover Toscana, the building stands inside Salem's Tuscan Village mixed-use district. A Passco affiliate paid $125 million for it on March 12, 2026, per Rockingham County deed reporting.2 Passco said on May 8, 2026 that it would rebrand the community Novella at Tuscan Village — a single, highly amenitized building on roughly 1.615 acres.4 A third-party rental listing describes six stories.5
- Property address
- 15 Artisan Dr, Salem, NH
- Property size
- 230 units
Who is the tenant, and what's the lease?
An apartment community has no single tenant: income comes from hundreds of resident leases that reprice at turnover, so cash flow tracks occupancy and market rents rather than one credit. On September 1, 2026 the community's own leasing site listed 18 studio-to-three-bedroom floor plans, showed availability beginning September 5, and published no occupancy figure.6
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
1.0% reported sold
- Amount sold
- $546,807
- Still available
- $76,853,193
- Investors reported
- 12
- Total offering
- $77,400,000
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How is it financed, and what does it pay?
No SEC filing for this Trust states debt terms or names real estate.3 The Registry Review, citing registry records, reports a $68.75 million KeyBank Fannie Mae mortgage tied to the affiliate's March 12, 2026 purchase — a county record, not a filing that links that loan to this Trust.2
Who's behind it?
Passco Companies sponsors DST programs for 1031 exchangers and buys apartments for its own account.4 Its May 8, 2026 release said the firm closed more than $300 million of first-quarter 2026 transactions, including this Salem community, which it called its largest Boston-area multifamily investment to date.4 Multifamily Executive's May 18, 2026 recap tied that quarter to a $4.3 billion assets-under-management figure. The Trust's amendment names Passco Companies, LLC and two Passco affiliates as promoters.3
- Sponsor
- Passco Companies
- Legal Trust name
- Passco Toscana 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 initial notice — the brief Form D an issuer files for an offering exempt from SEC registration — reported the $77.4 million offering amount with no sales yet.1 The amendment recorded a first sale on April 20, 2026.3 The exemption claimed bars general advertising, so interests reach accredited investors through existing broker-dealer relationships.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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
Is Novella at Tuscan Village still raising money?
Top1031 lists Novella at Tuscan Village as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Novella at Tuscan Village?
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?
The most recent Form D amendment for Passco Toscana DST, filed May 28, 2026, reports that sales have begun and does not show the offering as terminated. A Form D sets no subscription deadline: the Private Placement Memorandum (PPM), the document that governs the deal, controls when the offering closes and whether the sponsor may close it early. Availability at any given moment is a question for the sponsor or the broker-dealer handling subscriptions.
Is it confirmed that this Trust owns Novella at Tuscan Village?
Not in the primary record. The SEC Form D filed March 17, 2026 and its May 28, 2026 amendment name Passco Toscana DST and describe a residential business, but identify no real estate — not Novella, not Hanover Toscana, not 15 Artisan Drive. Deed reporting from The Registry Review names a Passco affiliate, not the DST, as the buyer of the building on March 12, 2026, and Passco's May 8, 2026 release describes the acquisition and rebranding without naming any trust. Top1031's mapping rests on sponsor, property name, address and unit count lining up; the PPM is where the ownership chain would be confirmed.
What is the minimum investment?
Both Form D filings for Passco Toscana DST state a $25,000 minimum outside investment. Interests are sold only to accredited investors — individuals or entities meeting SEC income or net-worth tests — under Rule 506(b), the exemption that bars general advertising and general solicitation. The PPM controls the actual subscription minimum, and sponsors sometimes set a higher one for cash investors than for 1031 exchangers, so confirm the figure in the current offering documents.
What is known about the debt on the property?
The Registry Review, citing Rockingham County registry records, reports that KeyBank provided a $68.75 million Fannie Mae mortgage in the March 12, 2026 sale of the building at 15 Artisan Drive. No SEC filing for this Trust states debt terms, or even names the property. Loan rate, maturity, any interest-only period, prepayment terms and lender cash-management triggers are PPM and loan-document items.
What offering costs does the filing disclose?
The May 28, 2026 Form D/A reported estimated sales commissions of $5,921,100 against the $77,400,000 offering. A Form D discloses only these summary figures; the full load — acquisition fees, disposition fees, asset management, financing costs and reserves — is itemized in the PPM's estimated use of proceeds table.
Who runs the building day to day?
No SEC filing for this Trust establishes the property manager. Greystar publishes its own property page for Novella at Tuscan Village at 15 Artisan Drive, Salem, NH 03079, and a third-party rental listing also names Greystar as manager. That is evidence of involvement, not a management agreement: the manager's identity, any affiliation with Passco, the term and the fee structure are items the PPM and its exhibits would disclose.
Chapter 9Passco Tops $300M in Q1 Multifamily TransactionsTrade-press recap noting that with Novella at Tuscan Village in Salem, NH, Passco has acquired its largest multifamily investment to date in the Boston metro area, contributing to its $300M Q1 2026 / $4.3B AUM figure.