Preston Ridge Apartments
Multifamily property in Hickory, NC — sponsored by Passco Companies
Purchased $71.3M Q1 2026; 24 acres, 13 buildings, built 2020/2023; $44.4M Form D (506c)
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What is this, in one paragraph?
Passco Preston Ridge DST is a Delaware statutory trust — fractional, passive co-ownership that can serve as 1031 replacement property — sponsored by Passco Companies and holding Preston Ridge Apartments, a 340-unit community in Hickory, North Carolina. Northmarq reports Passco bought it in January 2026.1 Interests are offered under Rule 506(c), which permits public advertising to verified accredited investors; sponsor-sourced pages disagree on whether the raise is still open.2
Minimum investment
$25k
Offering size
$44.4M
How much has sold
None sold yet
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
Preston Ridge was delivered in two phases, the first completed in 2020 and the second in 2023.2 It sits on roughly 24 acres with 13 residential buildings. Northmarq brokered the January 2026 sale, describes the product as garden walk-up, and reported a $71.3 million price with Lat Purser and Associates as the seller.1 A sponsor-sourced summary instead reports a $73.08 million gross price against a $73.3 million appraisal.3
- Property address
- 2001 Startown Rd, Hickory, NC
- Property size
- 340 units
Who is the tenant, and what's the lease?
There is no single commercial tenant here; income comes from residents on individual apartment leases. Sponsor material reports a master lease to Passco Preston Ridge MT, LLC, a sponsor affiliate that carries the operating obligations so the Trust itself stays passive as 1031 treatment requires, with Fogelman Properties handling day-to-day management.3
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.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
The Trust is leveraged rather than all-cash: mortgage debt sits alongside investor equity and is serviced out of property cash flow. Sponsor material reports a $39,215,000 loan from KeyBank, N.A. under Fannie Mae's DUS multifamily lending program.3 No loan documents are filed with the SEC, so the loan agreement and the PPM control.
Who's behind it?
The sponsor is a California-based multifamily investor and one of the longest-running names in DST programs. Bisnow's June 22, 2026 obituary of founder Bill Passo, whom it called a DST pioneer, put the firm at $8.7 billion in total acquisitions and $4.3 billion under management across 17 states. On May 8, 2026 the firm announced it had closed more than $300 million of first-quarter 2026 transactions, this community among them.
- Sponsor
- Passco Companies
- 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?
Nothing has been amended since launch, so the federal record still shows the offering as it began. Rule 506(c) permits public advertising but limits purchases to investors whose accredited status has been verified. Third-party pages carrying sponsor data disagree on status: a June 23, 2026 snapshot showed it available, while an August 10, 2026 summary labels it closed.2
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Passco Preston Ridge DST
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 Preston Ridge Apartments still raising money?
The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for Preston Ridge Apartments?
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.
What property does this Trust hold?
Preston Ridge Apartments, a 340-unit community at 2001 Startown Road in Hickory, North Carolina, which Northmarq describes as garden walk-up product.[1] It occupies roughly 24 acres with 13 residential buildings and was delivered in two phases, the first completed in 2020 and the second in 2023.[2]
Is the offering still open, and what is the minimum?
The federal record is a Form D filed January 21, 2026 that has never been amended, so it does not track the raise over time. Dated third-party pages carrying sponsor data conflict: a June 23, 2026 snapshot labels the offering available, while an August 10, 2026 summary labels it closed.[2] No issuer filing states the offering is fully subscribed. The Form D reports a $25,000 minimum investment. Confirm current status and terms directly with the sponsor or your representative before relying on either inside a 45-day identification window.
How is the debt structured?
Sponsor material summarized by Baker 1031 reports a $39,215,000 loan from KeyBank, N.A. under the Fannie Mae DUS program, fixed at 5.01%, with interest-only payments through February 1, 2033 followed by 30-year amortization, inside a reported total investment of $83,565,000 that includes that debt.[3] Because no loan documents are filed with the SEC, the loan agreement and the PPM — the private placement memorandum delivered to accredited investors — control the actual terms, including maturity, prepayment, reserves, recourse and any guaranties.
Why do the reported acquisition figures differ?
Several numbers circulate for the same January 2026 transaction. Northmarq's transaction page reports a $71.3 million sale to Passco Companies from Lat Purser and Associates.[1] Connect CRE reported that same $71.3 million figure on January 30, 2026.[4] The Charlotte Business Journal reported $73.1 million on January 29, 2026. A sponsor-sourced offering summary reports a $73.08 million gross price against a $73.3 million appraisal.[3] The reviewed public record does not reconcile these; the PPM's sources-and-uses table is where the breakdown would appear.
How occupied was the property when Passco bought it?
Sponsor-sourced offering data reports approximately 89.12% occupancy and average in-place rent of $1,570 per month on the January 8, 2026 rent roll.[2] That is a snapshot taken around the acquisition, not a current operating figure, and nothing in the SEC file updates it. Current occupancy would come from the sponsor's investor reporting.
Who operates the apartments, and what conflicts does that create?
Sponsor material reports that the Trust master-leases the property to Passco Preston Ridge MT, LLC, an affiliate of the sponsor, with Fogelman Properties handling day-to-day management.[3] Because the trust manager and the master tenant are both Passco affiliates, the arrangement carries conflicts of interest, and the master tenant's ability to perform under the master lease bears on whether distributions are paid. The master lease and the management arrangement are described in the PPM, the private placement memorandum delivered to accredited investors.
Chapter 9Passco Cos. Pays $71M for North Carolina CommunityTrade press reporting the $71.3 million sale of Preston Ridge, a 340-unit rental property in Hickory, NC, brokered by Northmarq with Passco Cos. as buyer. Passco Acquires 340-Unit Hickory NC Multifamily CommunityReports Passco paid $71.3 million for the 340-unit Preston Ridge Apartments at 2001 Startown Rd. in Hickory, NC, brokered by Northmarq from seller Lat Purser and Associates. Preston Ridge - Multifamily, Garden Apartments Sale 01-21Broker transaction page announcing Northmarq's $71.3M sale of Preston Ridge Apartments in Hickory, NC to Passco Companies; property built in two phases (2020 and 2023).