Preston Ridge Apartments
Multifamily property in Hickory, NC · sponsored by Passco Companies
Active offeringLatest Form D filed Jan 21, 2026 (opens in a new tab)
Preston Ridge Apartments is a DST sponsored by Passco Companies that owns a multifamily property in Hickory, NC (340 units). Its latest Form D, filed Jan 21, 2026, lists a $44.3 million offering with a $25,000 minimum.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $44,350,000Equity offered, per the Form D
- Sold so far
- None reported as of Jan 21, 2026Form D, Jan 21, 2026
- Selling commissions
- Form D Item 15; the % is our arithmetic$3,392,775 · 7.6% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
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
- Jan 21, 2026 · 1 filing
No sales reported in a Form D amendment yet. Latest notice Jan 21, 2026.
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Ask a 1031 specialist about this recordFree. About: Preston Ridge Apartments. Top1031 is not a broker-dealer.Preston Ridge Apartments · Hickory, NC · Photo: medialibrarycfo.entrata.com
What does Preston Ridge Apartments own?
Preston Ridge was delivered in two phases, the first completed in 2020 and the second in 2023, across 13 residential buildings on roughly 24 acres. 2 Northmarq brokered the January 2026 sale from Lat Purser & Associates to Passco Companies; Connect CRE and Multi-Housing News reported the price at $71.3 million on January 30, 2026, while the Charlotte Business Journal reported $73.1 million a day earlier.
- Property address
- 2001 Startown Road, Hickory, NC
- Property size
- 340 units
How is it financed, and what did it cost to sell?
Nothing in the SEC file describes the capital stack. A distributor's offering review reports a $39,215,000 acquisition loan from KeyBank under Fannie Mae's DUS multifamily lending program — mortgage debt that ranks ahead of investor equity and stays interest-only for its first years before beginning to amortize. 4
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- May convert to a REIT (721)
- Loan interest rate
- 5.01% fixed (loan amount) From Passco Companies’ offering documents (Jan 2026). As reported by the sponsor.
- Target hold
- 10 years From Passco Companies’ offering documents (Jan 2026). As reported by the sponsor.
Costs and terms from the Form D
- Selling commissions
- $3,392,775 · 7.6% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $6,626,878 · 14.9% of offeringForm D Item 16· The filing’s note: “Passco Preston Ridge Depositor, LLC will be responsible for paying certain fees and costs of approximately $6,626,878.”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Passco Capital, Inc. · CRD 117323
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 are the deal terms?
From Passco Companies’ offering documents (Jan 2026).
Your exit
- Can the sponsor's affiliate buy investors out?
- Yes, after 2 years
From offering termination. No reply: cash (taxable sale)
Rent and the bills
- Who pays rent to the trust?
- A master tenant affiliated with the sponsor
- Who pays for roof and structural repairs?
- Investors, through the trust
- Who pays if taxes or insurance go up?
- Investors, through the trust
- Was the property bought from a sponsor affiliate?
- No
Your rights
- Can investors remove the manager?
- No
- How are disputes with the sponsor resolved?
- Mandatory arbitration
Who's behind Preston Ridge Apartments?
Passco Companies is a California-based multifamily investor and one of the longest-running names in DST sponsorship. 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 Passco announced it had closed more than $300 million of first-quarter 2026 transactions, this Hickory community among them.
- Sponsor
- Offerings on record
What does the SEC record show?
The federal record does not track this raise over time — an issuer need not file anything further as subscriptions arrive or when an offering closes. The only later public signal is third-party: a distributor's offering page lists the Trust as closed, a listing status rather than an issuer-reported result. 5
- Legal Trust name
- Passco Preston Ridge DST
- SEC CIK
- 2105915
- First Form D
- Jan 21, 2026
- Latest Form D
- Jan 21, 2026
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $44,350,000 | $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 Preston Ridge Apartments an active offering?
- Preston Ridge Apartments is an Active offering: its latest Form D was filed Jan 21, 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.
- Does Preston Ridge Apartments have a 721 UPREIT exit?
- The record lists a possible 721 exit for Preston Ridge Apartments. It is an option, not a completed transaction; the offering documents set whether and when it can happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- What property does this Trust hold?
- Preston Ridge, a 340-unit apartment community at 2001 Startown Road in Hickory, North Carolina. Passco describes it as built in two phases, the first completed in 2020 and the second in 2023, with 13 residential buildings on about 24 acres. Connect CRE and Multi-Housing News reported on January 30, 2026 that Passco Companies bought it for $71.3 million in a sale Northmarq brokered from seller Lat Purser & Associates.
- How is the debt structured?
- Baker 1031 Investments' offering review reports a $39,215,000 acquisition loan from KeyBank under the Fannie Mae DUS program, at a fixed 5.01% interest rate, interest-only through February 1, 2033 and amortizing on a 30-year schedule thereafter. The same review states a 46.93% loan-to-total-investment ratio against a listed $83,565,000 total investment. No loan documents are filed with the SEC, so the loan agreement and the memorandum control the actual terms.
- Why do reported acquisition figures differ?
- Two numbers circulate for the same January 2026 transaction. Connect CRE, Multi-Housing News and Northmarq each reported $71.3 million on or about January 30, 2026, while the Charlotte Business Journal reported $73.1 million on January 29, 2026. Published sources do not reconcile the gap, and no purchase figure appears in the Trust's SEC filing — the memorandum and closing documents are where a buyer would confirm the price actually paid.
- Who operates the apartments, and what does a master lease mean for me?
- Baker 1031 Investments reports that the Trust leases Preston Ridge to Passco Preston Ridge MT, a sponsor affiliate, with Fogelman Properties handling day-to-day management. In a master-lease structure the Trust's income comes from one tenant's lease payments rather than from individual resident rents, which keeps the Trust passive for 1031 purposes but makes the master tenant's ability to pay a central fact to check. The memorandum sets out the lease terms, the master tenant's capitalization and any sponsor guaranty.
- What does the public record say about occupancy?
- Baker 1031 Investments' offering review reports property occupancy of 89.12%. That is a figure reported during the offering period, not a verified current occupancy rate, and nothing in the SEC file updates it. Occupancy, rent roll and operating detail would come from the sponsor or the memorandum.
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.