Preston Ridge Apartments
Multifamily property in Hickory, NC — sponsored by Passco Companies
Files with the SEC as Passco Preston Ridge DST
Minimum investment
$25k
Offering size
$44.4M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Hickory, NC
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Passco Preston Ridge DST is a Delaware statutory trust — fractional, passive co-ownership used as 1031 replacement property — sponsored by Passco Companies and holding Preston Ridge Apartments in Hickory, North Carolina. Sponsor material says the Trust bought the 340-unit community on January 8, 2026.2 Interests were offered under Rule 506(c), which allows public advertising to verified accredited investors; a sponsor page updated August 10, 2026 reports the offering closed.2
Purchased $71.3M Q1 2026; 24 acres, 13 buildings, built 2020/2023; $44.4M Form D (506c)
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These links support the public record as a whole; 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?
Preston Ridge was delivered in two phases, the first completed in 2020 and the second in 2023, on roughly 24 acres holding 13 residential buildings. Northmarq, which calls it a garden walk-up community, brokered the sale and reported a $71.3 million price with Passco Companies as buyer.1 Connect CRE named Lat Purser and Associates as the seller; sponsor material counts 654 parking spaces.2
- 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 describes a triple-net master lease — the master tenant, not the Trust, carries operating obligations, which keeps the Trust passive as 1031 treatment requires — to an affiliate, with Fogelman as third-party property manager.2
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 from property cash flow. Sponsor material reports a $39,215,000 loan from KeyBank under Fannie Mae's DUS program, non-recourse to the Trust and its holders.2 No loan documents are filed with the SEC, so the loan agreement and the PPM govern.
Who's behind it?
Passco Companies is a California-based multifamily investor and one of the longest-running sponsors of 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 Passco announced it had closed more than $300 million of first-quarter 2026 transactions, this community among them.
- Sponsor
- Passco Companies
- Legal Trust name
- Passco Preston Ridge 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 federal record consists of the initial Form D and nothing since, so it still shows the offering as it launched. A sponsor offering page updated August 10, 2026 reports the offering closed — movement no SEC filing reflects.2
- Form D filedFirst and latest filing on record.
- 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?
Top1031 lists Preston Ridge Apartments 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 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 delivered in two phases, the first in 2020 and the second in 2023.[1] The site covers roughly 24 acres with 13 residential buildings; sponsor material reports about 326,381 rentable square feet, one-, two- and three-bedroom units averaging 960 square feet, and 654 parking spaces.[2]
Is the offering still open?
The federal record is a single Form D filed January 21, 2026 that has never been amended, so it does not track the raise. A third-party page carrying sponsor data, last updated August 10, 2026, reports the offering status as closed, and states an anticipated hold of approximately 10 years with a scheduled trust termination date of April 30, 2036.[2] No issuer filing says the offering is fully subscribed, so confirm current status with the sponsor or your representative before relying on it inside a 45-day identification window.
Who operates the apartments day to day?
Sponsor material states the property is held under a triple-net master lease to an affiliated master tenant and names Fogelman, a third-party multifamily operator, as property manager.[2] In a master-lease DST, the affiliated master tenant takes on the operating role so the Trust itself stays passive, which is what 1031 exchange treatment requires. The master lease and the management agreement are described in the PPM — the private placement memorandum delivered to accredited investors.
Why do reported purchase prices differ?
Several figures circulate for the same January 2026 transaction. Northmarq's transaction page reports a $71.3 million sale to Passco, and Connect CRE and Multi-Housing News reported that same figure on January 30, 2026.[1] The Charlotte Business Journal reported $73.1 million on January 29, 2026. Sponsor material says the Trust acquired the property on January 8, 2026 for $71,300,000 from an unaffiliated seller, and separately presents the acquisition at a $73.08 million gross price against a $73.3 million appraisal.[2] The public record reviewed does not reconcile the figures; the PPM is where the full purchase-price and cost breakdown would appear.
How occupied was the property when Passco bought it?
Sponsor material reports approximately 89.12% occupancy as of the January 8, 2026 rent roll, with average in-place rent of $1,570 per month.[2] That is a sponsor-reported snapshot around the acquisition date, not a current operating figure, and nothing in the SEC file updates it. Current occupancy would come from the sponsor's investor reporting.
How is the debt structured?
Sponsor material reports a $39,215,000 acquisition loan from KeyBank under the Fannie Mae DUS program, fixed at 5.01%, with a 10-year term, a seven-year interest-only period, 30-year amortization, and in-place loan-to-value of 46.93%; the loan is described as non-recourse to the Trust and to the holders.[2] Because no loan documents are filed with the SEC, the loan agreement and the PPM control the actual terms, including maturity, prepayment provisions, reserves and any guaranties.
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).