Promenade Crossing
Multifamily property in Orlando, FL — sponsored by Passco Companies
Files with the SEC as Passco Promenade Crossing DST
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Passco Promenade Crossing DST was a Delaware Statutory Trust — a structure letting 1031 exchangers hold fractional real estate interests — sponsored by Passco Companies. It owned Promenade Crossing Apartments, a 212-unit community at 4000 Maguire Blvd in Orlando, Florida.1 The Trust sold that property to an entity of Waterton Associates on March 19, 2015, and is closed to new investors.1
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These links support the historical public record; 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?
Promenade Crossing Apartments stood at 4000 Maguire Blvd in Orlando, Florida.1 Independent reporting described it as a 212-unit garden-style apartment community roughly three miles northeast of downtown Orlando.2 The Trust was formed in Delaware in 2009, and the Form D records the first sale of interests on September 4, 2009 — a securities date, not an acquisition date.3
- Reported location
- Orlando, FL
- Property size
- Not publicly disclosed
Who is the tenant, and what's the lease?
As an apartment community, Promenade Crossing earned income from many short-term resident leases rather than one corporate tenant on a long-term contract.2 No contemporaneous rent roll, occupancy figure, or property manager for the Passco ownership years appears in public sources.
How did it end?
Sold after 5.5 years; sponsor reported 7.2% annualized
Listed as a completed/full-cycle program on Passco Companies's published track record.
Passco Promenade Crossing DST was formed as a Delaware Statutory Trust in 2009 (Passco Promenade Crossing MT, LLC, filed 08/27/2009 in Delaware). Passco's current 'Our Properties' page still lists 'Promenade' among its multifamily holdings. Specific address, unit count, and acquisition-date press coverage for the original DST placement were not located in publicly indexed sources.
Not publicly disclosedHow is it financed, and what does it pay?
The Form D described proceeds as funding the real estate purchase and related costs, including amounts paid to Passco Promenade Crossing Depositor, LLC to redeem its Class B beneficial interests — the sponsor-side entity that holds the property until investors buy in.3 Public filings disclose no mortgage debt or lender.
Who's behind it?
The Form D named Passco Capital, Inc. as the sponsor of this Trust, under the Passco Companies banner.3 Passco's current "Our Properties" page still lists "Promenade" among its multifamily holdings, though public records show the Orlando asset changed hands in March 2015.1 The Florida Division of Corporations lists the trust registration under document number D09000000017 with an inactive status.4
- Sponsor
- Passco Companies
- Legal Trust name
- Passco Promenade Crossing 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 Trust filed once and never amended, so EDGAR says nothing about the 2015 sale or any final distribution to beneficial owners. The private-placement exemption used here bars general advertising and limits buyers to accredited investors — people meeting SEC income or net-worth tests.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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
What happened to Promenade Crossing?
Top1031 lists Promenade Crossing as historical. It is no longer raising money.
Where does Top1031 get the data for Promenade Crossing?
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.
Can I still invest in this Trust?
No. Passco Promenade Crossing DST is a historical offering, closed to new investors. Its Orlando apartment property was sold to an entity of Waterton Associates on March 19, 2015, completing the DST's life cycle.[1]
What happened to the property?
Top1031 reports that the Trust sold the 212-unit Promenade Crossing Apartments at 4000 Maguire Blvd to WRPV XII Promenade Orlando LLC, a Waterton Associates entity, on March 19, 2015.[1] REBusinessOnline separately reported Waterton's acquisition of the Orlando community that month.[2]
Is a full-cycle result published?
No sponsor-published per-investor outcome was located. Top1031 reports a $27.4 million March 2015 sale price, attributing the figure to Orlando Business Journal reporting on the buyer and flagging it at medium confidence rather than as a sponsor-reported number.[5]
Why is there only one SEC filing?
Form D reports the start of a private offering. Issuers are not required to file it again once a raise concludes, and no amendment was ever filed here — so dispositions, distributions, and debt never appear in this Trust's EDGAR record.
Does the Trust still exist as a legal entity?
The Florida Division of Corporations lists PASSCO PROMENADE CROSSING DST under document number D09000000017 with an inactive status.[4] The Trust was originally formed as a Delaware Statutory Trust in 2009.
Was the property leveraged?
Public filings do not settle it. The 2009 Form D discloses no debt, lender, or complete capital stack, so leverage would have to be confirmed from the PPM or closing documents.