Top1031

Riverhouse

Multifamily property in Little Rock, AR · sponsored by Passco Companies

HistoricalLast Form D filed Sep 16, 2022 (opens in a new tab)

Riverhouse was a DST sponsored by Passco Companies that owned a multifamily property in Little Rock, AR (262 units). Its last Form D was filed Sep 16, 2022.

How it ended

No outcome recorded · under 7 years

Last Form D filed Sep 16, 2022.

Passco Companies has 4 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$31,300,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Sep 16, 2022)
Form D, Sep 16, 2022
Investors reported
3
Form D, Sep 16, 2022
Selling commissions
$2,738,750 · 8.7% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
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 →

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Ask a 1031 specialist about this recordFree. About: Riverhouse. Top1031 is not a broker-dealer.

What did Riverhouse own?

Riverhouse stands at 1200 Brookwood Drive in Little Rock's Riverdale neighborhood. Passco Riverhouse DST bought it in September 2022 for $54,457,500 from Riverhouse/ML-BWP LLC and Riverhouse/1031 LLC, affiliates of Carter-Haston Holdings. 3 Arkansas Business reported the same sale that November. 2 A LIV Development listing puts the unit count one lower than the transaction records, a discrepancy the public record does not resolve. 7

Reported location
Little Rock, AR
Property size
262 units

How was it financed, and what did it cost to sell?

Arkansas Business reported that the purchase was financed with a 10-year, $31.6 million loan from KeyBank, so this is a leveraged Trust: mortgage debt sits ahead of investors, and refinancing or sale decisions run against the loan's clock. 2 No filing on record itemizes the debt terms.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$2,738,750 · 8.7% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$4,253,885 · 13.5% of offering
Form D Item 16
· The filing’s note: “Passco Riverhouse Depositor, LLC Depositor, LLC will be responsible for paying certain fees and costs of approximately $3,888,885.”
Broker-dealers named in the Form D
24 named in the Form D
Show the firms

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 does the SEC record show?

No amendment has followed the original Form D, so the public record never reports a final amount raised or a closing date. The Trust was offered under the exemption that permits general solicitation — public advertising — provided each investor's accredited status is verified rather than self-certified.

Legal Trust name
Passco Riverhouse DST
SEC CIK
1946476
First Form D
Sep 16, 2022
Latest Form D
Sep 16, 2022
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$31,300,000
$0
3
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

What happened to Riverhouse?
Riverhouse is a Historical offering. Last Form D filed Sep 16, 2022.
What does this Trust actually own?
A single multifamily property: the Riverhouse apartment complex at 1200 Brookwood Drive in the Riverdale neighborhood of Little Rock, Arkansas. Passco Riverhouse DST bought it for $54,457,500 from Riverhouse/ML-BWP LLC and Riverhouse/1031 LLC, affiliates of Carter-Haston Holdings.
Is the property leveraged, and by whom?
Arkansas Business reported that the acquisition was financed with a 10-year, $31.6 million loan from KeyBank. No SEC filing on record for the Trust itemizes the loan terms, and the Form D does not disclose them.
Who are the tenants in a multifamily DST like this?
Hundreds of individual residents rather than one corporate tenant. The property markets lease terms of three to fifteen months, with month-to-month options after the initial term, so rents reset frequently instead of being locked by a long-term lease.
Who operates the property day to day?
Arlington Properties announced on November 14, 2023 that it added Riverhouse, a 262-unit Little Rock community, to its Southeast portfolio. That announcement does not expressly confirm a property-management or operating mandate, and no other reviewed source names the on-site operator.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.