Stonegate
Multifamily property in Birmingham, AL · sponsored by Passco Companies
Stonegate was a DST sponsored by Passco Companies that owned a multifamily property in Birmingham, AL (260 units). Its last Form D was filed Jul 10, 2012.
How it ended
Sold, result reported by the sponsor
Last Form D filed Jul 10, 2012.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $17,650,000Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Jul 10, 2012)Form D, Jul 10, 2012
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,676,750 · 9.5% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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: Stonegate. Top1031 is not a broker-dealer.What did Stonegate own?
Stonegate sits at 101 Leaf Lake Boulevard in Birmingham, built in 2007 on about 20 acres with one-, two-, and three-bedroom floor plans. 3 Passco Companies acquired it from EBSCO Income Properties in July 2012, then a five-year-old Class A rental community. 4 Reporting at closing put the property 92% leased. 5 The sponsor’s table records a July 12, 2018 sale for $34.1 million. 6
- Reported location
- Birmingham, AL
- Property size
- 260 units; 294,652 square feet
How was it financed, and what did it cost to sell?
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
- $1,676,750 · 9.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $3,520,585 · 19.9% of offeringForm D Item 16· The filing’s note: “Passco Stonegate Depositor, LLC will be responsible for paying certain fees and costs in the amount of approximately $3,520,585.”
- 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.
Who's behind Stonegate?
Passco Companies sponsored the Trust and has been a repeat multifamily DST sponsor. The 2012 Form D named Passco Capital, Inc. as the issuer's manager and Passco Stonegate Depositor, LLC as the depositor. 2 The sponsor table reports a 6.44% average annual return. 6 Baker 1031 lists a 1.45x equity multiple, as reported by the sponsor and not independently verified. 7
- Sponsor
- Offerings on record
What does the SEC record show?
One document carries this Trust's entire public record: a single Form D notice of exempt offering, with no later amendment on file. It was offered under Rule 506(b), meaning private sales to accredited investors — people who meet SEC income or net-worth tests — without general advertising.
- Legal Trust name
- Passco Stonegate DST
- SEC CIK
- 1553770
- First Form D
- Jul 10, 2012
- Latest Form D
- Jul 10, 2012
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $17,650,000 | $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
- What happened to Stonegate?
- Stonegate is a Historical offering. Last Form D filed Jul 10, 2012.
- Is there a reported outcome for investors?
- The sponsor table reports a 6.44% average annual return. Baker 1031 separately lists a 1.45x equity multiple and labels these figures sponsor-reported and not independently verified.
- What was the minimum investment?
- The 2012 Form D reported a $25,000 minimum investment. Interests were sold only to accredited investors under Rule 506(b), which prohibits general solicitation or advertising of the offering.
- Who managed the apartments day to day?
- The sponsor's offering summary describes a master tenant structure: the master tenant leased the property from the Delaware statutory trust and was responsible for operations and leasing, paying the trust fixed rent plus percentage rent.
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.