Tapestry Ridge
Multifamily property in Covington, KY — sponsored by Passco Companies
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
Tapestry Ridge is a 267-unit Class A apartment community in Covington, Kentucky, just across the Ohio River from Cincinnati, held in a Delaware statutory trust (DST) — a structure that lets 1031 exchangers own a fractional interest in real estate. Passco Companies sponsors it. The Trust is closed to new investors and was offered under Rule 506(c), which permits advertising but requires verified accredited investors.
Minimum investment
$25k
Offering size
$41.5M
How much has sold
None sold yet
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited 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?
Tapestry Ridge stands at 1431 Dixie Highway in Covington, minutes across the Ohio River from downtown Cincinnati.1 Arlington Properties, which carries the community in its portfolio, reported in November 2023 that it was built on roughly 38 acres of the former Northern Kentucky University Covington campus.2 The Cincinnati Business Journal reported in November 2022 that construction was wrapping up; the community was completed that year.3
- Reported location
- Covington, KY
- Property size
- 267 units
Who is the tenant, and what's the lease?
There is no single corporate tenant here — income comes from residents on individual apartment leases, so occupancy and turnover drive cash flow rather than one credit tenant's obligation. A marketplace listing from Real Estate Transition Solutions reported the property was 96.25% occupied at the time of the offering.4
How did it end?
Still operating
Trust still owns and operates the property; JRW Investments lists Passco Covington Ridge DST as 'Active' (not Full Cycle), and re-transition.com shows the offering as 'Closed Offering' (equity raise complete; trust still operating the 267-unit Covington, KY community).
Tapestry Ridge is a Class A apartment community located in Covington, KY (Cincinnati MSA), constructed in 2022. The Passco Covington Ridge DST owns the property, which was 96.25% occupied at the time of the offering; total offering size was approximately $84,575,000 (equity raise ~$35M).
267 unitsSupporting evidence
Counted on Passco Companies’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
Construction was originally funded with $37,345,000 of Kenton County, Kentucky taxable industrial building revenue bonds issued in 2020, tied to a payment-in-lieu-of-taxes arrangement.5 A 2024 City of Covington record states the project lessee planned to refinance and pay off the original Truist loan with a new loan from KeyBank National Association; the public record does not confirm that it closed.5
Who's behind it?
Passco Companies sponsors the Trust. Its Form D also names Passco Covington Ridge Depositor, LLC and Passco Covington Ridge Manager, LLC as promoters, and lists Larry K. Sullivan, William O. Passo, Belden Brown and Thomas B. Jahncke as executive officers.6 Passco still carried Tapestry Ridge in its managed portfolio as of June 30, 2026, so the Trust had not sold the property as of that date.7
- Sponsor
- Passco Companies
- 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?
One Form D is on record: a new notice signed August 14, 2024 that stated the first sale had not yet occurred.6 No amendment followed, so the SEC record was never updated with subsequent activity, while secondary marketplace material describes the offering as closed.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Passco Covington Ridge DST
- 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
What happened to Tapestry Ridge?
Tapestry Ridge is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Tapestry Ridge?
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. A Real Estate Transition Solutions marketplace listing describes the Passco Covington Ridge DST as a closed offering, and Top1031's data marks it fully subscribed. Passco Companies has other offerings on record; each is a separate Trust with its own property, terms and paperwork.
Why do the SEC filing and the marketplace listing show different offering sizes?
They measure different things and have not been reconciled in public sources. The Form D states the dollar amount of securities offered, while the Real Estate Transition Solutions listing reports an approximately $84,575,000 total offering size and roughly $35,000,000 of equity — the latter including mortgage debt and other capitalization items. Treat them as two unreconciled figures, and confirm the actual capital stack in the private placement memorandum (PPM), the offering's governing disclosure document.
Who is the tenant?
There isn't one corporate tenant. Tapestry Ridge is a 267-unit apartment community whose residents sign individual leases, typically for a year or so. Whether the DST uses a master lease to a sponsor affiliate — a common DST arrangement that shifts day-to-day operating decisions off the trust — was not established from an authoritative public source; the PPM would state it.
Is the Trust leveraged?
The SEC filing does not address debt. A Real Estate Transition Solutions marketplace listing describes a ten-year fixed-rate, interest-only mortgage on the property, and a 2024 City of Covington record shows a planned KeyBank refinancing of the original Truist loan on the project. The loan documents referenced in the PPM are the authoritative source.
Does the Trust still own the property?
Passco Companies listed Tapestry Ridge in Covington, Kentucky among its managed properties as of June 30, 2026, and no sale or full-cycle event appears in the public record. No exit outcome has been reported.
Can this Trust convert into REIT shares?
The record shows no 721/UPREIT exit feature — the arrangement in which a DST's property is contributed to a REIT's operating partnership in exchange for units. Investors here would look to a sale of the property for an exit, on timing the sponsor controls.
Chapter 9Passco Covington Ridge DST (marketplace listing)RE Transition listing describes the Passco Covington Ridge DST as a closed offering of a 267-unit apartment community in Covington, KY with $84.575M total offering size.