Tapestry Ridge
Multifamily property in Covington, KY · sponsored by Passco Companies
Tapestry Ridge was a DST sponsored by Passco Companies that owned a multifamily property in Covington, KY (267 units). Its last Form D was filed Sep 3, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Sep 3, 2024.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $41,475,000Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Sep 3, 2024)Form D, Sep 3, 2024
- Selling commissions
- Form D Item 15; the % is our arithmetic$3,629,063 · 8.7% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.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: Tapestry Ridge. Top1031 is not a broker-dealer.What did Tapestry Ridge own?
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
How was it financed, and what did it cost to sell?
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
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $3,629,063 · 8.7% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $6,994,068 · 16.8% of offeringForm D Item 16· The filing’s note: “Passco Covington Ridge Depositor, LLC will be responsible for paying certain fees and costs of approximately $6,619,068.”
- 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 Tapestry Ridge?
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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- Passco Covington Ridge DST
- SEC CIK
- 2031572
- First Form D
- Sep 3, 2024
- Latest Form D
- Sep 3, 2024
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $41,475,000 | $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 Tapestry Ridge?
- Tapestry Ridge is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Sep 3, 2024.
- 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 offering documents.
- 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 offering documents 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 offering documents 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.
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.