Tapestry Turfway (a.k.a. Tapestry Turfway Park)
Multifamily property in Florence, KY · sponsored by Passco Companies
Tapestry Turfway (a.k.a. Tapestry Turfway Park) was a DST sponsored by Passco Companies that owned a multifamily property in Florence, KY (320 units). Its last Form D was filed Jan 13, 2025.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jan 13, 2025.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $50,725,000Equity offered, per the Form D
- Sold
- Not reported in its Form D filings (latest Jan 13, 2025)Form D, Jan 13, 2025
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,438,438 · 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 Turfway (a.k.a. Tapestry Turfway Park). Top1031 is not a broker-dealer.Tapestry Turfway (a.k.a. Tapestry Turfway Park) · Florence, KY · Photo: tapestryturfwayapartments.com
What did the Trust own?
Tapestry Turfway Park stands at 4787 Houston Road in Florence, Kentucky, next to the Turfway Park horse-racing track and about 15 minutes south of downtown Cincinnati. 2 Arlington Properties developed it with Arlington Construction Services as contractor, breaking ground in July 2023 and reporting Heritage Bank as the construction lender. 2 Real Estate Transition Solutions describes the property as completed in 2023, and RealtyMogul reports the Trust acquired it. 3
- Reported location
- Florence, KY
- Property size
- 320 units; ~20-acre site; 1-, 2-, and 3-bedroom floor plans (avg ~1,000+ SF; ranging 702–1,348 SF at re-leasing)
How was it financed, and what did it cost to sell?
Form D filings do not report property-level debt, so the federal record is silent on leverage here. A Real Estate Transition Solutions listing describes fixed-rate mortgage debt with an initial interest-only period before amortization — meaning each investor's beneficial interest carries an allocated share of a loan on the building. 3
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $4,438,438 · 8.7% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $7,714,565 · 15.2% of offeringForm D Item 16· The filing’s note: “Passco Turfway Depositor, LLC will be responsible for paying certain fees and costs of approximately $7,314,565.”
- 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.
Who's behind the Trust?
Passco Companies is the DST sponsor; Arlington Properties was the developer, a separate party. The Form D names Passco Companies, LLC, Passco Turfway Depositor, LLC and Passco Turfway Manager, LLC as related promoters, with Larry K. Sullivan identified as president of the sole member of the Trust's manager. 1 Passco's managed-properties page, stated as of June 30, 2026, still lists Tapestry Turfway in Florence, Kentucky. 5
- Sponsor
- Offerings on record
What does the SEC record show?
Two Form D notices filed five days apart in January 2025 open the Trust's federal record, the second restating the same offering terms. The Form D states the trust was organized in 2024. 1 Rule 506(c) lets the sponsor advertise publicly but requires it to verify that every buyer is an accredited investor.
- Legal Trust name
- PASSCO TURFWAY DST
- SEC CIK
- 2046648
- First Form D
- Jan 8, 2025
- Latest Form D
- Jan 13, 2025
- Filings on record
- 2
- 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 (new notice) | $50,725,000 | $0 | EDGAR | |
| Form D | $50,725,000 | $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 Turfway (a.k.a. Tapestry Turfway Park)?
- Tapestry Turfway (a.k.a. Tapestry Turfway Park) is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jan 13, 2025.
- What exactly would an investor have owned here?
- A beneficial interest in PASSCO TURFWAY DST, a Delaware statutory trust. The Form D states the trust was organized in 2024. The Trust holds title to the real estate; investors hold passive fractional interests that the IRS treats as replacement property for a 1031 exchange, with no management role and no ability to refinance or re-tenant the asset.
- Who is the tenant?
- There isn't one tenant. Tapestry Turfway Park is a 320-unit apartment community, so cash flow comes from hundreds of individual resident leases rather than a single corporate lease. RealtyMogul reported the property 94.3% occupied as of November 18, 2024.
- What debt is on the property?
- The SEC Form D does not disclose loan terms. A Real Estate Transition Solutions marketplace listing for the offering reported 45.06% loan-to-value and a loan fixed at 5.46% with seven years interest-only followed by amortization in the final three years. Separately, the developer reported Heritage Bank financed the original construction.
- Could this convert into a REIT through a 721/UPREIT exchange?
- Top1031's record for this Trust shows no 721/UPREIT exit path — that is, no disclosed mechanism to contribute the property into a REIT's operating partnership in exchange for OP units. An investor relying on such a feature would need to confirm it in the offering documents.
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.