Tapestry Turfway (a.k.a. Tapestry Turfway Park)
Multifamily (Class-A luxury apartments) property in Florence, 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 Turfway (PASSCO TURFWAY DST) is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional real estate — holding a 320-unit Class-A apartment community in Florence, Kentucky, beside the Turfway Park racetrack in the Cincinnati metro. Arlington Properties developed the community, with construction beginning in July 2023.2 The offering is fully subscribed and closed to new investors.
Minimum investment
$25k
Offering size
$50.7M
How much has sold
None sold yet
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
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 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)
Who is the tenant, and what's the lease?
This is an apartment community, so there is no single corporate tenant — income comes from many individual resident leases that reprice as they roll. RealtyMogul reported the property 94.3% occupied as of November 18, 2024.4
How did it end?
Still operating
Trust still owns and operates the property; JRW Investments lists Passco Turfway DST as 'Active' (not Full Cycle), and re-transition.com shows the offering as 'Closed Offering' (equity raise complete; trust still operating the 320-unit Florence, KY community).
Tapestry Turfway Park is located adjacent to Turfway Park horse-racing track in Florence, KY (Boone County), ~15 minutes south of Downtown Cincinnati and ~10 minutes from CVG airport. Developed by Arlington Properties; Passco is the DST sponsor (Passco Companies, LLC). Offering $50,725,000 (equity $42,475,000). Construction began July 2023; 587 parking spaces, amenities include sports pub, fitness/yoga/spin studios, pool deck, cabanas, fire pit, WeWork-style workspace.
320 units; ~20-acre site; 1-, 2-, and 3-bedroom floor plans (avg ~1,000+ SF; ranging 702–1,348 SF at re-leasing)Supporting 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?
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
Who's behind it?
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
- 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?
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.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- PASSCO TURFWAY DST
- Filings on record
- 2
- 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 Turfway (a.k.a. Tapestry Turfway Park)?
Tapestry Turfway (a.k.a. Tapestry Turfway Park) 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 Turfway (a.k.a. Tapestry Turfway Park)?
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 Tapestry Turfway?
No. Top1031's data records this offering as fully subscribed, so it is closed to new investors and appears in the Historical set. Passco's own managed-properties page, stated as of June 30, 2026, still lists Tapestry Turfway, indicating the Trust continued to own the Florence, Kentucky community as of that date.[5]
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.[1] 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.[4]
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.[3] Separately, the developer reported Heritage Bank financed the original construction.[2]
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 private placement memorandum (PPM), the offering's governing disclosure document.
Has the Trust gone full cycle?
No outcome has been reported. Research through September 14, 2026 located no primary record of a sale, foreclosure, or bankruptcy, and Passco's portfolio page dated June 30, 2026 still lists the property as part of its managed portfolio.[5]
Chapter 9Tapestry Turfway — Passco CompaniesPassco portfolio page profiling Tapestry Turfway (the underlying property of the Passco Turfway DST), with sponsor contact info for Passco Companies, LLC. Tapestry Turfway Under Construction in FlorenceDeveloper update detailing Tapestry Turfway Park at 4787 Houston Rd, Florence, KY — 320 units on 20+ acres, mix of 1/2/3-bedroom apartments, amenities, July 2023 construction start.