The Griffon at Vero Beach
Multifamily property in Vero Beach, FL · sponsored by Passco Companies
The Griffon at Vero Beach was a DST sponsored by Passco Companies that owned a multifamily property in Vero Beach, FL. Its last Form D, filed Mar 31, 2026, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Mar 31, 2026, reports the offering fully sold.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $53,525,000Equity offered, per the Form D
- Sold
- 100%Form D, Mar 31, 2026; the % is our arithmetic
- Investors reported
- Form D, Mar 31, 2026116
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,094,663 · 7.6% 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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: The Griffon at Vero Beach. Top1031 is not a broker-dealer.What did The Griffon at Vero Beach own?
The Griffon is a newly built community of one-, two-, and three-bedroom apartments and townhomes. 1 Crest Residential's portfolio page describes it as a 297-unit Class A multifamily community and marks it as sold, without naming the buyer, the closing date, or the price. 2 Passco's managed-portfolio page dated June 30, 2026 lists the property among its holdings. 3
- Property address
- 2050 Griffon Road, Vero Beach, FL
- Property size
- Not stated publicly
How was it financed, and what did it cost to sell?
Neither the Trust's Form D filings nor Passco's public materials state whether the property carries mortgage debt, so the capital structure is not on the public record. Any loan terms would be set out in the offering documents.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $4,094,663 · 7.6% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $7,850,345 · 14.6% of offeringForm D Item 16· The filing’s note: “Passco Vero Beach Depositor, LLC will be responsible for paying certain fees and costs of approximately $7,850,345”
- 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
- Sep 23, 2025
- 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 The Griffon at Vero Beach?
Passco Companies is a multifamily-focused sponsor that has brought a series of DST offerings to market. The Trust's Form D amendment names Larry K. Sullivan, William O. Passo, Belden Brown, and Thomas B. Jahncke as executive officers and identifies Passco Companies, LLC along with Passco affiliates serving as depositor and manager. 4 On May 8, 2026, Passco announced it had closed more than $300 million in transactions during the first quarter of 2026, including multifamily acquisitions. 6
- Sponsor
- Offerings on record
What does the SEC record show?
The issuer is a Delaware statutory trust organized in 2025, and its original Form D — the notice filed with the SEC for a private placement — reported a first sale on September 23, 2025. 5 A single later amendment updated the offering's progress. Rule 506(c) permits public advertising, but every investor must be verified as accredited.
- Legal Trust name
- Passco Vero Beach DST
- SEC CIK
- 2085124
- First Form D
- Oct 1, 2025
- Latest Form D
- Mar 31, 2026
- 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 | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $53,525,000 | $53,525,000+$49,319,394 | 116+108 | EDGAR | |
| Form D | $53,525,000 | $4,205,606 | 8 | 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 The Griffon at Vero Beach?
- The Griffon at Vero Beach is a Historical offering. The last Form D, filed Mar 31, 2026, reports the offering fully sold.
- What does owning a DST interest in this property actually mean?
- A Delaware statutory trust holds title to the real estate, and investors buy beneficial interests in the trust rather than a deed to a unit. The IRS treats those interests as replacement property for a 1031 exchange, so an exchanger can defer capital gains. Investors are passive: the trustee and the sponsor's affiliated manager make all operating decisions, and there is no vote on leasing, refinancing, or sale.
- Who is the tenant?
- There isn't one. This is an apartment and townhome community, so revenue comes from many residents on short-term leases rather than a single corporate tenant on a long triple-net lease. That means no single credit tenant to analyze, but also no single lease expiration — instead, performance turns on lease-up, occupancy, and market rents in Vero Beach, Florida.
- Can this Trust convert into a REIT through a 721 exchange?
- The record here shows no 721/UPREIT exit path — that is the structure in which a trust's property is contributed to a REIT's operating partnership in exchange for units, converting a 1031 position into REIT ownership. Absent that feature, an eventual sale of the property is the ordinary path to an exit, and investors typically must complete another 1031 exchange to keep deferring gain.
- How much debt is on the property?
- Publicly available sources — the two Form D filings and Passco's own property pages — do not disclose whether the Trust used mortgage financing or the terms of any loan. A 1031 exchanger replacing debt from a relinquished property needs that figure, and it is stated in the offering documents. Ask the sponsor or your broker-dealer for the offering documents before relying on any assumption.
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.