The Griffon at Vero Beach
Multifamily property in Vero Beach, FL — 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?
The Griffon at Vero Beach is a new-construction apartment and townhome community in Vero Beach, Florida, held by Passco Vero Beach DST — a Delaware statutory trust that lets 1031 exchangers own fractional interests in real estate.5 Passco Companies sponsors it. Crest Residential describes the property as a 297-unit Class A community.2 The Trust was offered under Rule 506(c), meaning publicly marketed to verified accredited investors.
Minimum investment
$25k
Offering size
$53.5M
How much has sold
100.0%
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?
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
Who is the tenant, and what's the lease?
Multifamily means there is no single tenant: income comes from many residents on short apartment leases rather than one corporate lease, so occupancy and rent levels drive results. The property's own website advertises homes as leasing now.1
How did it end?
Still operating
Passco Vero Beach DST remains in operation as of July 2026 — The Griffon at Vero Beach (297-unit Class A multifamily in Vero Beach, FL, acquired from Crest Residential as a brand-new lease-up per crestres.com portfolio page) is still actively leased per griffonverobeach.com and the property's Facebook page, the DST's Form D equity raise only closed March 31, 2026, and Passco's May 8, 2026 Q1 PR (PR Newswire) lists no dispositions and AltsWire's full Passco archive shows no full-cycle announcement.
New-construction luxury multifamily at 2050 Griffon Road, Vero Beach, FL 32966, marketed as a 1/2/3-bedroom apartment and townhome community; Passco added it to its managed-portfolio page in March 2026.
Not stated publiclySupporting 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?
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 PPM, the private placement memorandum delivered to prospective investors.
Who's behind it?
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
- 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?
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.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- Passco Vero Beach 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 The Griffon at Vero Beach?
The Griffon at Vero Beach 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 The Griffon at Vero Beach?
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.
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.
Is the offering still open?
Passco Vero Beach DST last updated its Form D on March 31, 2026, and the sales figures from that filing appear in the sales section of this page. Form D reports are snapshots, not live inventory — availability can change between filings, and only the sponsor or a selling broker-dealer can confirm current status.
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 PPM. Ask the sponsor or your broker-dealer for the offering memorandum before relying on any assumption.
What is Rule 506(c) and why does it matter to me?
506(c) is the exemption that lets a private offering be advertised publicly. The trade-off is verification: rather than self-certifying, each investor must document accredited status, usually through tax returns, brokerage statements, or a written confirmation from a CPA, attorney, or registered adviser. Expect that paperwork step in the subscription process.
Chapter 9The Griffon at Vero Beach — Resort-Style Community in the Heart of Vero BeachProperty marketing site describes The Griffon at Vero Beach as a brand-new 1-, 2-, and 3-bedroom apartment and townhome community at 2050 Griffon Road, Vero Beach, FL 32966. Florida Portfolio – The Griffon at Vero BeachPassco's Florida project page lists 'The Griffon at Vero Beach' in Vero Beach, FL with a March 31, 2026 date, consistent with the Passco Vero Beach DST holding period. Our Properties — FloridaPassco's current-properties page lists The Griffon at Vero Beach (March 31, 2026 portfolio snapshot), confirming Passco acquired and operates the asset underlying the Passco Vero Beach DST.