Passco Carrington Park DST's underlying property sold, the sale closing April 26, 2017 according to a Cushman & Wakefield listing that describes the 240-unit Carrington Park apartment community in the Midtown submarket of Montgomery, Alabama. That listing is the only public record fixing the closing date. The Trust had registered the offering on May 11, 2010 in its Form D.
The name invites confusion. The asset was Carrington Park at 2000 Central Parkway in Montgomery, not the similarly named Carrington at Brier Creek in Raleigh.
Offering as filed | |
|---|---|
Sponsor | Passco Companies |
Property | Carrington Park, 2000 Central Parkway, Montgomery, AL |
Asset class | Residential (240-unit multifamily) |
Exemption | 506(b) |
Offering ceiling | $14,950,000 |
Minimum investment | $25,000 |
First Form D | May 11, 2010 |
Disposition on record | |
Type | Property sold |
Closing recorded | April 26, 2017 |
Filing-to-sale span | Nearly 7 years |
The span between the first Form D and the closing runs nearly seven years; it measures the dates on record, not a hold period any document states as such.
No sponsor disposition announcement appears in the public record Top1031 can cite, and no sale price is disclosed. A return figure is not absent from every source: a third-party sponsor profile states an equity multiple and an annualized return for the offering. Neither is reported by the sponsor, neither can be sourced to a document Top1031 can cite, and Top1031 does not carry annualized returns. On those grounds the figures are not reported here.
This is the first full cycle Top1031 records for Passco Companies.