Longitude 82, the apartment community at 5900 Wilkinson Road in Sarasota, Florida, sold on December 19, 2022. JBM Institutional Multifamily Advisors brokered the transaction for Passco Companies. The record does not name the buyer.
The Trust held that single property, which carried the earlier name Springs at Bee Ridge.
The offering as filed | |
|---|---|
Trust | Passco L82 Sarasota DST |
Sponsor | Passco Companies |
Asset class | Residential |
Exemption | 506(b) |
First Form D filing | June 22, 2018 |
Maximum offering amount | $45,600,000 |
Minimum investment | $25,000 |
The disposition on record | |
|---|---|
Exit type | Property sold |
Closing date | December 19, 2022 |
Disposition price | $115,000,000, or $319,444 per unit, as reported by the sponsor in the JBM press release |
Equity multiple | 1.82x, as reported by the sponsor in Baker 1031's Passco sponsor profile and the Passco L82 Sarasota executive summary |
Annualized return | 16.07%, as reported by the sponsor in Baker 1031's Passco sponsor profile and the Passco L82 Sarasota executive summary |
Total return | not stated |
Hold, first Form D filing to closing | 4.5 years |
Two hold lengths sit on the record. The Baker 1031 profile lists the program with a four-year hold; the span in the table above runs from the Trust's first Form D filing to the closing, and Top1031 reports that span because both of its endpoints are documented. The Form D does not give the date Passco acquired the property, so a hold measured from acquisition cannot be reconciled against the filing.
The Form D carries no distribution terms. Those were set in the private placement memorandum, which was not publicly filed.
What the public record establishes here is the parties, the price, and the dates on either end. The sponsor's reported result stands as the sponsor's own account, carried on a third-party sponsor profile and in an offering executive summary rather than in any filing, and no per-interest accounting to the Trust's beneficial owners is public.