Passco Mariner DST is finished. The property the Trust was formed to hold has been sold, and Passco Companies lists the program as completed on its published track record.
Almost nothing else about the ending is documented. The disposition record carries the exit type and the hold and little more: it does not name the property, its location, or the buyer. A Form D reports the start of an offering and nothing about how it ends. A disposition reaches the public file only where a sponsor, a broker, or a county deed puts it there.
Passco Mariner DST | |
|---|---|
Sponsor | Passco Companies |
SEC CIK | 1727354 |
First Form D | |
Exemption | 506(b) |
Asset class | Residential |
Maximum offering amount | $30,800,000 |
Minimum investment | $25,000 |
Exit type | Property sold |
Hold | 5 years |
Sale date | not stated |
Sale price | not stated |
Two performance figures travel with this Trust in third-party research: an annualized return and an equity multiple. Top1031 publishes neither. The record logs their basis as a sponsor announcement, but the documents cited for them are a broker's sponsor page and a private placement memorandum for Passco Mellody Farms, a separate Passco offering. The documents do not match the label, and Top1031 relies on the documents. The record also marks the confidence in both figures as low.
Top1031's record documents no earlier full cycle for Passco Companies. That is a statement about what the file ties to a named trust, not a count of the sponsor's dispositions.
The exit is on the record. The transaction behind it, and the eventual result for the investors who exchanged into this Trust, are not.