Passco Merritt DST's property sold on December 6, 2022. The sale took the Delaware Statutory Trust (DST) offering full cycle, and no sale price appears in the record.
Passco Companies filed the Trust's first Form D on March 30, 2018, a 506(b) offering with a ceiling of $36.35 million and a minimum investment of $25,000. That filing carries no distribution terms; those sat in the private placement memorandum, which is not public.
The hold is carried two ways. Top1031's disposition record states a hold of four years and also carries 4.7 years as the value derived from the dates. This report uses four years, the figure the record states rather than derives, and notes the other rather than reconciling them.
What the program produced across that hold comes from the sponsor's accounting, not from any filing:
Reported result | Figure and source |
|---|---|
Annualized return | 19.56%, as reported by the sponsor in a published compilation of completed Passco programs and in the Passco Mellody Farms private placement memorandum |
Equity multiple | 2.04x, as reported by the sponsor in that same compilation and in the Mellody Farms private placement memorandum |
Both figures are labeled a sponsor announcement in the disposition record, while the two documents the record carries for them are a compilation of Passco's completed programs and a private placement memorandum for another Passco program, Mellody Farms. Neither is a dated announcement of this disposition. The record states no definition of how either figure was computed.
14 earlier Passco programs stand on the record as full cycle. The event and its date are documented. The size of the result is the sponsor's, and it appears in no federal filing.