Full cycle

Passco Voyager DST Reached Full Cycle With the Sale of Voyager at Space Center

The property was Voyager at Space Center, a 313-unit apartment community in Nassau Bay, Texas, and the record fixes little else about the sale.

Published Updated

Passco Voyager DST has reached full cycle. The property was sold, ending a Delaware Statutory Trust (DST) offering that Passco Companies brought to accredited investors under Rule 506(b), which bars general solicitation.

As filed and as disposed


Trust

Passco Voyager DST

Sponsor

Passco Companies

Asset class

Residential

Exemption

506(b)

First Form D

June 13, 2017

Offering amount

$27,500,000

Minimum investment

$25,000

Exit type

Property sold

Hold

Four years, the figure the record carries rather than one derived from a disposition date

Sale date

not stated

Sale price

not stated

The terms are documented; the result is not. The Trust's Form D carries no performance figures, and a DST's private placement memorandum, which states the distribution terms an investor was shown at subscription, is not a public document. Two figures for this Trust, an equity multiple and an annualized rate, reach Top1031 carrying a low-confidence flag, and their provenance is in conflict: the stated basis is a sponsor announcement, while the only source attached to them is the Baker 1031 full-cycle deal tracker, a third-party page. Top1031 relies on the attached source over the basis label, because the page is what the record actually points to and it is not the dated sponsor disclosure the label describes. Neither figure appears here.

That leaves the exit type and the hold as the whole of what the record establishes about how this offering ended. It is the first Passco disposition to enter Top1031's full-cycle record.

Passco Voyager DST Reached Full Cycle With the Sale of Voyager at Space Center