Published ✓Sponsor-published track-record coverage
Sponsor profile
SEC filings + cited sources
Passco Companies is a privately held, Irvine, California-based commercial real estate investment firm founded in 1998 by William O. Passo, specializing in multifamily acquisition, development, and management. The firm reports more than $8 billion in total acquisitions, roughly $4.3 billion in assets under management, and about 14,865 apartment units across 17 states. Passco helped pioneer the tenant-in-common structure and later built a large Delaware Statutory Trust program, with more than 100 DST programs tracked. Its DST offerings have held multifamily communities across the Southeast, Mid-Atlantic, and other U.S. markets.
Platform and strategy
Passco Companies, LLC is a privately held commercial real estate firm headquartered in Irvine, California, with a Southeast office in Atlanta, focused on multifamily acquisition, development, and management 1. Founded in 1998 by William O. Passo, the firm helped pioneer the tenant-in-common (TIC) structure, which the IRS validated in 2002, and later scaled into the Delaware Statutory Trust market 2. Passco reports more than $8 billion in total acquisitions, approximately $4.3 billion in assets under management, and roughly 14,865 apartment units across 17 states 1. Top1031 tracks more than 100 Passco DST programs.
Completed program outcomes
Sundance Creek was sold in 2016 after a roughly six-year hold, which Passco reported at a 2.01x net equity multiple and about a 12.33% annualized net return 3. ParkCrest Landings, a 400-unit community in Bradenton, Florida, sold for $102 million in 2023 4. A Passco Point DST property sold for $81.64 million in December 2024 after roughly a 6.4-year hold 5.
Recent activity
In the first quarter of 2026, Passco reported closing more than $300 million in transactions, including Preston Ridge Apartments (340 units, Hickory, North Carolina), Novella at Tuscan Village (230 units, Salem, New Hampshire), and Allure at Edinburgh (280 units, Chesapeake, Virginia) 6. In 2023 it completed what it described as its largest apartment acquisition, a 303-unit Knoxville, Tennessee community for $120.7 million 7. Recent DST programs have included Passco Merrimack DST (Merrimack, New Hampshire), Passco Turfway DST (Florence, Kentucky), and Passco Encore DST (Belton, Missouri) 8.
Ownership and leadership
In January 2022, Greystone formed a strategic alliance with Passco and made a minority equity investment focused on the DST sector, with Passco continuing as operating sponsor 910. Founder and CEO William O. Passo died in June 2026, prompting a leadership transition, with President Larry K. Sullivan, CIO Colin Gillis, and CFO Gary Megert continuing in their roles 101.
Passco Chestnut Farm DST2024Trust still owns and operates the property; JRW Investments lists Passco Chestnut Farm DST as 'Active' (not Full Cycle), and re-transition.com shows the offering as 'Closed Offering' (equity raise complete; trust still operating the 256-unit Chestnut Farm Apartments in Matthews, NC).jrw.com ↗re-transition.com ↗passco.com ↗SEC ↗
Passco Covington Ridge DST2024Trust still owns and operates the property; JRW Investments lists Passco Covington Ridge DST as 'Active' (not Full Cycle), and re-transition.com shows the offering as 'Closed Offering' (equity raise complete; trust still operating the 267-unit Covington, KY community).jrw.com ↗re-transition.com ↗passco.com ↗SEC ↗
PASSCO TURFWAY DST2025Trust still owns and operates the property; JRW Investments lists Passco Turfway DST as 'Active' (not Full Cycle), and re-transition.com shows the offering as 'Closed Offering' (equity raise complete; trust still operating the 320-unit Florence, KY community).jrw.com ↗re-transition.com ↗passco.com ↗SEC ↗
PASSCO ENCORE DST2025Trust still owns and operates the property; JRW Investments lists Passco Encore DST as 'Active' (not Full Cycle), and re-transition.com shows the offering as 'Closed Offering' (equity raise complete; trust still operating the 322-unit Encore community in Belton, MO).jrw.com ↗re-transition.com ↗passco.com ↗SEC ↗
PASSCO MERRIMACK DST2025Trust still owns and operates the property; JRW Investments lists Passco Merrimack DST as 'Active' (not Full Cycle), and re-transition.com shows the offering as 'Closed Offering' (equity raise complete; trust still operating the 224-unit Merrimack, NH community). Note: a March 2025 'SLATE at Merrimack' sale (by LeCesse Development) is a different property and is not related to this DST.jrw.com ↗re-transition.com ↗passco.com ↗SEC ↗
Passco Prism DST2025Passco Prism DST remains in operation as of July 2026 — Prism at Diamond Ridge (336-unit multifamily in Moon Township, PA, acquired by Passco from Thompson Thrift on July 24, 2025 per Multi-Housing News) is still actively leased and managed by Greystar with July 2026 leasing specials on prismatdiamondridge.com, the DST's Form D equity raise only closed March 4, 2026, and Passco's May 8, 2026 Q1 PR (PR Newswire) lists no dispositions and AltsWire's full Passco archive shows no full-cycle announcement.multihousingnews.com ↗greystar.com ↗prnewswire.com ↗SEC ↗
Passco Vero Beach DST2025Passco Vero Beach DST remains in operation as of July 2026 — The Griffon at Vero Beach (297-unit Class A multifamily in Vero Beach, FL, acquired from Crest Residential as a brand-new lease-up per crestres.com portfolio page) is still actively leased per griffonverobeach.com and the property's Facebook page, the DST's Form D equity raise only closed March 31, 2026, and Passco's May 8, 2026 Q1 PR (PR Newswire) lists no dispositions and AltsWire's full Passco archive shows no full-cycle announcement.crestres.com ↗griffonverobeach.com ↗prnewswire.com ↗SEC ↗
Our Properties – Vero BeachPassco's 'Our Properties' page (current managed portfolio as of December 31, 2025) references Vero Beach in the portfolio listing, consistent with The Griffon at Vero Beach asset.
Our Properties – Prism at Diamond RidgePassco's 'Our Properties' page lists Prism at Diamond Ridge as a current multifamily asset in its managed portfolio (as of December 31, 2025).
Preston Ridge ApartmentsYield Pro synopsis of Passco's Q1 2026 PR release describing the 340-unit Preston Ridge in Hickory, NC (~24.1 acres, built 2020/2023) with resort-style amenities.
Passco Cos. Buys Hampton Roads CommunityPassco Cos. purchased Allure at Edinburgh, a 280-unit luxury community in Chesapeake, VA; Berkadia arranged the sale and the property was completed in phases across 2024-2025.
Florida Portfolio – The Griffon at Vero BeachPassco's Florida project page lists 'The Griffon at Vero Beach' in Vero Beach, FL with a March 31, 2026 date, consistent with the Passco Vero Beach DST holding period.
Passco Riverside DST — Velo Riverside 265-unit Class A communityPassco Riverside DST is a 265-unit Class A apartment community (Velo Riverside, 1181 Manhattan Blvd.) completed in 2024 on the Northern Kentucky riverfront in Dayton, KY; $89.7M total offering, $100K minimum, 45.49% LTV, 10-yr hold.
Passco Cos. Pays $71M for North Carolina CommunityTrade press reporting the $71.3 million sale of Preston Ridge, a 340-unit rental property in Hickory, NC, brokered by Northmarq with Passco Cos. as buyer.
Passco Acquires 340-Unit Hickory NC Multifamily CommunityReports Passco paid $71.3 million for the 340-unit Preston Ridge Apartments at 2001 Startown Rd. in Hickory, NC, brokered by Northmarq from seller Lat Purser and Associates.
Stunning Views, Premier Amenities, Velo RiversideArlington Properties' Velo Riverside in Dayton, KY is a 265-unit luxury riverfront community at Manhattan Harbour with rooftop terrace, fitness center, and pool.
