Passco Companies sponsors Delaware Statutory Trust investment programs for accredited investors seeking passive ownership of institutional real estate, including investors using DST interests as replacement property in Section 1031 exchanges.
Individual Passco DST offerings are generally established as separate Delaware statutory trusts. Each program may own a specific property or portfolio and operate under its own offering documents, financing arrangements, distribution structure, transfer restrictions, and anticipated business plan.
Passco has historically been particularly active in multifamily real estate, while its broader investment platform has also included retail, self-storage, industrial, and other income-producing commercial properties.
Recent Passco-sponsored DST activity includes Passco Toscana DST, Passco Prism DST, Passco Riverside DST, Passco Merrimack DST, and other private real estate programs.
Because Passco DST interests are private securities and are not listed on a national securities exchange, investors generally cannot sell them through a conventional brokerage account at a continuously quoted market price.
Potential liquidity may therefore depend on the specific DST program, governing documents, sponsor procedures, transferability, purchaser qualifications, underlying property performance, debt structure, remaining holding period, documentation, and current secondary-market buyer demand.
Passco Companies
Delaware Statutory Trust / Private Real Estate Program
Multifamily And Other Income-Producing Real Estate
$4.6B AUM / 15,715 Multifamily Units
Limited Private Secondary Market Liquidity
Program, Property, Debt, Distributions, Transferability & Buyer Demand
Passco Companies is a national real estate investment company with a long-standing focus on acquiring, managing, and sponsoring income-producing real estate investments.
As of June 30, 2026, Passco reported approximately $4.6 billion in assets under management and a managed portfolio spanning 16 states.
The company reported more than 15,700 multifamily units within its current portfolio, underscoring the importance of apartment real estate to the Passco platform.
Passco also reported approximately $9 billion in total real estate acquisitions and more than 9,600 investors worldwide.
Because Passco has sponsored numerous separate private real estate programs, the exact DST should be identified before evaluating potential liquidity or secondary-market value.
Public Securities and Exchange Commission filings show continued Passco DST activity in 2025 and 2026.
Approximately $77.4 Million Offering
$59 Million Offering
$48.9 Million Offering
Approximately $53.23 Million Offering
Private Regulation D DST Interests
Program-Specific / Often $25,000
Passco Toscana DST was formed in 2026 and reported an offering of approximately $77.4 million. A subsequent Form D amendment reported initial investor participation during 2026.
Passco Prism DST reported a $59 million offering. By March 2026, the program reported that the full $59 million had been sold to 91 investors.
Passco Riverside DST reported an offering of approximately $48.9 million, while Passco Merrimack DST reported an offering of approximately $53.23 million.
These programs are presented as sponsor-platform research and should not be interpreted as recommendations, statements of current investment availability, or representations that any particular offering remains open to new investors.
Alternative Investment Liquidity evaluates certain Passco DST interests for potential direct private purchase or other secondary-market liquidity.
Because Passco has sponsored numerous separate DST programs, there is no single purchase price that can be applied across the sponsor family. Potential pricing depends on the specific DST and the characteristics of the investor's position.
Potential Direct Private Purchase
Baron De Biltmore LLC
AIL Reviews Eligible Passco DST Positions
Determined By Specific DST And Position Review
Property, Debt, Distributions, Hold Period & Transferability
Subject To Position And Documentation Review
Any potential purchase indication is separate from the investor's original investment amount, tax basis, account statement value, sponsor-related valuation reference, or projected future property-sale proceeds.
A potential transaction may be influenced by property performance, current distributions, debt terms, loan maturity, remaining holding period, transfer restrictions, purchaser qualifications, sponsor procedures, position size, and current buyer demand.
Any offer from AIL, an affiliated purchaser, or another potential buyer represents the amount that purchaser is willing to pay under the applicable terms and should not be interpreted as an independent appraisal or determination of underlying fair value.
Multifamily real estate has been a significant component of Passco's investment platform.
As of June 30, 2026, Passco reported more than 15,700 multifamily units within its managed portfolio across numerous markets and states.
Passco has also invested in other real estate sectors, including retail, self-storage, industrial, and other commercial properties.
For secondary-market purposes, the underlying property or portfolio associated with the specific DST is generally more important than the Passco sponsor name alone.
Potential buyers may review occupancy, rental performance, tenant or resident demand, operating expenses, capital requirements, local market conditions, debt service, loan maturity, and the expected path to a sponsor-led disposition.
Potentially. A Passco DST interest may be transferable before a sponsor-led exit, but the transfer process depends on the governing documents and procedures applicable to the specific trust.
Passco's own educational materials identify lack of liquidity and transfer restrictions as important risks associated with DST investments.
Transfer requirements may include sponsor or administrative trustee review, purchaser eligibility requirements, assignment documentation, accredited-investor qualifications, lender restrictions, ownership limitations, or other conditions.
Positions held in an IRA, trust, estate, corporation, partnership, LLC, or other entity may require additional documentation related to ownership and authority to complete the transaction.
The fact that a Passco DST interest is legally transferable does not mean that a ready purchaser or continuous secondary market exists.
Many Passco DST investors acquire their interests as replacement property in a Section 1031 exchange.
The tax treatment of the original exchange does not create public-market liquidity. A later private sale or transfer may have tax consequences that differ materially from the original transaction.
Potential considerations may include deferred gain, depreciation recapture, debt allocation, future 1031 planning, and the timing of a future property disposition.
Investors should consult qualified tax and legal professionals before completing a secondary-market transaction.
Alternative Investment Liquidity does not provide tax, legal, investment, accounting, or valuation advice.
The financing structure of a Passco DST can materially influence both expected returns and secondary-market value.
Potential buyers may evaluate outstanding loan balances, leverage, interest rates, debt-service requirements, maturity dates, lender restrictions, and potential refinancing exposure.
DST structures can limit the trustee's ability to materially modify existing financing arrangements, making loan maturity and the sponsor's expected exit strategy particularly important in certain programs.
A DST approaching a significant loan maturity may be evaluated differently from a similar property with longer-term financing or no debt.
Current and historical distributions can be important when evaluating a Passco DST position.
Potential buyers may review the distribution rate together with property-level operating cash flow, occupancy, rental performance, reserves, debt service, financing costs, capital expenditures, and sponsor reporting.
A change in distributions does not by itself determine secondary-market value. Buyers may also consider property appreciation or depreciation, leverage, refinancing exposure, remaining holding period, and expected future sale proceeds.
Distribution information should therefore be evaluated together with the broader financial condition and business plan of the specific DST.
Passco DST interests do not trade on a national securities exchange and generally do not provide continuous investor redemption liquidity.
Potential liquidity alternatives may include continued ownership until a sponsor-led property sale or other full-cycle transaction, a private secondary-market sale, a direct private purchase, or another permitted transfer under the governing trust documents.
The availability and attractiveness of these alternatives may depend on the specific DST, transfer restrictions, remaining holding period, property performance, debt obligations, current distributions, purchaser qualifications, and buyer demand.
There is no guarantee that a purchaser will be available or that an investor can sell at the original investment amount, account statement value, or projected future property-sale value.
Potentially. Certain Passco DST positions may qualify for a private secondary-market transaction or direct purchase, subject to transfer requirements, documentation, purchaser eligibility, sponsor procedures, and available buyer demand.
A potential sale may require confirmation of the exact Passco DST program, current ownership amount, account registration, governing documents, distribution history, debt structure, and anticipated exit strategy.
Investors should compare the potential benefit of obtaining liquidity today with the possibility of continuing to receive distributions and holding the investment until a future property disposition or other sponsor-led liquidity event.
Whether an early sale is appropriate depends on the investor's own circumstances and should not be determined solely by the availability of a private-market purchaser.
Private secondary-market transactions may provide a potential source of liquidity for certain Passco DST investors who do not want to wait for a future sponsor-led disposition.
The DST secondary market does not operate like a national securities exchange. There is generally no continuously quoted price, centralized order book, or guarantee that a buyer will be available for a specific Passco DST.
Potential buyers may evaluate the specific property or portfolio, occupancy, rental performance, current income, debt, loan maturity, remaining holding period, sponsor communications, expected exit strategy, transfer requirements, and broader market conditions.
Because a private purchaser may be acquiring an illiquid interest with uncertain future liquidity, secondary-market pricing may differ materially from the investor's original investment amount, tax basis, account statement value, or expected future proceeds.
Investors can learn more about how the DST secondary market works, including transfer restrictions, buyer qualifications, pricing, documentation, and timing.
Each Passco DST is a separate investment with its own property or portfolio, acquisition basis, financing structure, distribution history, transfer procedures, and anticipated exit strategy.
Property type, location, occupancy, rental performance, resident or tenant demand, operating expenses, capital requirements, and local real estate conditions may influence buyer expectations.
For multifamily DSTs, buyers may review effective rents, concessions, competing apartment supply, occupancy, resident demand, operating expenses, insurance costs, property taxes, employment growth, and population trends.
Outstanding loan balances, leverage, interest rates, debt-service requirements, maturity dates, refinancing exposure, and lender restrictions can materially affect expected returns and secondary-market pricing.
Current and historical distributions may influence buyer expectations, but income should be evaluated together with property operations, reserves, financing costs, and future capital requirements.
Expected property improvements, deferred maintenance, renovation programs, or other capital expenditure requirements may affect future cash flow and purchaser return expectations.
A DST believed to be approaching a possible property sale or other liquidity event may be evaluated differently from an investment expected to remain outstanding for several additional years.
Sponsor procedures, purchaser qualifications, lender requirements, ownership limitations, account registration, and required transfer documentation can affect whether and how an interest may be sold.
Private-market pricing can vary depending on current purchaser interest, position size, expected holding period, required return, execution risk, and broader real estate and capital-market conditions.
A recent investor or account statement is generally the best starting point when evaluating a Passco DST position for potential liquidity.
The statement can help identify the exact DST program, current ownership interest, account registration, custodian, and other information relevant to a potential transaction.
Helpful documentation may also include:
Not every document is necessary to begin. In many cases, a recent statement identifying the specific Passco DST and current ownership amount is sufficient for an initial Confidential Investment Review.
Not every Passco DST interest will necessarily qualify for a private secondary-market transaction or direct purchase.
Potential marketability may depend on the specific trust, property performance, sector exposure, debt, distributions, remaining holding period, investor registration, transferability, documentation, position size, purchaser qualifications, and current buyer demand.
Because Passco has sponsored numerous separate DST programs across different properties and vintages, AIL evaluates the exact investment rather than applying a single sponsor-wide assumption about value or liquidity.
A Confidential Investment Review can help identify whether a particular Passco DST position may currently qualify for further evaluation and which factors may influence a potential transaction.
Alternative Investment Liquidity reviews Passco DST positions for investors seeking information about potential liquidity, transferability, valuation considerations, current buyer interest, and possible direct purchase opportunities.
AIL's review focuses on the specific DST program and investor position rather than relying solely on the Passco sponsor name or the investor's original purchase amount.
For eligible positions, AIL may be able to facilitate a direct private purchase through Baron De Biltmore LLC or evaluate another potential secondary-market liquidity pathway. Any potential purchase price or transaction remains subject to investment-specific review, documentation, transferability, purchaser requirements, and current market conditions.
Investors, trustees, estate representatives, attorneys, financial professionals, and other authorized representatives can request a Confidential Investment Review for a Passco DST position.
Information on this page was developed using publicly available Passco Companies materials and Securities and Exchange Commission Form D filings relating to Passco-sponsored Delaware Statutory Trust programs.
Recent program examples include Passco Toscana DST, Passco Prism DST, Passco Riverside DST, Passco Merrimack DST, and other Passco-sponsored private real estate programs.
Passco platform information reflects company-reported portfolio statistics as of June 30, 2026, including assets under management, multifamily units, geographic reach, acquisitions, and investor participation.
Program terms, property information, distributions, financing, transfer procedures, exit strategies, and other investment details may change after the applicable reporting or offering date. Investors should review the current governing documents and sponsor communications applicable to their specific Passco DST.
Secondary market interest depends on more than asset type. AIL evaluates each position based on investment structure, transferability, documentation, and current market conditions.
Ownership type, sponsor requirements, investment terms, and underlying asset characteristics all influence review.
Some positions may be subject to transfer restrictions, approval requirements, or limitations within governing documents.
Offering materials, account records, ownership documents, and sponsor information help determine whether review can proceed.
Potential liquidity depends on current buyer interest, asset category, pricing expectations, and transaction feasibility.
Every opportunity is reviewed individually. Our process is designed to provide clarity regarding transferability, marketability, and potential liquidity pathways before any transaction decisions are made.
Provide basic details regarding the investment position, ownership structure, and available documentation.
AIL evaluates the investment type, transfer restrictions, sponsor requirements, and available transfer pathways.
We determine whether a secondary market opportunity may exist based on current investor demand and transaction activity.
If a viable pathway exists, we discuss potential next steps, timing considerations, and transaction requirements.
Submit basic information for a confidential review. Opportunities are evaluated individually based on investment structure, available documentation, transferability, and potential market interest.
REQUEST CONFIDENTIAL REVIEW