Passco: The Griffon at Vero Beach DST
Available
Overview
This 297-unit apartment community, completed in 2024, features: Resort-style saltwater pool with sun ledges and private poolside cabanas, poolside entertainment deck with outdoor grilling kitchen and fire pits, gaming lawn, resident lounge featuring beer on tap and coffee/espresso bar, interactive co-working spaces and conference room, cardio and flex gym with Peloton bikes + HIIT studio with on demand fitness classes, bike workshop and storage, electric car charging stations, complimentary car wash center, off-leash pet park, luxurious pet spa with tile wash bays and grooming station, secure package delivery center, gated community, attached and detached garages available.
Key Investment Features
Structure
Delaware Statutory Trust (DST)
Investment Sponsor
Passco
Property Type(s)
Multifamily
Location(s)
FL
Occupancy
90.91%
721 Exchange / UPREIT
None
Minimum Investment
$100,000
Investment Strategy
Buy & Hold
Year 1 Yield
4.25%
In-Place Loan
47.10% LTV
Avg. Remaining Lease Term
N/A
Cash Flow Forecast
Year 1
Year 2
Year 3
Year 4
4.25%
4.33%
4.33%
4.36%
Year 5
Year 6
Year 7
Year 8
4.49%
4.70%
4.88%
Sold
Year 9
Year 10
Sold
Sold
Investment Highlights
297-unit apartment community on approximately 49.59 acres, offering 1-, 2-, and 3-bedroom apartment units and 2- and 3-bedroom townhomes. It consists of twelve residential buildings, one clubhouse building, one leasing office building, and one maintenance building.
Indian River County, where the Property is located, is within the top 10% of fastest-growing counties in the U.S. for total population growth between 2020 and 2024
Advantages
Passco has a long track record and concentrates on the residential sector.
Property appraised at 2.4% above purchase price.
Property is nearly new.
Passco provides a partial income guarantee throughout the life of the DST.
Weaknesses
Small, supply-sensitive market
465 units (21.8% of inventory) are under construction nearby