Passco Preston Ridge DST

Investment Description

This 340-unit apartment community, completed in 2020/2023, features: Fitness center, luxurious pool with ample deck space, pet park, pet washing station, fitness center and yoga room, walking paths and trails, storage units, package locker system, bike rack station, on-site management, high-speed internet, on-site maintenance, clubhouse with kitchen, coworking space with conference room, EV charging station, rental garages and storage units.

Investment Highlights

• 340-unit apartment community on approximately 24.1 acres, offering 1-, 2-, and 3-bedroom apartment units. It consists of seventeen buildings, thirteen residential buildings, and four detached buildings containing thirty-six garages.

• Unit amenities include 9’ ceilings, dual vanities, granite or quartz countertops, linen cabinets, 2” faux wood plantation blinds, private patios and balconies, smart locks, smart thermostat, pre-wired technology package, soft-close shaker cabinetry, stainless steel appliances, two-tone cabinetry, undermount sinks, walk-in closets, and wood-look flooring.

• Community amenities include fitness center, luxurious pool with ample deck space, pet park, pet washing station, fitness center and yoga room, walking paths and trails, storage units, package locker system, bike rack station, on-site management, high-speed internet, on-site maintenance, clubhouse with kitchen, coworking space with conference room, EV charging station, rental garages and storage units.

• Compelling upside potential through rent growth relative to the submarket’s leading competitor, which commands higher rents despite offering units approximately 60 SF smaller on average.

• The strategy is to use Preston Ridge’s extensive amenities, unit finishes, and access to major arteries to achieve and maintain market occupancy, increase rental rates based on market dynamics, increase ancillary revenue opportunities, and monitor/control expenses and reserves to maximize investment performance. The Sponsor will develop a marketing strategy to attract employees from nearby, high-paying employers.