Passco Preston Ridge NC Apartments DST
Investment Details
Investment Sponsor: Passco
Location: North Carolina
Current Yield: 4.42%
721 Exchange: None
Property Type: Multifamily
In-Place Loan: 46.93% LTV
Distribution Frequency: Monthly
Estimated Hold Period: 7-10 Years
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.
Investment Documents
Investment Sponsor
Passco Companies curates a diverse range of Delaware Statutory Trust (DST) investments, offering investors access to institutional-grade real estate with income-generating potential. Specializing in multifamily and commercial property acquisitions, Passco focuses on markets poised for growth and long-term performance. With over $8 billion in total acquisitions and more than $4 billion in assets under management, their seasoned team combines market expertise and proactive asset management to create opportunities tailored to investor needs.
Sponsor Historical Performance
72 Realized 1031 DST Investments
1.49x Equity Multiple
8.51% Average Annual Return
7.2 Year Average Holding Period
87.5% Investment Success Rate
