Your 1031 DST Authority
Passco Allure DST
Offering Overview
Allure at Edinburgh is a 280-unit luxury multifamily community completed in 2024/2025 on approximately 11.74 acres in Chesapeake, Virginia. The property offers one-, two-, and three-bedroom apartments averaging 973 square feet and was 98.57% occupied as of April 27, 2026. Residents have access to a resort-style pool, fitness and yoga facilities, golf simulator, movie theater, arcade, coworking areas, pet amenities, EV charging, and other high-end features. Passco acquired the property for $94.095 million and financed it with a $48.35 million fixed-rate Fannie Mae loan. The business plan targets rent growth, ancillary-fee increases, resident retention, amenity enhancements, and disciplined expense management over approximately ten years. Offered under Rule 506(b).
Investment Highlights
- Newly constructed 280-unit luxury multifamily asset with 98.57% occupancy.
- Affluent resident base with approximately $115,080 median household income and a 21.69% rent-to-income ratio.
- Fixed 4.98% Fannie Mae financing with seven years of interest-only payments.
- Chesapeake submarket forecasts approximately 2.8% annual rent growth through 2030.
- Optional FMV exit permitting cash or affiliated exchange-entity units.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
A stabilized luxury multifamily investment with modest current yield and limited operating cushion. Success depends on maintaining occupancy, achieving rent growth, controlling taxes and insurance, and selling before the May 2036 balloon. The affiliated master tenant has limited capitalization, while most reserves initially take the form of a six-month sponsor-funded note.
Pros
New construction; high occupancy; affluent tenancy; extensive amenities; fixed-rate financing; strong initial debt-service coverage; and an optional tax-efficient exit.
Cons
Single-asset concentration; investor basis materially exceeds the $92.9 million appraisal; projected distributions require reserve support; returns decline when amortization begins; the master lease is not triple-net; and the DST cannot refinance the loan.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | 4.40% | 5.03% | −12.52% |
| Max Yield | 4.70% | 5.29% | −11.15% |
| 10-Yr Income Growth | 8.05% | 24.74% | −67.46% |
Benchmark reflects the average of comparable Multifamily offerings. Differences are relative to the benchmark.
Offering Documents
Offering Documents Available By Request
About the Sponsor
Passco Companies is an Irvine multifamily and commercial sponsor, founded in 1998, whose founder Bill Passo helped pioneer the modern tenant-in-common 1031 structure that preceded the DST—giving the firm genuine standing in the history of securitized exchanges. With $4.1 billion in AUM as of late 2025 and more than $8 billion in lifetime acquisitions across multiple cycles, Passco concentrates on Class A multifamily in Southeastern and secondary/tertiary markets, owning or managing some 30,000 units. Its structural heritage and through-cycle acquisition record make it a seasoned, large-scale name in the category.
This page describes a specific Delaware Statutory Trust offering (Passco Allure DST) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.