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Offering Summary

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Passco Preston Ridge DST

Preview Report

Passco Preston Ridge DST offers 340 multifamily units in Hickory, NC, built in 2020/2023, seeking $44,350,000 in equity within an $83,565,000 total offering price.

Capital structure

Offering Equity$30.36M50.6% · $121,449 / unit
Offering Debt$29.64M

Offering price

$60.0M

Price / unit

$240,000

Units

250

Property age

12 yrs

Projected distribution rate

Avg 6.75%
Term avg.
Term avg. 5.19%

Year-one distribution of 6.25% stepping to 7.20% by year seven.

The property

340-Unit Modern Multifamily Community in Hickory, NC

$79,352,943 acquisition price

Passco Preston Ridge DST

Multifamily

The Preston Ridge apartment community was completed in 2020/2023, indicating a recently built property.

2001 Startown Rd Hickory, NC 28602

2001 Startown Rd Hickory, NC 28602

340 unitsMultifamily

$79,352,943

100.0% of portfolio

Seller
—
Property manager
PASSCO
Sponsor

PASSCO

Asset Type

Multifamily

Location

2001 Startown Rd Hickory, NC 28602

Units

340

Property Age

The Preston Ridge apartment community was completed in 2020/2023, indicating a recently built property.

Offering Price

$83,565,000

Offering Debt

$39,215,000

Offering Equity

$44,350,000

Offering LTV

46.93%

Income % (Yr. 1)

—

Avg. Income (Full Term)

5.19%

Minimum Cash Investment

—

Minimum 1031 Investment

—

Strengths

  • Modern vintage property completed in 2020/2023.
  • Clear 340-unit multifamily residential focus in Hickory, NC.

Concerns

  • Appraised value details not fully stated in documentation.