Offering Summary — DST Underwriting

Passco Riverside DST is raising $48,900,000 in equity to acquire a 265-unit multifamily property in Dayton, KY. The structure targets an average full-term income of 4.81% with total front-end expenses of $3,740,850.

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. 4.81%

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

The property

265-Unit Multifamily Asset in Dayton, KY

$78,566,250 acquisition price

Passco Riverside DST

multifamily residential apartment complex

1181 Manhattan Blvd., Dayton, KY 41074

265 unitsmultifamily residential apartment complex

$78,566,250

100.0% of portfolio

Seller: —
Property manager: PASSCO

Sponsor

PASSCO

Asset Type

Multifamily residential apartment complex

Location

1181 Manhattan Blvd., Dayton, KY 41074

Units

265

Property Age

—

Offering Price

$48,900,000

Offering Debt

—

Offering Equity

$48,900,000

Offering LTV

—

Income % (Yr. 1)

—

Avg. Income (Full Term)

4.81%

Minimum Cash Investment

—

Minimum 1031 Investment

—

Strengths

Equity raise size of $48,900,000 provides institutional transaction scale.
Average full-term income is underwritten at 4.81%.

Concerns

Total upfront offering load is 7.65% ($3,740,850).