Passco Cortona DST
St. Louis, MO
Investment Description
On November 8, 2023, the Trust acquired a 278-unit multifamily apartment complex known as Cortona at Forest Park (the “Project”) located on approximately 5.2418 acres of land in St. Louis, Missouri. The Project was constructed in 2014. The Project offers a mix of studio, 1-bedroom and 2-bedroom units with an average unit size of 802 square feet. The Project has a total of 381 parking spaces, including 10 handicap parking spaces. As of November 6, 2023, the Project was leased at an occupancy rate of approximately 93.52%. See “Description of the Project.”
Investment Details
Acquisition Details
Total Equity
$41,575,000
Total Debt
$33,739,000
Total Value
$75,314,000
Loan-to-value
44.80%
Units
278
Financial Details
Purchase Price
$62,000,000
Reserves
$5,503,561
Loan interest rate
5.98%
Maturity Date
December 1, 2033
Interest Only Through
January 1, 2031
Product Details
Product Sponsor
Product Structure
DSTAsset Type(s)
Self StorageSyndication Load
NA
Holding Period
NA
Liquidity
NA
Risk Profile
NA
Highlights
19 Oct, 24 Acquisition Date
19 Oct, 24 Acquisition Date
19 Oct, 24 Acquisition Date
19 Oct, 24 Acquisition Date
19 Oct, 24 Acquisition Date
19 Oct, 24 Acquisition Date
19 Oct, 24 Acquisition Date
19 Oct, 24 Acquisition Date
Business Plan
The principal objectives of the Trust are to (i) distribute to the Holders rent, after payment of debt service and expenses, at varying levels of the purchase price paid by the Holders for the Interests during the first 10 years of ownership, (ii) amortize debt during a portion of the ownership of the Project and (iii) prepare the Project to be sold in approximately 10 years. There can be no assurance that any of these objectives will be achieved. See “Risk Factors.”
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Available Equity
37% Funded
$100K Minimum
Offering Materials
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