Passco One Riverwalk DST

Knoxville, TN

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Investment Description

On October 31, 2023, the Trust acquired a 303-unit multifamily apartment complex known as One Riverwalk (the “Project”) located on approximately 3.35 acres of land in Knoxville, Tennessee. The east building of the Project was constructed in 2019, and the west building of the Project was constructed in 2020. The Project offers a mix of studio, 1-bedroom and 2-bedroom units with an average unit size of 884 square feet. The Project has a total of 461 parking spaces, including 8 handicap parking spaces, and 8 electric parking garage spaces. 209 parking spaces are provided via a city-owned parking deck across E. Blount Ave. As of October 24, 2023, the Project was leased at an occupancy rate of approximately 96.37%.

Investment Details

Acquisition Details

Total Equity

$74,700,000

Total Debt

$64,290,000

Total Value

$138,990,000

Loan-to-value

46.26%

Units

303

Financial Details

Purchase Price

$124,070,625

Reserves

$5,117,065

Loan interest rate

3.12%

Maturity Date

March 1, 2032

Interest Only Through

April 1, 2027

Product Details

Product Sponsor

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Product Structure

DST

Asset Type(s)

Multi Family

Syndication Load

NA

Holding Period

NA

Liquidity

NA

Risk Profile

NA

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 8 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 8 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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