Passco Toscana DST

Passco Toscana DST Overview

NARRATIVE PENDING - the source due-diligence PDF for this listing is an image-only scan (text not machine-extractable), so Description, Highlights 1-5, Pros, Cons and Insights must be written from the PPM / Executive Summary before publishing. Factual fields below are from the AltsIllustrator grid.

Highlights

Analysis of Passco Toscana DST

Insights

Read Passco Toscana as a sponsor-execution bet wearing an income label, not a yield vehicle. The DST opens at a 4.4% Year-1 distribution — also its projected average — which screens Below Average against the ~4.85% multifamily-DST income benchmark and Below Average on peak yield versus the ~5.55% peer mark; on both current and terminal cash, you're buying below the pack. The offset is the quality of that cash: an ~8.3% cap-rate-equivalent against a 4.4% payout means the distribution is comfortably covered by in-place NOI, not manufactured from return of capital, and a 47% in-place LTV keeps refinance and rate risk contained. Entry, though, is expensive: a 12.2% total load is heavy, and at a 4.4% start it takes the better part of three years of distributions just to earn that load back. The crux is Passco's execution — NOI growth and exit timing — because you are explicitly not being paid to wait; with the hold period undisclosed, both the load payback and the appreciation thesis hang on a clock the deal won't show you, so watch the NOI trajectory and the exit-cap environment. The tell the marketing buries in its own resume: across 46 full-cycle deals Passco has returned ~11.7% annually at a 1.89x equity multiple over a ~5.6-year average hold — those returns came from the back end, not the coupon. A 4.4% start is exactly what a total-return sponsor's deal looks like; anyone buying this for yield has misread the manager. Note, too, that the 721/UPREIT exit is flagged Unclear, so don't underwrite an operating-partnership roll-up as a given. Verdict: own it if you're a 1031 exchanger who wants tax deferral, a top-tier multifamily sponsor, conservative leverage, and covered-if-modest income, and can wait for total return. If you need the distribution to live on or you're load-sensitive, pass — 12.2% is a steep toll for a 4.4% start.

Passco Toscana DST Projected Distributions

Projected, not guaranteed. Distribution rates are the sponsor’s projections, are not a promise of performance, and can be reduced or suspended. ¹ Estimated Tax-Adjusted Yield reflects the projected impact of depreciation and amortization deductions at an assumed combined federal and state tax rate; individual tax outcomes vary — consult your CPA regarding your specific situation. Cap Rate Equivalent is a Baker 1031 Investments calculation intended to allow comparison with direct property ownership; it is not a sponsor-reported figure and does not represent a rate of return. See the private placement memorandum for the assumptions behind these figures.

Passco Toscana DST Financing

Benchmarks

Benchmarks are calculated by Baker 1031 Investments: each metric is compared against the average across current offerings of the same property type tracked by Baker 1031 as of the last-updated date shown; a figure within ±10% of that average reads “Meets Average.” Benchmark data is internal, unaudited, and subject to change. Review each offering’s PPM for complete information.

About Passco

Passco Founded 1998 · Irvine, CA · passco.com

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.

• Founder Bill Passo helped pioneer the modern TIC 1031 structure (Rev. Proc. 2002-22).
• Concentrates on Class A multifamily in Southeastern and secondary/tertiary markets.
• Has completed $8B+ in acquisitions across multiple cycles.
• Owns or manages roughly 30,000 units.
• Manages $4.1 billion, a seasoned large-scale presence.

Sponsor figures are provided by the sponsor and have not been independently verified except as described in the offering materials. Past performance does not guarantee future results.

Passco Toscana DST Documents

• Offering Documents Available By RequestRequest Documents

Passco Toscana DST — Complete Offering Data

Every data point Baker 1031 tracks for this offering, in one place. Figures are drawn from the offering’s private placement memorandum and sponsor materials unless noted, are summaries for convenience only, and are qualified in their entirety by the PPM. Tap the ⓘ icon next to any label for what it means and how it is calculated.