Passco Preston Ridge DST
Passco Preston Ridge DST
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Investment Description
340-unit multi-family residential apartment complex known as Preston Ridge (the “Project”), located on approximately 24.07 acres of land in Hickory, North Carolina. Phase I of the Project was constructed in 2020 and phase II of the Project was constructed in 2023. The Project consists of a mix of 1-, 2- and 3-bedroom units, with an average unit size of 960 square feet. According to the ALTA/NSPS Land Title Survey dated December 17, 2025 (“Survey”) prepared by Wright & Associates Engineers & Surveyors, the Project has a total of 654 parking spaces, which includes 565 standard surface spaces, 35 handicap spaces, 36 garage spaces and 18 cross easement spaces. According to the January 8, 2026 Rent Roll, the Project was approximately 89.12% occupied.
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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, (iii) preserve the capital of the Holders and (iv) prepare the Project to be sold in approximately 10 years. There can be no assurance that any of these objectives will be achieved.
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Frequently Asked Questions
A Delaware Statutory Trust (DST) is a unique real estate investment vehicle that allows a group of individual investors to purchase fractional interests in large commercial real estate assets. These assets are typically beyond the financial reach of solo investors. Here's how DSTs work and why they are relevant for real estate investors:
Formation and Sponsors:
- DSTs are created under Delaware trust law.
- Real estate companies (sponsors) form DSTs by identifying and acquiring assets using their own capital.
- The sponsor then opens an offering period, and individual investors purchase fractional shares of the DST.
- DST beneficiaries are passive investors, providing equity capital.
DST History:
- DSTs were established in 1988 with the passing of the Delaware Business Trust Act (later renamed the Delaware Statutory Trust Act in 2002).
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