Passco Canal 1535 DST

New Orleans, LA

Property Description

On April 21, 2022, the Trust acquired a mixed-use, 330-unit multifamily apartment complex known as Canal 1535 Apartments (the “Project”) located on approximately 1.85 acres of land and encompassing an entire city block in downtown New Orleans, Louisiana. According to the Needs Assessment (as defined below), the Project, constructed in 2020, consists of (i) a 9-story mixeduse residential building comprised of 9 stories of multifamily apartments, with a net rentable area of approximately 298,109 square feet, (ii) a 9-level parking structure located and tied into the north central portion of the building and accessed from Iberville Street on the north side of the building, and (iii) approximately 1,700 square feet of ground floor retail space. According to the Appraisal (as defined below), the residential portion of the Project offers a diverse mix of studio, 1-bedroom and 2-bedroom units with an average unit size of 903 square feet. According to the Survey (as defined below), the Project has a total of 463 automobile parking spaces located in the parking structure, including 7 handicap parking spaces, and 48 bicycle parking spaces. According to the Rent Roll (as defined below), the Project is leased at an occupancy rate of approximately 84.24% as of April 10, 2022. See “Description of the Project.”

Acquistion Details

Total Equity


Total Debt


Total Value






Occupancy (as of 4/10/2022)



1535 Canal Street, New Orleans, LA 70112

Financial Details

Purchase Price




Loan interest rate


Loan term

10 years

Interest only period

7 years

Business Plan

The principal objectives of the Trust will be to (i) distribute to the Holders rent, after payment of debt service and expenses, at various 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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