Passco Cortona DST

St. Louis, MO

Property 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.”

Acquistion Details

Total Equity


Total Debt


Total Value






Occupancy (as of 11/06/2023)


Financial Details

Purchase Price




Loan interest rate


Maturity Date

December 1, 2033

Interest Only Through

January 1, 2031

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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