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Passco Sawgrass DST

Gonzales, LA

Property Description

The Project is a 272-unit multifamily apartment community known as Sawgrass Point (the “Project”) located on approximately 14.0 acres of land in Gonzales, Louisiana. According to the Needs Assessment (as defined below), the Project was constructed in 2020. The Project contains 4 3-story residential buildings, 2 2-story residential buildings, a single-story clubhouse building and a singlestory maintenance building. The Project includes 1-, 2- and 3-bedroom units. According to the Survey (as defined below), the Project has a total of 483 parking spaces, comprised of 439 surface spaces (including 16 detached carport spaces), 24 handicap spaces and 20 attached garage spaces. According to the Rent Roll (as defined below), the Project is leased at an occupancy rate of approximately 97.1% as of April 11, 2022.

Acquistion Details

Total Equity

$59,775,000

Total Debt

$28,476,000

Total Value

$88,251,000

Loan-to-value

32.27%

Units

272

Occupancy (as of 4/11/2022)

97.1%

Address

2163 S. Veterans Blvd., Gonzales, LA 70737

Financial Details

Purchase Price

$75,350,000

Reserves

$3,983,679

Loan interest rate

4.37%

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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