Almeria
This is a sample of a Delaware Statutory Trust offering. DSTs are illiquid private placements offered under Reg D to accredited investors only. The figures below are sourced from the sponsor's Private Placement Memorandum. Year-one cash-flow, cap-rate, and DSCR figures are projections, not guarantees. Loss of principal is possible.
About this offering
Passco Almeria is an investment into a Class A multifamily apartment complex located in Chandler, Arizona. The property has a total of 389 units and was built in 2015. The property is part of a master planned community that will feature a golf course, retail, and leisurely amenities.
Key metrics
- Year 1 Cash Flow
- 5.00%
- Year 1 Cap Rate
- 4.51%
- Investor Purchase Price
- $90.13M
- Offering Size
- $42.88M
- Year 1 DSCR
- 2.41
- Hold Period DSCR
- 2.27
Debt structure
- Loan Amount
- $47.25M
- Lender
- KeyBank National Association
- Program
- Fannie Mae DUS
- Interest Rate
- 3.44%
- LTV
- 52.43%
- Term
- 10 years
- Interest Only
- 5 years
- Amortization
- 30 years
Specifications
- Units
- 389
- Year Built
- 2015
- Occupancy
- 91.77%
- Strategy
- Property is part of a master planned community featuring a golf course, retail, and leisurely amenities; conservative NOI growth assumptions of only 1% above trailing 3 months.
Market analysis
- New Supply
- Phoenix-Chandler area has ability for further development; a competitive property could be built in close proximity
Principal risks
- R01The Phoenix-Chandler area has the ability to be further developed and a competitive property can be built in close proximity to the subject property. This could hurt occupancy and rental rates in the area.
- R02The cap rate to investors is very low (4.51%), especially for the Phoenix area.
Property imagery
PASSCO
According to the sponsor's website: "Since 1998, Passco Companies, LLC has operated throughout all market conditions and cycles. The company has acquired over $4 billion in multifamily and commercial real estate in the United States. Since its inception, Passco Companies has become a recognized provider of investment opportunities in real estate projects.
Passco Companies is directed by a team of dedicated senior real estate professionals whose experience in the business averages 34 years, and who, collectively, have acquired over $30 billion in investment real estate projects."
Request the full offering package for Almeria
Private Placement Memorandum and sponsor materials available to accredited investors only.