What PASSCO Companies does

PASSCO Companies, LLC is a privately held, California-based real estate investment firm founded in 1998 by William "Bill" O. Passo. The company specializes in the acquisition, development, and management of commercial, multifamily, and retail properties, sponsoring Delaware Statutory Trust (DST) offerings and tenant-in-common investment structures that enable 1031 exchange transactions for accredited investors. The core business is capital deployment into multifamily real estate: PASSCO currently manages approximately $4.3 billion in assets across 17 states, encompassing 53 properties and more than 14,600 apartment units, with $8.7 billion in cumulative acquisitions since inception and a 7,170+ investor base as of December 31, 2025.

Revenue is generated primarily through sponsor fees on its DST and alternative investment programs, including asset management fees, acquisition and disposition fees, and carried interest, alongside income from real estate development activities overseen by Passco Companies Development. The firm does not maintain a proprietary technology platform; its intellectual property is in the form of pioneering investment structures (TIC, DST), a 28-year operating track record, and a senior leadership team averaging two to three decades of industry experience.

Distribution runs exclusively through registered broker-dealers and registered investment advisors for the wealth channel, supplemented by a 2022 joint venture with Greystone that creates an institutional DST platform for larger capital allocators and family offices. The company operates from its corporate headquarters in Irvine, California and a Southeast regional office in Atlanta, Georgia. Following the death of founder and CEO Bill Passo in June 2026, the firm continues operating under existing executive leadership led by President Larry Sullivan.

Name

PASSCO Companies

Legal name

Passco Companies, LLC

Website

https://passco.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

51–100 employees

Short description

PASSCO Companies is a privately held US real estate investment firm founded in 1998 that sponsors Delaware Statutory Trust and 1031 exchange offerings for accredited investors, managing $4.3B in multifamily and commercial assets across 17 states through broker-dealer, RIA, and Greystone institutional channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Irvine

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Sponsor Fees and Carried Interest: PASSCO Companies earns revenue as a sponsor of Delaware Statutory Trust (DST) offerings and other alternative investment programs. Revenue is generated through sponsor fees, carried interest, acquisition fees, disposition fees, and asset management fees charged to investors.
2. Real Estate Development: PASSCO Companies generates revenue through real estate development activities, including ground-up development and value-add renovations of multifamily properties. Carey Levy serves as President of Passco Companies Development overseeing this function.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

PASSCO Companies sponsors Delaware Statutory Trust (DST) and tenant-in-common investment programs that enable accredited investors to complete 1031 exchanges and access institutional-quality multifamily real estate. The firm acquires, develops, and asset-manages a national portfolio of multifamily and commercial properties across 17 states, charging sponsor fees, acquisition fees, disposition fees, asset management fees, and earning carried interest on investor capital.

Product overview

Passco Companies is a real estate investment firm offering a suite of alternative investment products centered on its DST (Delaware Statutory Trust) platform, which enables 1031 exchanges and tenant-in-common investments for accredited investors. The company also operates the Passco Exchange content platform for industry insights and maintains the Passco Gives Back charitable program. The core business focuses on acquiring, developing, and managing multifamily and commercial real estate assets across 17 states, with a portfolio spanning approximately $4.3 billion in assets under management.

Differentiator

Problem solved

Functional benefit

Brands

• Passco Exchange: Industry news and insights channel featuring video and written content from Passco executive leadership, covering topics like DSTs, multifamily market strategies, and real estate investment education.
• Passco Gives Back
• Passco Ambassador Program

Products and services

• Passco Companies DST Platform A sponsor platform for Delaware Statutory Trust (DST) offerings and tenant-in-common investment programs, enabling 1031 exchange transactions and alternative real estate investments for accredited investors; offerings are sold through broker-dealers and registered investment advisors.
• Multifamily Property Acquisition and Asset Management Acquisition, development, and asset management of multifamily real estate properties across 17 states, currently spanning approximately 53 properties and 14,600 apartment units as of February 2026.
• Joint Venture DST Platform with Greystone Institutional joint venture DST investment platform with Greystone, combining Greystone's capital markets expertise with PASSCO's acquisition and asset management capabilities, targeting institutional investors and family offices for multifamily DST investments.
• Passco Companies Development Wholly owned development subsidiary (Passco Development LLC) executing ground-up development and value-add renovations of multifamily properties, led by President Carey Levy.

Quantifiable outcome

• 10% levered IRR for existing investors on underperforming multifamily assets
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• GreystonecoreStrategic or Co-development Partner · 20 January 2022Greystone, a national commercial real estate finance company, formed a joint venture with PASSCO Companies for the DST investment sector. The partnership combines Greystone's capital markets expertise with PASSCO's acquisition and asset management capabilities to offer multifamily investment opportunities to institutional investors.
• SoutheasterncoreStrategic or Co-development PartnerPASSCO partnered with Augusta-based Southeastern (developer) for direct purchase of One Riverwalk in Knoxville, TN. This represents the third direct transaction between the firms since 2019, with total consideration exceeding $250MM. The partnership includes Grand Oaks at Crane Creek in Augusta, GA and One Hampton Lake in Bluffton, SC.
• Arlington PropertiesminorImplementation/ SI/ Consulting PartnerArlington Properties manages several PASSCO multifamily assets including Allure at Edinburgh in Chesapeake, VA and properties in the Baton Rouge market.
• GreystarminorImplementation/ SI/ Consulting PartnerGreystar provides property management services for PASSCO's Canal 1535 asset in New Orleans, Louisiana.
• iApartmentsminorGTM or Marketing PartneriApartments sponsored PASSCO Road Shows, an innovative initiative for regional and community managers to share best practices and foster collaboration across PASSCO's portfolio of properties.
• JRC Nationwide ConstructionminorGTM or Marketing PartnerJRC Nationwide Construction is a sponsor of PASSCO Road Shows, supporting training and collaboration events for property management partners.
• National Credit Systems, Inc.minorGTM or Marketing PartnerNational Credit Systems sponsored PASSCO Road Shows, contributing to collaborative training sessions for property management excellence.
• Valet LivingminorGTM or Marketing PartnerValet Living is a sponsor of PASSCO Road Shows, supporting events for regional and community managers across the PASSCO portfolio.
• BerkadiaminorChannel Partner/ Reseller/ DistributorBerkadia arranged the sale of Allure at Edinburgh (280-unit property in Chesapeake, VA) from Venture Realty Group to PASSCO Companies.
• JLL Capital MarketsminorChannel Partner/ Reseller/ DistributorJLL Capital Markets facilitated the Cortona at Forest Park acquisition in St. Louis, including arranging financing through KeyBank's Fannie Mae platform.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Capital Square: Capital Square is a direct competitor that sponsors DST and 1031 exchange offerings primarily focused on multifamily and other commercial real estate, distributing through broker-dealers and RIAs to accredited investors in a substantially overlapping investor base.
• Inland Real Estate Group: Inland Private Capital is one of the largest sponsors of 1031 exchange/DST offerings in the U.S., with a multifamily-heavy portfolio and a national broker-dealer distribution model directly comparable to Passco's sponsor franchise.
• Origin Investments: Origin Investments sponsors DST, 1031 exchange, and qualified opportunity zone offerings with a multifamily tilt and sells through financial advisors, overlapping with Passco on product structure, asset focus, and distribution channel.
• AHP Capital Management: AHP Capital Management is a DST and 1031 exchange sponsor with a multifamily-heavy portfolio and advisor-channel distribution, comparable to Passco on product mix, deal size, and target investor base.
• Bluerock Real Estate: Bluerock sponsors institutional-quality DST and 1031 exchange offerings with a multifamily focus and advisor-channel distribution, making it a near-direct comparable to Passco's core sponsor business in both product structure and go-to-market motion.
• Strategic Capital Fund Services: Strategic Capital sponsors DST offerings for accredited investors through broker-dealers and RIAs, focused on multifamily and net-lease assets — closely mirroring Passco's sponsor structure and target market.
• Caliber Companies: Caliber is a real estate investment manager that sponsors DST and 1031 exchange offerings alongside discretionary funds, with comparable advisor-channel distribution and a mix of multifamily and commercial real estate comparable to Passco.

Others

• Greystar: Greystar is the largest U.S. multifamily property manager and operator and manages Passco's Canal 1535 asset. It is a key service provider to Passco and a central node in the same multifamily investment and operating ecosystem.
• Greystone: Greystone is Passco's joint venture partner in the DST platform and a national commercial real estate finance, lending, and investment company. It is comparable as both a partner and an adjacent participant in the same DST, lending, and CRE capital markets ecosystem.

Broad incumbents

• CIM Group: CIM Group is a much larger diversified real estate investment manager operating across multifamily, office, retail, and credit. It overlaps with Passco on multifamily investment and 1031/DST-style sponsor activities but serves a broader set of strategies and institutional mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/passco
• Instagraminstagram.com/passcocompanies
• Xx.com/passco

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PASSCO Companies