Bill Passo, Passco Companies Founder and DST Pioneer, Dies at 84
By Staff
William “Bill” O. Passo, the founder and chief executive officer of Passco Companies, died June 15 at home surrounded by his family. He was 84.
Passco confirmed his death in a statement, describing Passo as “the heart” of the Orange County, California-based firm he founded in 1998. No cause of death was provided.
Passo built Passco from a California-focused real estate company into one of the most active sponsors of Delaware statutory trust offerings in the country. The firm today manages approximately $4.3 billion in assets across 17 states. Under his leadership, Passco became an active sponsor of 1031 exchange offerings distributed through the broker-dealer and registered investment adviser channels.
His influence in the alternatives space predated Passco. He practiced law from 1967 to 1985, specializing in real estate syndications and related tax and securities matters, before transitioning full-time into real estate investment. His first acquisition came in 1976, when he bought an Anaheim apartment project.
Passo was a pioneer in tenancy-in-common investments in the commercial real estate sector – a multi-owner, fractional real estate holding approach that later became mainstream. His early work in fractionalized 1031 structures laid groundwork for the DST market that followed, and Passco became one of a handful of sponsors that helped build and scale the Delaware statutory trust market by developing large portfolios of properties in tax-deferrable vehicles.
Passo held a juris doctorate from UCLA and a bachelor’s degree with honors from California State University, Long Beach. He was a registered representative and principal of Passco Capital, Inc., a member of the Financial Industry Regulatory Authority since 1998, and a licensed California real estate broker dating to 1974.
In recent years, Passco accelerated its multifamily platform and expanded its capital partnerships. In 2022, Greystone, a national commercial real estate finance company, made a minority investment in Passco and formed a strategic alliance to pursue DST investment opportunities and broader real estate acquisitions. At the time, Passo called the union “a strategic vehicle with exponential growth opportunities that is focused on putting people first.”
Larry Sullivan, president of Passco, will continue to lead the firm, the company said. Passco’s statement said the company would “honor his memory by continuing the work he began.”
Passo was a member of the Alternative & Direct Investment Securities Association (ADISA), which presented him with its 2021 A Champion of Excellence Award, the association’s highest honor. He was also a member of the International Council of Shopping Centers and served as a former director of Catholic Charities Retirement Homes and the Segerstrom Center for the Performing Arts. He was a founder of the Orange County Performing Arts Center.
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