William Passo, Passco Companies Founder, Passes Away at 84

William “Bill” O. Passo, founder and CEO of Passco Companies, passed away on June 15 at home surrounded by his family. He was 84.

A practicing attorney from 1967 to 1985, during which time he specialized in real estate syndications, Passo was a real estate investor for half a century, making his first multifamily investment in 1976. Launching Irvine, CA-based Passco in 1998, Passo is considered a pioneer of the tenant-in-common (TIC) investment structure.

He was the first to present the concept, in which individuals could complete a tax-deferred exchange under Internal Revenue Code section 1031 by acquiring an undivided interest in real estate, to the IRS, which validated the TIC structure in 2002. Later, Passco helped build and scale the Delaware Statutory Trust (DST) market by developing large portfolios of properties in tax-deferrable vehicles.

Over the course of his real estate career, Passo directed the formation of more than 200 private and public limited liability companies, TIC programs, limited partnerships and DSTs. He also directed the acquisition, entitlement, management, leasing and/or disposition activities of more than 250 retail, office, multifamily and land properties nationwide, raising more than $1.4 billion in investor funds.

“He was prescient in the truest sense: able to recognize change before it became obvious and adapt with confidence before others understood the moment,” Passco said in a statement announcing the founder’s passing. “But those who knew him best will remember more than his accomplishments. They will remember his character. He was gracious, generous, determined, and deeply alive to the world around him. He lived every day fully, embracing each moment and encouraging others to do the same.”

Going forward, Passco said, “As a company, we will honor his memory by continuing the work he began and by carrying forward the values he lived by: integrity, vision, gratitude, loyalty, and care for others.”