Allocation
$0M
V6 Floor Y1
$0K
V6 Floor Y5
$0.00M
V4 Ceiling Y5
$0M
TAM
$0.00T
About Pass Creek Holdings
Pass Creek Holdings is the land development company owning the 15-acre Grow Campus in Custer, SD. Pass Creek subleases parcels to builders for housing construction, collects internal leases from BHC entities, and manages campus expansion. Luke retains 100% land ownership — builders take construction risk, Pass Creek gets ground lease revenue.
The Opportunity
The US real estate market is $1.92T. Black Hills real estate is appreciating 8-12% annually with extremely limited supply. Pass Creek turns owned land into a competitive moat — builder subleases generate immediate revenue while Luke retains ownership of the appreciating asset. 34 housing units planned across 3 development phases.
Market Opportunity
$1.92T
Total addressable market
Competitive Advantages
Builder subleases = immediate cash, zero construction risk
15-acre campus in appreciating Black Hills market
Internal leases guarantee minimum occupancy from Day 1
34-unit housing development (tiny homes → apartments → executive)
SD property tax rates among lowest in nation
Comparable Companies
Market validation from industry peers
WeWork (cautionary)
$47B peak → bankruptcy
Industrious
$600M+ valuation, profitable
PropertyMeld (SD comp)
Own building, SaaS tenants pay rent to own LLC
Flywheel Connection
Pass Creek is the physical foundation. Builder subleases fund campus expansion. Every entity operates rent-free Y1 from owned facilities. Settle the West relocators need housing (34 units planned). THE BARN studio serves Outpost Media. Grow Campus incubates Auric Labs startups.
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