Passco Companies LLC, a sponsor of Delaware statutory trust offerings and other alternative investments, in conjunction with Greystone, has acquired an independent living community in Knoxville, Tennessee.
Greystone provided the funding while Passco Companies LLC will be the owner and asset manager. Trustwell Living LLC, a senior living operating company, has been selected to manage the property. The community, located at 1932 Falling Waters Road, formerly known as Prime West Knoxville, will be renamed and branded as Trustwell Living of West Knoxville.
The 145-unit community was built in 2020 and is currently 98% leased, with a waitlist. It’s three-story community approximately 163,000 gross square feet and features a mix of one- and two-bedroom units, with abundant indoor and outdoor common area space including a fitness center, game room, theater, activities area, greenhouse, dog park, putting green, pickleball court, library, indoor pool and a dining room.
“Working with our partner Passco to acquire this quality asset, and launching a new partnership with Trustwell, has truly been a pleasure,” said Ken Carpenter, senior managing director at Greystone. “The level of collaboration required to launch this strategic initiative is a credit to the commitment of our combined teams. I’d also like to thank the Cushman & Wakefield team for their excellent work on this transaction.”
The community’s activities team, which range from artistic endeavors to musical entertainment, Happy Hours, spiritual pursuits, and more, host various activities for residents.
The property is located adjacent to two nationally anchored shopping centers.
“Expanding our portfolio into independent living and leveraging the expertise from Greystone and Trustwell Living, Passco feels confident that this will not only enhance our current portfolio but offer another asset class that is flourishing in the market,” said Alan Clifton, chief investment officer of Passco Companies. “We are seeing an increase in ‘life plan’ communities, which is a natural extension of our already existing Class A multifamily and active adult living portfolio.”
Headquartered in Irvine, California, Passco Companies is a full-service real estate company that acquires, develops, and manages multifamily and commercial properties throughout the U.S. Passco currently has $3.9 billion assets under management.