News

Passco, Greystone Team Up on Cushman & Wakefield-Brokered Senior Housing Deal in Knoxville, Tenn.

December 23, 2022

Passco Companies, LLC, in conjunction with Greystone, has acquired a Class A Independent Living Community in Knoxville, Tenn. Greystone provided the funding while Passco Companies, LLC will be the owner and asset manager. Trustwell Living, LLC, (“Trustwell”), 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.

The three-story community is approximately 163,000 gross square feet and features a mix of spacious 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 spacious dining room.

In addition to exceptional services and amenities, residents of Trustwell Living of West Knoxville will continue to find joy and fulfillment by participating in any number of on- and off-site activities hosted by the community’s activities team, which range from artistic endeavors to musical entertainment, Happy Hours, spiritual pursuits, and more. The community’s chef is an expert in meeting and exceeding the needs of the residents with tasty meals using fresh ingredients including seasonal vegetables grown in the community’s hydroponic greenhouse.

Knoxville is one of the top 10 places to live  in 2023 according to Money Magazine and was ranked Best Places to Retire in 2021 by Forbes. The Property is located adjacent to two nationally anchored shopping centers.

Greystone, a national real estate finance and investment company, has decades of experience in the senior housing and independent living sector with over $5 billion in originations for senior housing loans, and as an experienced owner / operator of skilled nursing facilities through its affiliates. The Cushman & Wakefield Senior Housing Capital Markets team including Richard Swartz, Jay Wagner, Dan Baker, Aaron Rosenzweig, and Bailey Nygard, advised the seller.

“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, 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.”

Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., is excited to partner with Greystone and Trustwell Living on this investment opportunity. “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,” states Alan Clifton, Chief Investment Officer of Passco Companies. In addition, “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,” states Clifton.

“We are excited to partner with Greystone and Passco and honored to operate this beautiful and outstanding community,” said Lawrence Cohen, Chief Executive Officer of Trustwell Living. “We look forward to extending our operational capabilities to serve the needs of seniors who deserve the best,” said Cohen. “We also look forward to delivering Trustwell’s seasoned approach to exceptional services and programs to current and future residents. At Trustwell Living communities, the goal is the same: to be a community where family cares for family.”

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