Passco Expands Senior Housing Pipeline
Teaming up with Avenida Partners, the company began construction on two 161-unit senior housing developments in California and Tennessee.
Passco Cos. has broke ground on two senior housing developments in Palm Desert, Calif. and Germantown, Tenn. Developed in a partnership with Newport Beach, Calif.-based Avenida Partners, both 161-unit developments will be completed by summer 2020.
Avenida Palm Desert is underway in at 40445 Portola Ave. in Palm Desert, Calif. The one- and two-bedroom senior development will sit on a 1.5-acre property and features amenities such as a 70-foot pool, indoor and outdoor yoga areas, outdoor cooking and dining spots, a sculpture garden, a fitness center, a theater, creative arts center, and firepits.
In Tennessee, Passco is developing Avenida Watermarq at Germantown that will be located at 7900 Wolf River Blvd. in Germantown, roughly 22 miles from Memphis. The building will also offer one- and two-bedroom units and the property will include a multitude of similar amenities including a lakeside entertainment cabana, a creative arts center, a fitness center, a dog park and outdoor and indoor yoga locations.
As both properties were designed for those who are 55 years or older, they will feature several services geared towards seniors like continental breakfast, scheduled transportation options, ongoing apartment maintenance and more that are included in the rent costs. Residents will also be able to pay more for additional services like housekeeping, pet care, groceries and more. Both senior housing developments will also feature Avenida’s Five to Thrive program, a rotating monthly schedule of fitness classes, social events, educational classes and more.
Shift to Senior Housing
Passco has been purchasing several multifamily properties this summer, like their recent acquisitions of a 384-unit apartment community in Baytown, Texas and a 300-unit apartment community in Augusta, Ga. But unlike their previous purchases in the last few months, the California and Tennessee developments are designed for and restricted to seniors.
Carey Levy, Passco’s president, said in a prepared statement that the company is establishing its footprint in the active senior housing sector and is looking for more opportunities with senior housing and core real estate.