Passco Companies, a California-based commercial real estate company, acquired a newly built independent living community in Knoxville, Tennessee, and will bring in Trustwell Living to operate it going forward. Opened in 2020 with 145 units, the community is already 98% leased with a waitlist. That means someone did their homework on local demand. The three-story community features one- and two-bedroom units, with a fitness center, game room, theater, activities area, greenhouse, dog park, putting green, pickleball court, library and indoor pool. It was formerly known as Prime West Knoxville but will be rebranded as Trustwell Living of West Knoxville.
Cushman & Wakefield’s Senior Housing Capital Markets team including Richard Swartz, Jay Wagner, Dan Baker, Aaron Rosenzweig and Bailey Nygard, advised the seller on the transaction. Greystone provided the acquisition financing.
