GERMANTOWN, Tenn., and PALM DESERT, Calif. — Real estate investment company Passco Cos. has unveiled plans for two age-restricted apartment communities, each totaling 161 units, in Germantown and Palm Desert.
Passco partnered with Avenida, a California-based active adult owner-operator, on the developments. Apartments will be available to persons age 55 and older. Both projects are under construction and scheduled for completion in summer 2020.
Both locations were selected for their proximity to active areas and strong senior demographics. Palm Desert is a popular retirement destination with numerous golf courses, a performing arts center, shops, restaurants and art galleries. Germantown is near downtown Memphis, famed for its food and live music.
Avenida Palm Desert features mid-century modern architecture on over 6.3 acres. Avenida Watermarq at Germantown sits on the banks of Lake Nashuba which is part of the Wolf River greenway trail system connecting to the Mississippi River.
Average monthly rents for the Palm Desert location will be $2,175 for a one bedroom (averaging 750 square feet) and $2,700 for a two-bedroom (averaging 1,000 square feet). Average monthly rents for the Germantown location will be $1,775 for a one-bedroom (averaging 737 square feet) and $2,360 for a two-bedroom (averaging 1,030 square feet).
“A significant marketing aspect of our active senior concept is to address potential residents and their families’ consideration of prematurely locating in an independent living facility,” says Carey Levy, president of Passco Cos. Development. “As example, the resident really may not require three full meals and formal dining each day and weekly housekeeping, which translates to at least $1,500 to $2,000 more a month in base rent.”