Property Description

  • 268-unit apartment community completed in 2021. The property is comprised of one 4-story, six 3-story and three 2-story residential buildings situated on approximately 22.92 acres, offering a mix of 1, 2 and 3-bedroom units.
  • Unit amenities include quartz or granite countertops, kitchen islands, stainless steel appliances, kitchen tile backsplashes, vinyl plank flooring, washer/dryers in each unit and private balconies/patios.
  • Community amenities include a resort-style swimming pool with sundeck and poolside cabanas, clubhouse with demonstration kitchen, cyber café and business center, fitness center with yoga and spin room, outdoor fireplace and barbeque area, dog park and pet spa and detached garages.

 

If you are interested in receiving a PPM for this property, please email info@privatecapitalhq.com

Property Type

Multifamily

Structure

Delaware Statutory Trust

Passco
Velo DST

TN

Remaining Availability

1% Remaining

Total Funds
$86,683,325
Remaining Availability
Taking Backups
Minimum Investment
$100K
Funded To Date
$51,150,000
Est. Hold Period
See PPM
Leverage
43.58%
Equity Raise
$51,150,000
Price/SF or Price/Unit
$338,268/Unit

For More Details

 
 
 

Location Details

 
 
 

Population

1,356,319

Population Growth

See PPM

About The Area

Velo at Shelby Farms is located in an affluent suburb within the Memphis MSA, about 20 miles east of the Memphis Central Business District. According to Claritas, median home values, median household income levels, educational attainment levels, and population growth patterns exceed their MSA level counterparts within a one-mile, three-mile, and five-mile radius of the property. Directly south of the property is Shelby Farms Park, the 34th largest city park in the U.S., encompassing 4,500-acres in total, 40 miles of trails, and multiple lakes. Velo at Shelby Farms is within commuting distance to the area’s largest employers. FedEx World Headquarters (approximately 7.7 miles south) is an eight-building campus with over 1.1 million square feet of office space. FedEx is the largest employer in the MSA, employing an estimated 30,000 personnel within the region. Methodist Le Bonheur Healthcare (approximately 4.7 miles west) is the largest healthcare employer in the MSA, employing 13,235 personnel within the region. Baptist Memorial Hospital – Memphis (approximately 5.3 miles west) has an 80-acre campus and is also home to Baptist Memorial Hospital for Women, the Spence and Becky Wilson Baptist Children’s Hospital, Baptist Memorial Restorative Care Hospital, Baptist Heart Institute, Baptist Women’s Health Center and 5 physicians’ office buildings. Baptist Memorial Healthcare Corporation is the 2nd largest healthcare employer in the MSA, employing an estimated 7,436 personnel. Saint Francis Hospital – Memphis (approximately 7.8 miles southwest), a 42-acre healthcare campus home to a 479-bed acute care hospital, two medical office buildings, and the University of Tennessee/Saint Francis Family Practice Residency Building, employs 2,562 personnel in the MSA. The property is within nearby proximity to quality K-12 education options as well as several retail options. Within 1 mile is a free-standing Walmart Supercenter and a free-standing Kroger Grocer. Saddle Creek, an 89,977 square foot retail strip center featuring 45+ boutique-style stores, including Apple, Anthropologie, Brooks Brothers, Kendra Scott, Lulu Lemon, Madewell, Michael Kors, and Vera Bradley, is approximately 4.5 miles away.

 

Sponsor

Since 1998, Passco Companies, LLC has operated throughout all market conditions and cycles. The company has acquired over $7.2 billion in multifamily and commercial real estate in the United States. Since its inception, Passco Companies has become a recognized provider of investment opportunities in real estate projects.

Passco Companies is directed by a team of dedicated senior real estate professionals whose experience in the business averages 38 years, and who, collectively, have acquired over $35 billion in investment real estate projects.

Nationally, Passco Companies has achieved the status of “Preferred Borrower” with Fannie Mae, ranked #2 “Best Places to Work in Multifamily” in 2019 by Multifamily Leadership and listed as one of the “Top Owners” by Multihousing News in 2019, for the 3rd consecutive year. Passco Companies is also recognized locally on the 2019 lists: “Fastest Growing Private Company” and “Top Private Companies” by the Orange County Business Journal and one of Inc. 5000’s “Fastest-Growing Private Companies in America” in 2018. The company launched “Passco Gives Back” in 2015 and has given over a quarter of a million dollars to local charities benefiting education, medical research, family and children’s services and veterans.