Novella at Tuscan Village Apartments. Photo courtesy of Photo courtesy of Passco Companies
California-based real estate investment firm Passco Companies said it’s bought one of Tuscan Village’s apartment buildings, and has plans to rebrand the property.
A Rockingham County deed shows a Passco affiliate dropped $125 million on the Hanover Toscana building at 15 Artisan Drive on March 12. Registry records show Ohio-based KeyBank provided a $68.75 million Fannie Mae mortgage as part of the sale.
The 230-unit complex was completed in 2023 and holds studio, one-, two- and three-bedroom units with plenty of amenities like a “gourmet entertaining kitchen, three “resort-style” courtyards, a fitness center, EV chargers and a dog park.
But perhaps its biggest amenity is the surrounding Tuscan Village development. The building sits at the main intersection in the mixed-use development’s showpiece shopping street.
The building will be rebranded as “Novella at Tuscan Village.”
“Passco’s strong start to 2026 reflects our continued focus on acquiring high-quality assets in growth markets while delivering value to our investors,” Passco CIO Colin Gillis. “From expanding in major metropolitan areas like Boston, to identifying opportunities in high-growth secondary markets such as Hickory, we remain committed to strategic investments that align with long-term demographic and economic trends.”
It’s the second large apartment complex in Tuscan Village to have traded hands this year after the 281-unit Siena Tuscan Village a short walk across a parking lot to the west, which sold in January for $137 million to Boston-based TA Realty, public records show.
Master developer Tuscan Brands is nearing completion of the latest apartment building in the complex, across the street from Passco’s purchase: The Epicurian, whose ground floor is anchored by a new Whole Foods Market store.
The future of the last unbuilt quadrant of the former Rockingham Park racecourse site is still in limbo, though.
Tuscan Brands filed a proposal in June 2025 to replace plans for a life-sciences complex proposed for the development’s southwestern quarter with housing, retail buildings and a hotel. However, local officials voted to continue their discussion of the application last year, and the company has yet to return for a final approval hearing.
