November 4, 2016
CHICAGO–Green Courte Partners, LLC announced today that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates (“GCP” or the “Company”), has acquired a portfolio of three independent living facilities located in suburban Detroit, Michigan. GCP is building a portfolio of high-quality age-restricted apartments and independent living communities serving the growing population of 55+ adults seeking an active lifestyle in an attractive setting. These assets bring GCP’s total senior housing portfolio to 764 units nationwide.
The acquisition, completed on October 31, 2016, includes:
– Pine Ridge of Garfield – 117-unit independent living community built in 2006 and located in Clinton Township.
– Pine Ridge of Plumbrook – 118-unit independent living community built in 2004 and located in Sterling Heights.
– Pine Ridge Villas of Shelby – 136-unit independent living community built in 1987 (renovated in 2006) and located in Shelby Township.
GCP has retained the current third-party manager, an affiliate of Spectrum Retirement Communities, LLC, to manage the properties.
Matt Pyzyk, Managing Director of Acquisitions for GCP, originated these transactions and is leading the Company’s effort to acquire high-quality age-restricted apartments and independent living communities in desirable markets throughout the United States.
Commenting on the transaction, Mr. Pyzyk stated, “We are very excited about the completion of this acquisition, which marks a significant step forward in the expansion of our rapidly growing senior housing portfolio. These assets provide a solid complement to the existing portfolio and we expect them to continue to be strong performers for many years.”