March 14, 2022
Green Courte Partners, LLC (“GCP”), a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today that its fifth investment fund, Green Courte Real Estate Partners V, LLC and its affiliates, acquired Chateaux at Mon Abri, Laurel Springs, and Grace Pointe Living, three active-adult senior cottage communities located in the Oklahoma City metropolitan statistical area. The portfolio contains 315 cottages and a 35-unit age-restricted apartment building. The acquisition increases GCP’s national age-restricted housing portfolio, which is managed by the firm’s wholly owned operating platform, True Connection Communities (“TCC”), to 17 communities containing approximately 2,600 units.
Matt Pyzyk, Managing Director of Acquisitions at GCP, said, “We are increasingly attracted to this transitional subset of the active-adult/senior housing sector based on our positive experience operating the cottage component of our existing portfolio, which is continually almost 100% occupied. Age-restricted cottages are a unique type of rental housing that is designed for and targeted to seniors seeking a single-family environment without the burden of home maintenance and who don’t yet desire the all-inclusive services like meals or housekeeping that come with independent living communities. We will continue to seek attractive opportunities to acquire or develop age-restricted cottage communities.”
Jim Pusateri, Chief Executive Officer of TCC and a Managing Director at GCP, added, “We are pleased to add this high-quality portfolio to the TCC family. The cottages feature private entries, private patios, and individual garages or carports and we plan to improve the common areas and amenities at all three communities to expand their market appeal. This style of rental housing is perfect for active seniors seeking to maintain a socially rich, independent lifestyle.”