Green Courte Partners Acquires Two Independent Living Communities
CHICAGO–Green Courte Partners, LLC announced today that its fourth fund, Green Courte Real Estate Partners IV, LLC and its affiliates ("GCP" or the "Company") has acquired its first two senior housing communities. GCP is actively building a portfolio of age-restricted apartments and independent living communities to meet the growing needs of older Americans seeking an active lifestyle offered in an attractive yet affordable environment.
The Company's two acquisitions are: Verena at Virginia Center – In November 2015, GCP acquired a 118-unit, independent living community located in Glen Allen, Virginia (part of the Richmond MSA). The community, which was constructed in 2009 and is presently 97% occupied, will be managed by Senior Lifestyle Corporation, one of the nation's largest managers of housing for older Americans.
Arbour Square of Harleysville – In June 2016, GCP acquired a 275-unit, independent living community located in Harleysville, Pennsylvania (part of the Philadelphia MSA). The community, which was built in two phases, completed in 2006 and 2014, and is presently 78% occupied, will be managed by Heritage Senior Living.
Matt Pyzyk, Managing Director of Acquisitions, originated these transactions for GCP and is leading the Company's effort to acquire age-restricted apartments and independent living communities in attractive markets around the United States.
Commenting on the transactions, James R. Goldman, Vice Chairman and Chief Investment Officer of GCP, stated, "We are excited to leverage our experience owning and operating age-restricted land-lease communities into our first acquisitions in rental communities targeting older Americans. We believe the principles that drove our success with land-lease communities are equally applicable in age-restricted housing. We remain focused on providing value to our customers through an active, engaging residential experience offered in an attractive, safe and comfortable setting." Bill Glascott, Managing Director and head of acquisitions at GCP added, "We are building a pipeline of investment opportunities to create a unique portfolio of rental communities focused exclusively on older Americans. We hope to become a very successful and reliable buyer in the active adult and independent living asset classes as we scale our platform."