Green Courte Partners has acquired three active adult senior cottage communities in the Oklahoma metropolitan area: Chateaux at Mon Abri, Laurel Springs and Grace Pointe Living. No financial terms were disclosed.
CHICAGO, March 11, 2022 /PRNewswire/ — 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.”
About Green Courte Partners, LLC
Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, including active adult/independent senior living properties, land-lease communities, and near-airport parking facilities. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte’s goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period. For additional information, please visit Green Courte’s website at www.GreenCourtePartners.com.
About True Connection Communities
True Connection Communities operates a high-quality portfolio of 17 active-adult and independent senior living communities, containing over 2,600 units located in nine states, to meet the growing needs of Americans over the age of 55 seeking an active and engaged lifestyle. To deliver an exceptional resident experience, TCC focuses on five key offerings, which include custom-designed fitness and wellness programs, creative chef-prepared meals made with the freshest seasonal ingredients, social activities designed for a life on the move, innovative educational programs, and state-of-the-art technology. To learn more, visit www.TrueConnectionCommunities.com.