Green Courte Partners has acquired The Aspens at Mariposa Point, a senior living community in Gilbert, Arizona. No financial terms were disclosed for the deal that was done with True Connection Communities.
CHICAGO, Feb. 10, 2020 /PRNewswire/ — 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”), acquired its eleventh senior living community, The Aspens at Mariposa Point, a 202-unit property located in Gilbert, Arizona. GCP, with its wholly owned senior living operator, True Connection Communities (“TCC”), is continuing to build a high-quality portfolio of active adult and independent living communities to meet the growing needs of older Americans seeking an active lifestyle. The newly constructed community was acquired by GCP on January 30, 2020, after being delivered earlier that month. The acquisition will increase the GCP/TCC portfolio to over 1,800 units.
GCP will convert the community from its current active adult offering to a full-service independent living community. With the conversion, GCP will make a number of significant enhancements to the community, including expanding the dining area, modifying the existing kitchen, and adding a third-party-operated home health office. The conversion and enhancements will position the property to be one of the most attractive independent living communities in the Phoenix market.
Matt Pyzyk, Managing Director of Acquisitions at GCP, said, “The Aspens at Mariposa Point is a strong addition to our rapidly growing senior living portfolio and represents our entry into the Phoenix metropolitan market. We were pleased to have the opportunity to acquire this community in an off-market transaction due to our established relationship with the seller.”
Jim Pusateri, Chief Executive Officer of TCC and Managing Director at GCP, added, “We are excited to expand our unique model to the rapidly growing Phoenix market. This acquisition will be a perfect platform for us to continue leveraging technology and innovation to provide an exceptional customer experience throughout our senior living portfolio.”
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 near-airport parking facilities, land-lease communities, and active adult/independent senior living properties. 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