Green Courte Partners LLC said April 25 that it acquired Pueblo Del Sol. Financial terms weren’t announced. Pueblo Del Sol, of Las Vegas, is a 453-site all-age land-lease community.
CHICAGO, April 25, 2018 /PRNewswire/ — Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates, has acquired Pueblo Del Sol, a 453-site all-age land-lease community located in Las Vegas, Nevada. The community will be managed by an affiliate of the fund, which plans to undertake an extensive renovation of the community’s amenities and introduce significant home inventory and robust home sales and rental programs.
Pueblo Del Sol is Green Courte’s first land-lease community investment since the 2015 sale of American Land Lease, Inc., a fully-integrated operating platform and portfolio of 59 land-lease communities with over 19,000 home sites located in 11 states. Green Courte plans to build a new portfolio of high-quality land-lease communities to meet the growing needs of families and seniors seeking high quality, yet affordable, housing and an attractive lifestyle.
Bill Glascott, Green Courte’s Deputy Chief Investment Officer, commented, “We are thrilled with the acquisition of Pueblo Del Sol. It is a large all-age community with an attractive design in a growth market. It’s near significant employment opportunities and convenient to retail, transit, and other increasingly diverse demand generators in the Las Vegas MSA. We are excited to launch our new land-lease community platform with this transaction and plan to continue growing the portfolio through our active pipeline of deals.”
Chuck Crook, the Chief Operating Officer of Green Courte’s land-lease community platform, said, “We are excited to re-enter the land-lease community business and leverage our deep experience owning and operating in this asset class. We believe we can enhance Pueblo Del Sol through high-impact infrastructure and amenity improvements and the purchase of new homes to fill the community. There is clear demand for quality housing at affordable prices in this market and we remain 100% focused on providing value to our customers.”
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 land-lease communities, near-airport parking facilities, 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.