The Opportunity
A redevelopment and expansion of Penfield Farms, an all-age, land-lease community located near Rochester, NY.
Green Courte had recently completed redevelopment of the front section of its 402-site Penfield Farms community, replacing 145 functionally obsolete home sites with all new homes, and adding new underground infrastructure, driveways, roads, and landscaping. It was already a significant undertaking, but Green Courte’s team was thinking bigger. Two manufactured housing communities directly adjacent to Penfield Farms, East Avenue and Forest Lawn, made ideal strategic acquisition targets. Combining their 335 total home sites with the existing community would greatly expand Green Courte’s footprint in the Rochester area and provide potential residents with a wider variety of home price points and floor plans.
Green Courte already had a relationship with the owners of East Avenue and Forest Lawn, having completed transactions with them in the past, so there was confidence an agreement could be reached. In 2023, Green Courte structured a direct, off-market transaction that met the needs of all parties and finalized the acquisitions of East Avenue and Forest Lawn.
The Transformation
The two newly acquired properties were rebranded to become part of Penfield Farms to create a single, unified community. With the goal of increasing occupancy throughout, the business plan included improvements to the entirety of Penfield Farms. New amenities like walking paths, a dog park, pavilion, firepit, and playground were completed to enhance the resident experience. Green Courte continues to invest capital to address previously deferred maintenance, including road and driveway paving, landscaping, underground utilities, and signage.
Professional, forward-looking management and a dedicated salesperson from Windward Communities, Green Courte’s land-lease community operating company, have helped expand Penfield Farms’ online presence and improve home sales and occupancy. Each of the original communities has maintained its own distinct characteristics and home price points, allowing Windward to reach a broader customer base and offer various floor plans to fit unique needs. Penfield provides all of the variety and flexibility of three communities, with the efficiencies of a single, well-managed entity.
