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Chicago, Illinois (October 22, 2024) – Green Courte Partners, LLC (“Green Courte”), 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 USAirport Parking (“USAP”), a near-airport parking facility serving Denver International Airport. The facility has 7,599 self-park spaces, including over 1,100 covered spaces, and will be managed by and rebranded as The Parking Spot.

Jordan Kerger, Managing Director at Green Courte, stated, “USAP has been one of our top acquisition targets since we began investing in the near-airport parking industry in 2011.  We identified USAP because of its strategic location and attractive product offering. Following the acquisition, we plan to enhance the property’s position as a premium facility by investing in significant capital improvements, including expansion of the facility’s covered parking options.”

Milt Rotenberg, Green Courte’s counterparty in the transaction, added, “Green Courte built a relationship with us over the past decade, demonstrating a deep understanding of our property, the Denver market, and the near-airport parking industry. They crafted a flexible transaction structure that met our needs and delivered exactly what they promised.”

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. The firm has active investments in the following sectors: active-adult/independent senior living, land-lease communities, industrial outdoor storage, and near-airport parking. 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.

For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com

New York, NY & Chicago, IL (October 8, 2024) – KKR, a leading global investment firm, today announced that KKR has acquired The Parking Spot (“TPS” or the “Company”), the nation’s leading owner and operator of near-airport parking properties, from an affiliate of Green Courte Partners, LLC, a private equity real estate investment firm. Financial terms of the transaction were not disclosed.

Founded in 1998, TPS is the preeminent provider of near-airport parking operations in the U.S., with 47 strategically located parking properties across the country servicing customers traveling from all major airports. Its facilities are designed to deliver convenient, affordable, and hassle-free transitions to and from airport terminals, and feature a range of parking options as well as reliable and recognizable shuttle services. TPS’s accomplished management team will continue to lead the Company.

“The Parking Spot has demonstrated a compelling track record of growth and delivery of a high-quality offering to travelers that aligns well with our investment philosophy,” said Dash Lane, Partner at KKR. “With its strong and established platform, well-known industry brand, and superior customer service, TPS is recognized as an industry leader. Above all, we are strong believers in the TPS management team and their vision, along with the employees who have contributed meaningfully to the Company’s success. We are eager to work with them to further build on their impressive performance and capitalize on the numerous growth opportunities that lie ahead.”

Braden Rudolph, Chief Operating Officer of Green Courte, said, “We are proud of Green Courte’s contributions to the TPS platform throughout our ownership period, during which we expanded TPS’s footprint through acquisitions and ground-up developments from a 17-property portfolio in 2011 to 47 facilities today. Through our strategic partnership with TPS, we developed proprietary technology and a data-driven platform to enhance TPS’s value proposition while the team continued to deliver best-in-class customer service. We look forward to furthering our strong relationship with TPS and KKR as we continue to own 15 near-airport parking facilities that are currently operated by The Parking Spot.  Green Courte remains committed to investment in the near-airport parking sector.”

“Today marks a significant milestone for The Parking Spot and reinforces our position as the premier choice for travelers seeking convenient and reliable near-airport parking. KKR’s industry knowledge and substantial resources will be instrumental as we continue to grow our core business and enhance our market leadership,” said Tim O’Malley, President and Chief Executive Officer at TPS. “We are also grateful to Green Courte for their unwavering support over the years, which has been fundamental to our success. Their strategic partnership has set the stage for this exciting new chapter with KKR.”

KKR made this investment through its Global Infrastructure Strategy. Morgan Stanley & Co. LLC served as financial advisor to KKR and Simpson Thacher Bartlett served as legal advisor to KKR. Evercore served as financial advisor to Green Courte and DLA Piper served as legal advisor to Green Courte.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

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, near-airport parking facilities, and truck storage 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.

About The Parking Spot

As the nation’s leading near-airport parking company, with 47 convenient locations at 28 major U.S. airports, TPS makes airport travel simple and seamless. Friendly, courteous team members, outstanding value, an unmatched customer service commitment, and our industry-leading Spot Club loyalty program combine to ensure that TPS is the best part of our guests’ travel experience. For more information, please visit www.theparkingspot.com, or follow TPS on Instagram @theparkingspotofficial and on Facebook.

For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com

Chicago, Illinois (September 30, 2024) – Green Courte Partners, LLC (“Green Courte”), a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today that its sixth investment fund, Green Courte Real Estate Partners VI, LLC, and its affiliates, acquired 1191 North Foster Road, a well-located land development site in San Antonio, Texas, that is adjacent to a growing hub of logistics facilities.

Green Courte plans to develop the site into an industrial outdoor storage (“IOS”) facility and then operate a portion of the property as managed truck storage and lease the remainder to IOS users on a triple-net basis. Construction is scheduled to be completed in the first half of 2025. The property will be managed by GCP Truck Storage Management, LLC (“GCP TSM”), Green Courte’s wholly owned IOS operating platform.  

Regarding the transaction, Jordan Kerger, Managing Director at Green Courte, stated, “This acquisition is a valuable addition to our expanding IOS portfolio. The property’s attractive location in a strong and growing industrial submarket makes it an ideal site for executing our IOS strategy.”

Currey Hall, Managing Director at Green Courte and President of GCP TSM, said, “We are excited to begin construction in the coming weeks and move forward with our business plan. The Foster Road location, which is less than a mile from an I-10 interchange, is ideal for logistics operators and stands out as one of the best in the market.  This site offers us the flexibility to meet demand by offering managed truck storage in addition to other IOS leasing options.”

Matt McWilliams, the seller in the transaction, added, “We are pleased to have successfully completed a transaction with Green Courte. They were great to work with throughout the entire sale process and closed our transaction on time.”

For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com

Chicago, Illinois (August 27, 2024) – 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 Mountain Vista, a 460-site all-age land-lease community located in Tucson, Arizona. The acquisition adds an Arizona property to GCP’s national land-lease community portfolio and brings it to a total of 24 communities located in eight states and containing approximately 9,000 home sites. Mountain Vista will be managed by Windward Communities (“Windward”), GCP’s wholly owned land-lease community operating platform. Windward will implement an immediate and substantial capital improvement plan, including road paving, upgraded amenities, and refreshed landscaping and signage, to enhance the community and support leasing initiatives.

Regarding the transaction, Jordan Kerger, Managing Director at GCP, stated, “We are excited to establish a presence in Arizona with a community of this size and quality as we continue to seek opportunities to grow our land-lease community portfolio nationwide.”

Tim Davis, GCP’s counterparty in the transaction, added, “We brought this opportunity directly to Green Courte because of our long-term relationship and our confidence in their ability to execute based on the transactions we have successfully completed together in the past. Green Courte met our transaction timeframe and closed at the original terms despite continued volatility in the capital markets.”

For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com

Chicago, Illinois (August 1, 2024) ­– 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 Chesapeake Bay, an active-adult community with 348 apartments and cottages located in Seabrook, Texas, just south of Houston along Clear Lake, a desirable recreational area. The acquisition increases GCP’s national senior living portfolio, which is managed by the firm’s wholly owned operating platform, True Connection Communities (“TCC”), to 19 communities containing approximately 3,100 units. 

Matt Pyzyk, Managing Director at GCP, said, “Chesapeake Bay is a valuable addition to our growing portfolio of age-restricted housing. The Houston market has demonstrated robust demand for the active-adult product, and Chesapeake Bay offers a premium Class A option for the baby boomer demographic. With a mix of apartments and cottages, the community’s initial phase leased quickly and maintained strong occupancy, prompting the developer to add 90 cottages in late 2023 to meet market demand. We will continue to seek attractive opportunities to acquire or develop additional communities for our active-adult portfolio.”

Andy Alexander, Chief Executive Officer of Green Courte Residential, which oversees Green Courte’s residential community operating platforms, added, “We are excited to expand TCC’s active-adult community footprint with the acquisition of Chesapeake Bay. The combination of active-adult apartments and single-story cottages with attached garages provides a wide array of options for Houston’s growing 55+ population base.  The community boasts an attractive suite of amenities, including two resort-style pools, a movie theater, and an on-site bar serving residents during social events throughout the week.”

For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com

Chicago, Illinois (February 8, 2024) — 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 5301 Wilbarger, a 40-acre industrial outdoor storage (“IOS”) property located in Fort Worth, Texas, that the company intends to operate as managed truck storage. The acquisition marks GCP’s entrance into the IOS sector and launches its truck storage operating platform.

Regarding the transaction, Jordan Kerger, Managing Director at GCP, stated, “We are thrilled to enter the IOS sector through this strategic acquisition. Consistent with our investments in near-airport parking, land-lease communities, and senior living, we have built a fully integrated operating platform to enhance the value of our real estate and better position us for a wide range of transaction opportunities.” GCP’s truck storage operating platform, GCP Truck Storage Management (“GCP TSM”), will be led by Currey Hall, who is a founder and the former president of Vantage Truck Parking, an earlier entrant into the truck storage sector.

Hall, now Managing Director at GCP and President of GCP TSM, said, “This is a fantastic property located in a large and expanding industrial corridor in the Dallas-Fort Worth metroplex. I am very excited to lead the rollout of our operating platform and the implementation of our business plan. We will continue to pursue opportunities to acquire new properties and expand our platform.”

JD Salazar, representing TH Logistics Fund I, a joint venture between Timber Hill Group and Champion Realty Advisors, added, “GCP approached us directly regarding the sale of our property. GCP and our team worked together to find creative solutions that allowed us to close on the terms to which we had originally agreed. I would be pleased to work with GCP again on future real estate transactions.”

For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com