Category: Uncategorized

Chicago, Illinois (April 25, 2018) – 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.”

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

Chicago, Illinois (March 21, 2018) – Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today the promotions of Amy A. Bjork and Jon S. Pollan to Vice President and Amber N. Mullenix to Senior Associate.

Ms. Bjork joined Green Courte in July 2003. After leaving temporarily in 2014, she rejoined the firm in August 2017. Ms. Bjork has served in numerous roles during her time with Green Courte, most recently as Financial Applications Manager. As Vice President, Ms. Bjork will provide project management oversight and support to the accounting, asset management, and property operations teams for various financial software packages.

From 2014 to 2017, Ms. Bjork was a Senior Product Manager with JDR Consulting, LLC, where she provided software systems project support to real estate clients. Ms. Bjork holds a Bachelor of Science in Education from Eastern Illinois University.

Mr. Pollan joined Green Courte in June 2013 as an Associate and was promoted to Senior Associate in March 2015. During his time with Green Courte, Mr. Pollan has contributed to the acquisitions and asset management efforts within each of Green Courte’s targeted sectors. As Vice President, Mr. Pollan will focus on near-airport parking acquisitions for The Parking Spot, Green Courte’s near-airport parking platform.

Prior to joining Green Courte, Mr. Pollan worked for Stonehenge Partners in New York City, where he participated in asset management for the firm’s $2.2 billion portfolio. Mr. Pollan holds a Bachelor of Business Administration in Real Estate and Urban Land Economics from the University of Wisconsin-Madison.

Ms. Mullenix joined Green Courte in October 2016 as an Associate in asset management, where she focused primarily on operations and reporting for Green Courte’s active adult/independent senior living investments. As a Senior Associate, Ms. Mullenix will continue to oversee reporting and will take on a more strategic role supporting the development of Green Courte’s senior living and land-lease community operating platforms.

Prior to joining Green Courte, Ms. Mullenix was an Asset Manager at White Lodging Services, where she was responsible for annual business planning and managed new hotel openings. Ms. Mullenix holds a Bachelor of Science in Hospitality and Tourism Management from Purdue University.

Chicago, Illinois (March 20, 2018) – Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today the promotions of David B. Lentz to Chief Executive Officer, Steven S. Gearhart to Chief Operating Officer, and William Glascott to Deputy Chief Investment Officer. In conjunction with these promotions, Mr. Gearhart and Mr. Glascott have joined Green Courte’s Management Committee.

Considering these promotions, Randall K. Rowe, Green Courte’s Chairman, commented, “As we continue executing our strategy of building world-class, fully-integrated businesses within the real estate sectors we are currently targeting, which include near-airport parking, active adult/independent senior living properties, and land-lease communities, these promotions demonstrate the breadth and depth of talent and experience we have assembled at the firm.”

Mr. Lentz joined Green Courte in June 2003. He is one of the firm’s three Managing Principals and was most recently the firm’s Chief Operating Officer. Mr. Lentz has held several senior leadership positions during his tenure at Green Courte, including Chief Executive Officer of American Land Lease, Inc., the firm’s previous land-lease community platform, which was merged with Sun Communities, Inc. in 2015, and Vice Chairman of the board of directors of The Parking Spot, the firm’s near-airport parking platform. As Chief Executive Officer of Green Courte, Mr. Lentz will lead Green Courte’s Management Committee and will be responsible for managing the daily activities and resources of the firm in addition to guiding strategic operating decisions. He will also serve as the Chairman of The Parking Spot.

Mr. Lentz is a Trustee of the Urban Land Institute and a Governor of the ULI Foundation, and he serves as a Vice Chair of ULI’s Sharing Economy Council. Prior to joining Green Courte, Mr. Lentz was Director of Development with Mosbacher Power Group, L.L.C., a global developer, owner and operator of independent power generation assets, and a Financial Analyst with Enron Capital & Trade Resources. Mr. Lentz holds a Bachelor of Business Administration in Finance from The University of Texas at Austin and a Master of Science in Real Estate and Urban Land Economics from the University of Wisconsin-Madison.

Mr. Gearhart joined Green Courte in March 2015 as Chief Technology Officer and has been part of The Parking Spot’s senior management team since 2012, serving previously as Chief Revenue Officer, Chief Operating Officer, and Chief Information Officer. Most recently at The Parking Spot, Mr. Gearhart was responsible for strategic technology initiatives, including the development and implementation of the company’s proprietary revenue control system, as well as data analytics and the overall sales, marketing, and revenue generation functions. In his new role as Chief Operating Officer of Green Courte, Mr. Gearhart will serve as a Vice Chairman of The Parking Spot and will oversee Green Courte’s portfolio of operating businesses.

Prior to joining Green Courte and The Parking Spot, Mr. Gearhart was a Vice President at Pritzker Realty Group, an Assistant Professor of Electrical Engineering at the University of Wisconsin-Madison, and a management consultant with Boston Consulting Group. Mr. Gearhart holds a Doctor of Philosophy in Electrical Engineering from the University of Michigan and a Master of Business Administration from Northwestern University’s J.L. Kellogg Graduate School of Management.

Mr. Glascott joined Green Courte in February 2012 as a Managing Director and focused initially on strategic acquisitions to expand the firm’s land-lease community platform. Mr. Glascott currently oversees acquisitions across all of Green Courte’s targeted sectors.  In his new role as Deputy Chief Investment Officer, Mr. Glascott will continue to manage the firm’s investment activities with additional focus on strategic planning and capital deployment.

Commenting on Mr. Glascott’s promotion, James R. Goldman, Green Courte’s Vice Chairman and Chief Investment Officer, observed, “With Bill approaching twenty years of experience in acquisitions, transaction structuring and real estate investing combined with his effective management of the acquisitions group for the past two years, this promotion formalizes his position and acknowledges his many contributions to the firm.”

Prior to joining Green Courte, Mr. Glascott was Vice President of Acquisitions at Hometown America, LLC, one of the nation’s largest owners and operators of land-lease communities. Mr. Glascott holds a Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School of Business and is a Chartered Financial Analyst.

Chicago, Illinois (June 30, 2017) – Green Courte Partners, LLC, a private equity real estate investment firm founded by Randall K. Rowe to invest in niche real estate, is celebrating its 15th anniversary this month.  Over its first fifteen years, the firm built two industry-leading niche real estate portfolios and operating platforms: (1) American Land Lease, Inc., a land-lease community business, and (2) The Parking Spot, a near-airport parking company.  During this period, Green Courte raised over $1.3 billion of equity, generating strong-risk adjusted returns for its investors over a long-term investment horizon.

In 2004, Green Courte made its first investment in a land-lease community with the purchase of Sky Harbor, a 638-site community located in Buffalo, New York. Over the following ten years, Green Courte created one of the nation’s largest and highest quality land-lease community portfolios, which ultimately included over 19,000 home sites located in 59 communities across 11 states.  In late 2014 and early 2015, Green Courte monetized American Land Lease via a $1.3 billion merger/sale transaction with Sun Communities, Inc. Following the expiration of a non-compete agreement resulting from the transaction with Sun, Green Courte recently re-entered the land-lease community sector and is actively pursuing new land-lease community investments.

Green Courte acquired The Parking Spot, the dominant near-airport parking owner/operator in the United States, in December 2011.  Today, The Parking Spot operates over 68,000 parking spaces at 39 locations serving 21 major airports.  The Parking Spot is more than twice the size of its next largest competitor and is developing new technology intended to improve customer satisfaction and portfolio operating performance.

In 2015, Green Courte began investing in “no-acuity” senior housing, with a principal focus on housing for active adults, including age-restricted apartments and independent living facilities.  Green Courte presently owns five independent living properties containing 764 units located in three states, Michigan, Pennsylvania and Virginia.

Chicago, Illinois (June 30, 2017) – Green Courte Partners, LLC is pleased to announce the recent promotions of Timothy J. Jurczak to Vice President, Paul S. Kim to Vice President/Portfolio Controller and William J. Siroky to Senior Associate.

Timothy J. Jurczak joined Green Courte in June 2011 as an Associate, and was promoted to Senior Associate in March 2014. During his time with Green Courte, Mr. Jurczak has made significant contributions to the firm’s acquisitions team within the land-lease community, near-airport parking and senior housing strategies, sourcing and underwriting a variety of investment opportunities for the firm. In his new role, Mr. Jurczak will help lead Green Courte’s re-entrance into the land-lease community sector following the merger/sale transaction of its American Land Lease, Inc. portfolio with Sun Communities, Inc. in late 2014/early 2015.

Paul S. Kim joined Green Courte in July 2011 as a Senior Accountant and, after being promoted to Assistant Fund Controller in 2014, was promoted to Fund Controller in 2016. In his new role, Mr. Kim will be responsible for the accounting and reporting of Green Courte’s newest fund, Green Courte Real Estate Partners IV, LLC and its affiliates.

William J. Siroky joined Green Courte in September 2016 as an Associate and has made valuable contributions to the asset management team. In his new role, Mr. Siroky will continue providing portfolio analytics and contributing to the quarterly fair value process, as well as expanding his responsibilities in asset and portfolio management.

Chicago, Illinois (April 12, 2017) – Green Courte Partners, LLC (“Green Courte”) announced today the addition of two new near-airport parking facilities to its expanding portfolio.  With these additions, Green Courte’s near-airport parking platform, The Parking Spot (“TPS”), now includes 39 near-airport parking properties containing over 68,000 parking spaces and serving 21 major U.S. airports.  The new facilities will be operated by TPS, a wholly-owned subsidiary of Green Courte’s third investment fund and the nation’s largest owner and operator of near-airport parking properties.

The new facilities include additional locations at the following airports:

Austin-Bergstrom International Airport – On February 16, 2017, TPS opened The Parking Spot East, its second near-airport parking location at Austin-Bergstrom International Airport in Austin, Texas. Located at 2935 East State Highway 71, the 1,589-space facility will enhance the company’s operating capabilities in the market and allow it to better serve customers approaching from the east side of the airport. The location features a forward-looking sustainable surface parking design and is designated as a Demonstrator Site for Parksmart, the sustainable parking certification of Green Business Certification Inc. (GBCI). The facility’s sustainable features include canopies with a high solar reflectance index coating, electrical vehicle charging stations and LED lighting, and more than 50% of the property’s land area will be preserved as green space.

William P. Hobby International Airport – On December 19, 2016, TPS completed renovations at Hobby Spot, its third near-airport parking location at William P. Hobby International Airport in Houston, Texas. Located at 7625 Monroe Road, the 1,803-space facility represents the company’s value product in the market and offers covered, uncovered and oversized parking spaces at reduced prices combined with its legendary customer experience. Since Hobby Spot commenced operations on January 1, 2016, TPS has improved the quality of the facility through significant capital improvements, including an office renovation, pavement repairs, entrance and exit canopy replacements and an LED lighting retrofit.

Richard Barone, a representative for the owner of the Hobby Spot property, stated, “We are pleased to have successfully completed a transaction with Green Courte. In what ultimately proved to be a complex deal, we worked together to develop creative solutions to a number of challenges that arose along the way, which enabled us to close on the terms to which we had originally agreed.”

Commenting on the transaction and Green Courte’s investment goals, Jordan Kerger, Managing Director of Acquisitions at Green Courte, added, “We continue to seek opportunities to expand our near-airport parking portfolio through our fourth investment fund, Green Courte Real Estate Partners IV, LLC, which has equity commitments of $500 million. Our unique capital base, long-term investment horizon and deep experience enable us to customize creative transaction structures (e.g., tax deferral, joint venture, estate planning, etc.) that meet the specific needs of each seller.”

About The Parking Spot

As the nation’s largest near-airport parking company, with 39 convenient locations at 21 major U.S. airports, The Parking Spot makes airport travel simple and seamless. The Parking Spot’s friendly and courteous team members, outstanding value, unmatched customer service commitment and industry-leading Spot Club loyalty program combine to ensure The Parking Spot is the best part of its guests’ travel experience. For more information, please visit www.theParkingSpot.com.

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

For near-airport parking acquisition inquiries, please contact Jordan Kerger at (312) 966-3828 or JordanKerger@GreenCourtePartners.com