Chicago, Illinois (May 12, 2020) – Green Courte Partners, LLC (“GCP”) announced today that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates, acquired a portfolio of four all-age land-lease communities located in the greater Rochester, New York, area. These four communities add a total of 1,213 sites to GCP’s land-lease portfolio, bringing the total number of properties to fifteen with over 5,600 sites in five states.
GCP plans to invest capital in new home inventory, amenities, and aesthetic and infrastructure improvements. GCP will also implement value-add initiatives such as employing a rental home and sales operation led by its in-house, national land-lease community management platform.
Jordan Kerger, Managing Director of GCP’s land-lease community investments, said, “We will continue the prior owner’s mission of offering a compelling value proposition for working families. We also plan to invest significant capital to improve the communities. We are excited about the scale this acquisition provides for our rapidly growing land-lease portfolio, and we continue to seek opportunities to acquire communities nationwide.”
Joel Harper, one of the sellers of the portfolio, said, “Due to the multi-generational ownership of these communities, this was a complex transaction and GCP was uniquely positioned to accommodate our needs. Additionally, GCP’s reputation in the industry as a first-class owner-operator provided us with the conviction that they were the right fit for our employees and residents.”
For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com