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