Green Courte Partners Acquires Land-Lease Community

Chicago, Illinois (May 22, 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 Conestoga, a 659-site all-age land-lease community located in Gardner, Kansas. The community will be managed by an affiliate of the fund, which plans to substantially upgrade the existing amenity package, address deferred maintenance, and invest significant capital in new home inventory to sell and to rent.

Conestoga is located approximately 26 miles southwest of Kansas City and 5 miles northeast of a 1,700-acre master-planned distribution and warehouse development with capacity for 17 million square feet of industrial and distribution space. The park is a major employment center that is occupied by several Fortune 500 companies and will continue to generate a sizable number of new jobs.

Bill Glascott, Green Courte’s Deputy Chief Investment Officer, commented, “We are excited to expand our land-lease community portfolio with the acquisition of Conestoga. The community is well located in a growing market near a number of significant demand generators and offers a compelling value proposition for working families. We are eager to invest in a number of capital projects to further improve and reposition the community.”

Chuck Crook, the Chief Operating Officer of Green Courte’s land-lease community platform, said, “Conestoga is well-designed with strong market fundamentals, supporting the long-term potential of the community. By bringing in new homes, repairing older sections of the community, and enhancing the amenity package, we will be able to provide a superior lifestyle for our residents.”

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