Chicago, Illinois (November 3, 2020) – Green Courte Partners, LLC (“GCP”) announced today that its fifth investment fund, Green Courte Real Estate Partners V, LLC and its affiliates, acquired a portfolio of two land-lease communities located in the Cleveland, Ohio, metropolitan statistical area. The portfolio includes Columbia Park, a four-star, 1,076-site, age-restricted community, as well as Brook Park, a 112-site, all-age community. The communities will be managed by GCP’s wholly-owned operating platform, Windward Communities. With this acquisition, GCP’s portfolio of land-lease communities increases to 17 properties containing approximately 6,800 sites in six states.
GCP will implement a variety of value-add initiatives at the communities, including investing in new home inventory, instituting a robust home sales and leasing program, and updating the communities to improve their overall quality and curb appeal.
Jordan Kerger, Managing Director of GCP’s land-lease community investments, commented, “We are very excited to add these assets to our rapidly-growing land-lease community portfolio. Our team worked for many months with several stakeholders, each of whom had distinct objectives, to structure and close this complicated transaction. Our success is a testament to our team’s persistence and relentless dedication to building an irreplaceable portfolio of land-lease communities. Columbia Park and Brook Park are the first properties acquired by our newest fund, and we are eager and well-positioned to continue building our national footprint of communities.”
For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com