CHICAGO, Aug. 1, 2024
/PRNewswire/ -- 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."
About Green Courte Partners, LLC
Green
Courte Partners, LLC is a Chicago-based private equity real estate
investment firm focused on building industry-leading companies
within niche real estate sectors, including active
adult/independent senior living properties, land-lease communities,
and industrial outdoor storage and near-airport parking facilities.
The firm combines focused investment strategies with a disciplined
approach to transaction execution, operations, and asset
management. Green Courte's goal is to invest in high-quality real
estate assets that will generate attractive risk-adjusted returns
over a long-term holding period. For additional information, please
visit Green Courte's website at
www.GreenCourtePartners.com.
About True Connection Communities
True
Connection Communities operates a high-quality portfolio of 19
active-adult and independent senior living communities, containing
over 3,100 units located in nine states, to meet the growing needs
of Americans over the age of 55 seeking an active and engaged
lifestyle. To deliver an exceptional resident experience, TCC
focuses on five key offerings: custom-designed fitness and wellness
programs, creative chef-prepared meals made with the freshest
seasonal ingredients, social activities designed for a life on the
move, innovative educational programs, and state-of-the-art
technology. To learn more, visit
www.TrueConnectionCommunities.com.
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SOURCE Green Courte Partners, LLC