CHICAGO, July 11, 2023 - 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 fourth investment fund, Green Courte Real Estate Partners IV, LLC, and its affiliates, acquired two land-lease communities, East Avenue and Forest Lawn, comprising approximately 335 home sites and located in Rochester, New York. The acquisition increases GCP's national land-lease community portfolio, which is managed by the firm's wholly owned operating platform, Windward Communities, to 23 communities containing approximately 8,000 sites.
Regarding the transaction, Jordan Kerger, Managing Director at GCP, stated, "East Avenue and Forest Lawn are located adjacent to our existing land-lease community, Penfield Farms, so this was a uniquely strategic acquisition. We plan to operate the three communities together and to rebrand East Avenue and Forest Lawn as Penfield Farms East and Penfield Farms West, respectively. We've known the owners of these properties for many years and completed transactions with them in the past, so we structured a direct, off-market transaction that met both our needs. We are thrilled to expand our footprint in the greater Rochester area."
Jim Martin, one of the sellers of the communities, added, "We are pleased to have completed our third transaction with GCP. Given our long-standing relationship with them and their excellent track record, we felt confident in their ability to close despite the recent market volatility."
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 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.
SOURCE Green Courte Partners, LLC
