Green Courte Partners forms JV

Green Courte Real Estate Partners IV, managed by Green Courte Partners, and its affiliates acquired a portfolio of eight high-quality, all-age land-lease communities located in Michigan and containing 2,906 sites. Concurrent with the acquisition, GCREP IV formed a new venture with the portfolio’s seller to own and operate the fund’s land-lease community investments, which includes ownership of the seller’s operating company. GCREP IV’s portfolio of land-lease communities now consists of 10 properties with more than 4,000 sites in three states.

“We continue to actively pursue opportunities to deploy capital from GCREP IV into manufactured housing assets as we build out a national land-lease community operating platform,” said Bill Glascott, Green Courte’s CIO.

Green Courte Real Estate Partners IV closed in 2016 with $503 million in equity commitments. With leverage, the fund will be able to invest in up to $1.5 billion of niche real estate assets.

In May 2018, Green Courte Real Estate Partners IV acquired Conestoga, a 659-site all-age land-lease community located in Gardner, Kan. And it acquired Pueblo Del Sol, a 453-site, all-age land-lease community located in Las Vegas.