CHICAGO, Jan. 7, 2020 /PRNewswire/ -- Green Courte Partners, LLC announced today that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates ("GCP" or the "Company"), acquired its tenth senior living community, The Aspens at Bedford Falls, a 182-unit property located in Raleigh, North Carolina. GCP, with its wholly owned senior living operator, True Connection Communities ("TCC"), is continuing to build a high-quality portfolio of active adult apartments and independent living communities to meet the growing needs of older Americans seeking an active lifestyle. The Aspens at Bedford Falls, a newly constructed community delivered in August 2019 and acquired by GCP on December 11, 2019, is an important addition to the portfolio. TCC will manage the community.
Relying on its value-add expertise, GCP will convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing the GCP/TCC portfolio to 1,608 units. With the conversion, GCP will make a number of significant enhancements including expanding the dining and kitchen areas and adding a billiards/game room, library/business center, and third-party-operated home health office. The conversion and enhancements will position the property to be one of the most attractive independent living communities in the Raleigh market.
Matt Pyzyk, Managing Director of Acquisitions at GCP, said, "We are very excited about the completion of this acquisition, which marks a significant step forward in the expansion of our rapidly growing senior living portfolio. Not only does this newly constructed property continue to diversify our portfolio, it also demonstrates our commitment to sourcing and executing deep value-add and conversion opportunities."
Jim Pusateri, Chief Executive Officer of TCC and Managing Director at GCP, added, "This acquisition will be a perfect platform for us to continue leveraging technology and innovation to provide an exceptional customer experience throughout our senior living portfolio."
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 near-airport parking facilities, land-lease communities, and active adult/independent senior living properties. 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.