Lake Forest, Illinois, June 11, 2014 – Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today the acquisition of Mountain View Estates, a 170 site age-restricted land-lease community located in Mesa, Arizona.
William Glascott, Green Courte’s Managing Director and Head of Manufactured Housing Community acquisitions commented, “We are thrilled with the acquisition of Mountain View Estates. It is a high-quality, age-restricted community in close proximity to one of our existing investments in Mesa, Arizona. With this acquisition, our portfolio of age-restricted land-lease communities within the greater Phoenix market includes 7 communities with over 1,700 home sites.”
Charles Keith, the community’s seller, added, “It has been a pleasure selling Mountain View Estates to Green Courte Partners. They exceeded my expectations and closed ahead of schedule at the full contract price.”
Green Courte has engaged American Land Lease, Inc., a wholly-owned subsidiary of its second fund, Green Courte Real Estate Partners II, LLC, to manage the community. American Land Lease is the manager of Green Courte's land-lease/manufactured housing community portfolio, which now includes over 19,500 developed home sites located across 55 communities in eleven states. American Land Lease will operate the community under its “55+” lifestyle brand, Solstice Communities. For additional information about Solstice Communities, please visit www.SolsticeCommunities.com.