LAKE FOREST, Ill., April 9, 2007 – Green Courte Partners, LLC, a private real estate investment firm targeting niche sectors, announced today the acquisition of the Skyline, Swan Meadow Village and Valley View manufactured housing communities located in Colorado. With this closing, Green Courte has acquired controlling interests in 20 communities valued at over $250 million and containing over 6,000 sites.
These three high-quality communities total over 750 sites. Skyline, located in Ft. Collins, is a stabilized, senior-oriented 175-site property that is 97% occupied. Swan Meadow Village, a 172-site all-age property located in the resort community of Dillon, is 52% occupied. Valley View is a 408-site, 62%-occupied all-age property located in the north Denver suburb of Thornton.
Commenting on the Colorado acquisition and Green Courte’s future plans in the sector, Randy Rowe, the company’s Chairman, stated, “This acquisition illustrates our continued commitment to manufactured housing community investments, and we were excited to identify a portfolio that combined the benefits of a stabilized senior property with the potential upside available at the other two properties. As we implement innovative new resident financing and long-term lease programs throughout our portfolio, we will continue to acquire and reposition high-quality communities that have suffered occupancy declines in recent years.”
Green Courte Partners, LLC is a Chicago-based private equity investment company targeting investments in niche real estate sectors, including manufactured housing communities, parking assets, and urban infill retail properties in high-barrier locations, through transaction structures customized to achieve seller objectives. The company’s goal is to invest in high quality assets that will generate attractive risk-adjusted returns over a longer-term holding period.