Chicago, Illinois, October 23, 2018 – Green Courte Partners, LLC announced today that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates (“GCREP IV”), 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 ten properties with over 4,000 sites in three states.
Bill Glascott, Green Courte’s Chief Investment Officer, commented, “This acquisition represents a significant step forward in the evolution of our land-lease community portfolio. In addition to acquiring some of the highest quality assets in Michigan, we will be able to leverage the operating capabilities and sales and marketing machine our partner has established over the past 25 years in the industry. 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.”
The seller, Kenny Lipschutz, added, “I am very pleased to have been able to execute this transaction and partner with Green Courte given their outstanding track record in the industry. They took the time to understand our unique needs and financial goals and structured a transaction that resulted in an optimal outcome for our investors, our staff and my family. Our entire team has been blessed with the opportunity to become a part of the Green Courte family.”
For media inquiries, please contact Marnie Helfand at (312) 966-4747 or MarnieHelfand@GreenCourtePartners.com