Green Courte Partners Acquires Manufactured Housing Community in New York

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Sep 08, 2011, 04:00 ET

LAKE FOREST, Ill., Sept. 8, 2011 /PRNewswire/ -- Green Courte Partners, LLC ("Green Courte") announced today the acquisition of the Parkside Village manufactured housing community, located in the Buffalo, New York suburb of Cheektowaga. The four-star, age-restricted community contains 156 home sites, which have remained 100% occupied since the community was developed in the early 1990's. With the completion of this acquisition, Green Courte now owns two land-lease communities in Cheektowaga, including Sky Harbor, a family community with 638 home sites, approximately seven miles north of Parkside Village.

Commenting on the acquisition, Randy Rowe, Chairman of Green Courte Partners, LLC, stated, "We are very pleased to add this high quality community to our portfolio. While this was a relatively small acquisition for our third fund, Green Courte Real Estate Partners III, LLC, we are happy to add to our existing footprint in this market. Our focus continues to be on larger communities, but we will make smaller acquisitions in markets where we already have a presence.

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 manages substantially all of the land-lease communities in Green Courte's portfolio which now includes over 18,100 developed home sites across 49 communities in ten states. American Land Lease will operate the community under their 55+ lifestyle brand, Solstice Communities. For additional information about Solstice Communities, please visit www.SolsticeCommunities.com.

About Green Courte Partners, LLC

Green Courte Partners, LLC is a Chicago-based private equity investment firm targeting niche real estate sectors, including land-lease communities and parking assets. The firm combines focused investment strategies with a disciplined approach to transaction execution and asset management. Green Courte's goal is to invest in high quality assets that will generate attractive risk-adjusted returns over a long-term holding period.

For additional information, please visit the firm's website at www.GreenCourtePartners.com

SOURCE Green Courte Partners, LLC