Green Courte Partners Acquires Six Land-Lease Communities in Florida

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Jan 11, 2011, 07:02 ET

LAKE FOREST, Ill., Jan. 11, 2011 /PRNewswire/ -- Green Courte Partners, LLC, a private equity investment firm targeting niche real estate sectors, announced today the acquisition of a portfolio of six age-restricted land-lease communities located in central Florida. The portfolio contains over 1,850 home sites and is nearly 100% occupied. Each of the communities provides its residents with unmatched value and an exceptional lifestyle.

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 six communities. American Land Lease manages substantially all of the land-lease communities in Green Courte's portfolio which now includes over 18,000 home sites across 48 communities in ten states.

Commenting on the acquisition, Randy Rowe, Chairman of Green Courte, stated "We have known CRF Communities for years and have admired the quality of their portfolio and strength of their management. We were gratified to have the opportunity to acquire this portfolio of high quality, age-restricted land-lease communities and add it to our existing Florida portfolio."

Ray Moats, CRF's Director of Operations, added, "We are pleased to have negotiated a transaction with Green Courte for these six communities. In what proved to be a complex transaction, the Green Courte team, in conjunction our own CRF personnel, worked tirelessly to develop creative solutions that allowed us to close on the terms to which we had originally agreed. I would be pleased to work with Green Courte on additional real estate transactions in the future."

Commenting on Green Courte's future plans, Rowe stated, "With the closing of this acquisition Green Courte Real Estate Partners II, LLC is now fully specified. We are continuing to search for opportunities to acquire high-quality, land-lease communities around the nation and with the funds now raised in our third fund, Green Courte Real Estate Partners III, LLC, we have the capital to purchase over $750 million of additional communities. We expect to invest this capital within the next several years."

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, parking assets and "Main Street" retail/mixed-use properties in high barrier locations. 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 company's website at www.GreenCourtePartners.com.

SOURCE Green Courte Partners, LLC