SEABROOK, Texas — Green Courte Partners LLC, a private equity real estate investment firm, has acquired Chesapeake Bay, an active adult community with 348 apartments and cottages in Seabrook, just south of Houston.
The acquisition was made through the buyer’s fifth investment fund, Green Courte Real Estate Partners V. The seller and price were not disclosed.
The acquisition increases Green Courte’s national senior living portfolio to 19 communities containing approximately 3,100 units. The firm’s wholly owned operating platform, True Connection Communities, manages the properties.
“The Houston market has demonstrated robust demand for the active adult product, and Chesapeake Bay offers a premium Class A option for the baby boomer demographic,” says Matt Pyzyk, managing director at Green Courte. “With a mix of apartments and cottages, the community’s initial phase leased quickly and maintained strong occupancy, prompting the developer to add 90 cottages in late 2023 to meet market demand.”
John Sweeny, Aron Will and Garrett Sacco of CBRE National Senior Housing brokered the sale.