EDMOND, MUSTANG and MOORE, Okla. — Green Courte Partners (GCP), a private equity firm based in Chicago, has acquired three active adult cottage communities in the Oklahoma City metro.
The properties include Chateaux at Mon Abri in Edmond, Laurel Springs in Mustang and Grace Pointe Living in Moore.
The portfolio contains 315 cottages and a 35-unit apartment building. The acquisition increases GCP’s national age-restricted housing portfolio to 17 communities containing approximately 2,600 units. The firm’s wholly owned operating platform, True Connection Communities, operates all 17 assets.
“We are increasingly attracted to this transitional subset of the active adult/seniors housing sector based on our positive experience operating the cottage component of our existing portfolio, which is continually almost 100 percent occupied,” says Matt Pyzyk, managing director of acquisitions.
Green Courte made the acquisition through its fifth investment fund, Green Courte Real Estate Partners V, and its affiliates. The sellers and prices were not disclosed.