CLINTON, STERLING HEIGHTS and SHELBY, Mich. — The fourth investment fund o Green Courte Partners LLC (GCP) has acquired a portfolio of three independent living properties totaling 371 units, all located in the suburbs of Detroit. The sale price was not disclosed.
GCP is a private equity firm seeking to build a portfolio of age-restricted and independent living communities throughout the United States. This acquisition brings the company’s total seniors housing portfolio to 764 units.
The three properties are:
- Pine Ridge of Garfield, a 117-unit community built in 2006 and located in Clinton Township. The two-story, 118,100-square-foot building sits on 5.6 acres.
- Pine Ridge of Plumbrook, a 118-unit community built in 2004 and located in Sterling Heights. The two-story, 110,905-square-foot building sits on 15.4 acres.
- Pine Ridge Villas of Shelby, a 136-unit community built in 1987, renovated in 2006 and located in Shelby Township. The four-story, 124,053-square-foot building sits on 5.5 acres.
GCP retained the current operator, an affiliate of Spectrum Retirement Communities, for all three properties. The portfolio was 95 percent occupied at the time of sale.
Allen McMurty and David Rothschild of Cushman & Wakefield negotiated the sale on behalf of the undisclosed institutional seller.