Green Courte Partners, a Chicago-based private equity firm, has been one active acquirer in the independent living market, when few other buyers have been investing in the sector. Even though the IL market has been a huge factor in pushing average seniors housing prices to record-highs average (peaking at an average of $248,300 per unit in the four quarters ended March 31, 2016), its share of M&A has been shrinking in the last couple of years. Nevertheless, Green Courte has acquired five IL properties in the last year. Its most recent transaction involved a portfolio of three IL communities located in the Detroit MSA, which it purchased for an undisclosed price. All totaling 371 units, two of the properties were developed in the mid-2000s, while the third was built in 1987 but renovated in 2006. Green Courte made the acquisition through its fourth fund, Green Courte Real Estate Partners IV, LLC, and Spectrum Retirement Communities will continue to manage the communities. Allen McMurtry of Cushman & Wakefield’s Tampa team and David Rothschild of its San Diego team represented the institutional seller in the transaction.
Detroit Dealmaking
