Green Courte Partners Acquires Active-Adult Community Located in the Houston, Texas, MSA
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CHICAGO, Aug. 1, 2024 ~ Green Courte Partners, LLC (GCP), a private equity real estate investment firm, has announced the acquisition of Chesapeake Bay, an active-adult community located in Seabrook, Texas. The community consists of 348 apartments and cottages and is situated just south of Houston along Clear Lake, a popular recreational area.

This acquisition marks the fifth investment for GCP's Green Courte Real Estate Partners V, LLC and its affiliates. With this addition, GCP's national senior living portfolio now includes 19 communities with approximately 3,100 units. The portfolio is managed by the firm's wholly owned operating platform, True Connection Communities (TCC).

According to Matt Pyzyk, Managing Director at GCP, Chesapeake Bay is a valuable addition to their growing portfolio of age-restricted housing. He notes that the Houston market has shown strong demand for active-adult communities and Chesapeake Bay offers a premium Class A option for the baby boomer demographic. The community's initial phase was quickly leased out and maintained high occupancy rates, leading the developer to add 90 cottages in late 2023 to meet market demand. Pyzyk also mentions that GCP will continue to seek attractive opportunities to acquire or develop additional communities for their active-adult portfolio.

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Andy Alexander, Chief Executive Officer of Green Courte Residential which oversees Green Courte's residential community operating platforms, expressed excitement about expanding TCC's active-adult community footprint with the acquisition of Chesapeake Bay. He highlights the community's mix of apartments and single-story cottages with attached garages as providing a wide range of options for Houston's growing 55+ population base. Alexander also notes that Chesapeake Bay offers an attractive suite of amenities including two resort-style pools, a movie theater, and an on-site bar serving residents during social events throughout the week.

With this latest acquisition, GCP continues to solidify its position as a leading investor in niche real estate sectors. The firm's focus on building industry-leading companies within these sectors has proven successful, and they are committed to further growth and expansion in the future.

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