New $500 Million Private Equity Fund to Target Senior Housing

A real estate-focused private equity firm has raised $503.2 million for its fourth fund that will target the specialty housing market, including senior housing investments.

The firm, Chicago-based Green Courte Partners, plans to leverage the $503.2 million equity fund to invest up to $1.5 billion in niche real estate assets.

The new fund, Green Courte Real Estate Partners IV LLC, will commit about a third of the raise toward “low to no acuity” senior housing investments, Green Courte Partners told Senior Housing News.

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The firm’s investments will target independent living, age-restricted communities and active adult apartments as part of its senior housing investments, a Green Courte Partners spokesperson told SHN.

“We do not anticipate we will be doing assisted living or skilled nursing or anything in the higher acuity end of the spectrum,” the spokesperson said.

In addition to senior living properties, Green Courte’s fund will also expand The Parking Spot, the nation’s largest portfolio of near-airport parking facilities.

The fund recently closed on a portfolio of three independent living communities in Michigan. Including this transaction, Green Courte Partners total senior housing portfolio reached 764 units nationwide as of Nov. 3.

“We are pleased to complete our fundraising efforts for GCREP IV and appreciate the confidence both existing and new investors have shown in our ability to deliver attractive risk-adjusted returns,” Randy Rowe, Green Courte’s chairman, said in a statement. “We look forward to continuing our successful strategy of building niche real estate businesses.”

Written by Amy Baxter

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