Green Courte Partners, a Chicago-based real estate private equity firm, announced the hiring of former Senior Lifestyle Corporation co-COO Jim Pusateri as CEO of its senior living platform, True Connection Communities. Pusateri will also join Green Courte as a managing director.
Pusateri joined Chicago-based Senior Lifestyle, the 8th-largest provider in the nation, as co-COO in September 2017. In Pusateri, Green Courte has a 25-year industry veteran with ample experience in shepherding the early-stage growth of senior living portfolios. Prior to Senior Lifestyle, he was a SVP of sales at Brentwood, Tennessee-based Brookdale (NYSE: BKD), the nation’s largest senior housing owner and operator, where he was responsible for strategic oversight of the sales teams at over 1,000 communities and developed large-scale sales and training programs for the company. He was SVP of sales and marketing at Horizon Bay when that company was acquired by Brookdale in 2011, and was also chief senior housing officer at Elderlife Financial Services, where he helped grow their business with the nation’s largest senior living organizations.
With Green Courte, Pusateri will assume control of nine senior housing communities in nine states, totaling over 1,400 units. The properties were acquired through Green Courte’s fourth investment fund, which raised $503.2 million in 2016. The firm is actively seeking to add to its existing portfolio, and is looking to focus on active adult and independent living communities.
“We’re thrilled to welcome Jim to the Green Courte team and look forward to leveraging his deep industry experience, unique vision and passionate, committed leadership as we continue to expand our True Connection Communities platform,” Green Courte CEO David Lentz said in a statement.
In addition to its other real estate holdings, Green Courte owns The Parking Spot, which owns and operates near-airport parking facilities across the country.
In an October interview with senior housing industry association Argentum, Pusateri acknowledged the challenges senior housing owners and operators face to accommodate future demand.
“Down the road, we have a generation that does not have sufficient savings so really perfecting a more moderate model will not only help that group but open up a service model for more that can’t afford us today.”
Senior Lifestyle did not reply to Senior Housing News’ requests for comment on Pusateri’s departure and plans for the COO position going forward.
Written by Chuck Sudo