Green Courte Partners is placing its senior housing and manufactured housing portfolios under one umbrella, and hired a hospitality executive to lead and grow the new affiliate.
The Chicago-based real estate private equity firm on Tuesday announced it hired Andrew Alexander as CEO of Green Court Residential Holdings, which will consist of its senior housing assets operated by its in-house operator, True Connection Communities; and Windward Communities, its portfolio of land-leased manufactured housing properties.
Alexander spent over a decade as president and CEO of budget hotel company Red Roof, home to the brands Red Roof Inn, Red Roof Plus, The Red Collection, and HomeTowne Studios by Red Roof. He was responsible for developing and executing a seven-year plan that turned the company around and expanded its presence in the economy hotel industry.
He is expected to do similar things with Green Courte’s residential holdings.
“As we look at the opportunities that lie ahead, we anticipate that we will add additional residential platforms to our portfolio, so we felt it made sense to capture both the efficiencies and the enhanced capabilities that will come from creating a consolidated residential vehicle,” Green Courte Partners CEO David Lentz said in a statement announcing Alexander’s hiring.
True Connection Communities operates 11 independent living and active adult properties in six states, totaling over 1,800 units. Green Courte launched True Connection Communities in December 2018 and hired former Senior Lifestyle Corporation co-COO Jim Pusateri to lead the platform. Green Courte plans to grow the True Connection brand through value-add acquisitions and strategic development opportunities, and is looking at ways to tap into middle-market demand through a la carte services.
Windward Communities currently consists of 17 mobile home parks in six states, totaling 6,700 units. It marks a return to manufactured housing after Green Courte sold its American Land Lease portfolio of 59 manufactured housing communities to Sun Communities (NYSE: SUI) for $1.32 billion in 2015. That portfolio totaled over 19,000 sites — 73% of which were age restricted. Several of the communities in the Windward Communities portfolio are age-restricted, which has emerged as an in-demand product type for active seniors in recent years.
Green Courte Partners did not respond to a request for comment from Senior Housing News at the time this article was published.