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Green Courte Partners LLC

03/29/2021 | Press release | Archived content

Green Courte Partners Acquires Independent Senior Living Development Outside Columbus, Ohio

March 29, 2021

Green Courte Partners Acquires Independent Senior Living Development Outside Columbus, Ohio

March 29, 2021/GCP Admin

Chicago, Illinois (March 29, 2021)-Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced today that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates ("GCP"), has acquired a partially completed 4.5-story, 159-apartment independent senior living community located in Hilliard, Ohio, a suburb of Columbus. The 20.3-acre site contains over 15 acres of developable land and over five acres that will be permanently preserved as green space. GCP will complete the development of the residential building, undertake the ground-up construction of a 9,000-square foot clubhouse that will provide residents with a centralized dining room and bistro, and reconfigure existing square footage into dedicated programming space with a theater, fitness center, craft/activities room, home healthcare office, salon, and more. GCP plans to begin development of single-story senior cottages on the property's excess developable land following completion of the residential building and clubhouse. The full-service independent senior living community will be branded Verena at Hilliard.

GCP's wholly owned senior living operator, True Connection Communities, will manage the community as part of its high-quality portfolio of active adult and independent senior living communities designed to meet the growing needs of Americans 55 and older who are seeking an active and engaged lifestyle. The acquisition-the thirteenth overall in the GCP senior living portfolio and the company's first senior living project in Ohio-will increase the GCP portfolio to over 2,125 apartments.

Matt Pyzyk, Managing Director of Acquisitions at GCP, said, "Verena at Hilliard is a strong addition to our rapidly growing senior living portfolio. This was a unique opportunity to acquire and complete the development of this project at an attractive investment basis and in a submarket with particularly compelling demographics. The community's proximity to desirable amenities, its direct, indoor connection to the adjacent branch of the Columbus Metropolitan Library, and its excess green space will create an exceptional campus for our future residents to enjoy."

For media inquiries, please contact Marnie Helfand at (312) 966-4747 or [email protected]