Green Courte Partners LLC’s fourth investment fund, Green Courte Real Estate Partners IV LLC has acquired its 10th senior living community, The Aspens at Bedford Falls, a 182-unit property located in Raleigh, North Carolina.
GCP’s wholly owned senior living operator, True Connection Communities, will manage the community.
Relying on its value-add expertise, GCP intends to convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community is expected to total 181 units, increasing the GCP/TCC portfolio to 1,608 units.
"We are very excited about the completion of this acquisition, which marks a significant step forward in the expansion of our rapidly growing senior living portfolio,” GCP Managing Director of Acquisitions Matt Pyzyk said in a statement. “Not only does this newly constructed property continue to diversify our portfolio, it also demonstrates our commitment to sourcing and executing deep value-add and conversion opportunities."
Jim Pusateri, TCC CEO and managing director at GCP, added: "This acquisition will be a perfect platform for us to continue leveraging technology and innovation to provide an exceptional customer experience throughout our senior living portfolio."
