TAMPA, FL, November 4, 2016 — Cushman & Wakefield announced today that it has negotiated the sale of a three-property, 371-unit independent living portfolio in suburban Detroit comprising Pine Ridge of Garfield, Pine Ridge of Plumbrook and Pine Ridge Villas of Shelby.
Cushman & Wakefield’s Tampa team, led by Executive Managing Director Allen McMurtry, and San Diego team, led by Executive Managing Director David Rothschild, represented an institutional seller in the disposition.
The portfolio was purchased by an affiliate of Chicago-based private equity firm Green Courte Partners, LLC. Green Courte, which invests in scalable niche real estate strategies, is building a nationwide portfolio of age-restricted housing as part of its fourth closed-end fund. Green Courte began actively investing in age-restricted housing in November of 2015.
This is Green Courte’s third acquisition in the strategy and its portfolio now totals five independent living communities with 764 units. Green Courte has retained the in-place manager, an affiliate of Spectrum Retirement Communities, LLC, to manage the properties.
Pine Ridge of Garfield is a 117-unit independent living community built in 2006 on ±5.6 acres at 36333 Garfield Road in Clinton Township. The two-story building includes ±118,100 square feet.
Pine Ridge of Plumbrook is a 118-unit independent living community built in 2004 on ±15.4 acres at 8350 Plumbrook Road in Sterling Heights. The two-story building includes ±110,905 square feet.
Pine Ridge Villas of Shelby is a 136-unit independent living community built in 1987 on ±5.5 acres at 4200 West Utica Road in Shelby Township. The four-story building includes ±124,053 square feet.
Friday, November 4, 2016
For a complete copy of the company’s news release, please contact:
David A. Meyer
+ 1 407 489 7488
Posted by Alex at 11:00 AM