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.
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For a complete copy of the
company’s news release, please contact:
David A. Meyer
Owner
Meyer Media
+ 1 407 489 7488
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