RALEIGH, NC - Green Courte Partners announced that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates, acquired its tenth senior living community, The Aspens at Bedford Falls, a 182-unit property located in Raleigh, North Carolina. GCP, with its wholly owned senior living operator, True Connection Communities.
GCP is continuing to build a high-quality portfolio of active adult apartments and independent living communities to meet the growing needs of older Americans seeking an active lifestyle. The Aspens at Bedford Falls, a newly constructed community delivered in August 2019, is an important addition to the portfolio. TCC will manage the community.
Relying on its value-add expertise, GCP will convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing the GCP/TCC portfolio to 1,608 units. With the conversion, GCP will make a number of significant enhancements including expanding the dining and kitchen areas and adding a billiards/game room, library/business center, and third-party-operated home health office. The conversion and enhancements will position the property to be one of the most attractive independent living communities in the Raleigh market.
Matt Pyzyk, Managing Director of Acquisitions at GCP, said, "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. 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, Chief Executive Officer of TCC 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."