Private real estate equity firm Green Courte Partners, of Lake Forest, said it has acquired Mountain View Estates, a 170 site age-restricted land-lease community located in Mesa, Arizona.
Terms of the acquisition were not announced.
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William Glascott, Green Courte's managing director and head of manufactured housing community acquisitions, said Mountain View Estates is a high-quality, age-restricted community in proximity to one of a compamy-owned investments in Mesa, Arizona.
"With this acquisition, our portfolio of age-restricted land-lease communities within the greater Phoenix market includes 7 communities with over 1,700 home sites," Glascott said.
American Land Lease, a wholly-owned subsidiary of Green Courte's second fund, Green Courte Real Estate Partners II, LLC, will manage the community. American Land Lease is the manager of Green Courte's land-lease/manufactured housing community portfolio, which now includes over 19,500 developed home sites located across 55 communities in eleven states. American Land Lease will operate the community under its "55-plus" lifestyle brand, Solstice Communities.