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.
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.