Chicago-Based Green Courte Acquires Harleysville Independent Living Community

Arbour Square of Harleysville, Harleysville, PA

HARLEYSVILLE, PA— Green Courte Partners , a Chicago-based real estate private equity group, has acquired Arbour Square of Harleysville , a 276-unit independent living community located in Harleysville, PA. The seller is a Philadelphia-based seniors housing and multifamily development company that was not identified. Terms were not disclosed. Institutional Property Advisors , a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, brokered the transaction. Green Courte Partners is keeping the current operator of the property, Heritage Senior Living , a Pennsylvania-based company which develops, owns, operates, and manages seniors housing communities located throughout the Mid-Atlantic region. “The property was built in two phases. Upon completion of phase one in 2006, 151 units were opened, and an additional 125 units were opened with the completion of phase two in 2014. Since opening, phase two has experienced significant occupancy growth,” says IPA senior director Joshua Jandris . “The area’s positive demographics, namely an aging population with an average household income above $120,000, bodes well for the property’s long-term stability and performance.” Jandris , along with executive director Mark Myers , associate director Charles Hilding and associate Andrew Hilding , represented the seller. Brenton Baskin , regional manager, is Marcus & Millichap’s broker of record in Pennsylvania. Arbour Square of Harleysville is 35 miles northwest of downtown Philadelphia and is approximately nine miles from Lansdale Hospital.