Green Courte Partners specializes in niche real estate investing.

Think airport parking. Leased land communities. Senior housing. Green Courte Partners is a private equity real estate investment firm that builds top-flight companies operating within special, niche real estate sectors.

For example, with American Land Lease, Green Courte Partners aggregated and monetized a $1.3+ billion land-lease community platform. GCP aggregated nearly 20,000 sites between 2004 and 2015. Ultimately, in 2014/2015 Sun Communities Inc acquired American Land Lease for $1.32 billion in cash and stock.

Meanwhile, GCP has just closed its fifth investment fund, Green Courte Real Estate Partners V, LLC (“GCREP V”), with total capital commitments of $540.8 million.

How GCP will put GCREP V to work

However, combined with leverage, GCP will use the funds from GCREP V to acquire niche real estate assets worth as much as $1.6 billion.

These will include expanding its existing land-lease community portfolio and the True Connection Communities project. The latter is a portfolio of nine independent living communities in nine states aggregating 1,400 units for housing of seniors. Acquired using funds from GCREP IV, the project is led by CEO Jim Pusateri.

Further, according to Pusateri, “senior housing has the potential to be the largest product type Green Courte has ever operated.”

Moreover, the firm could also plough in more money into The Parking Spot, the nation’s largest owner and operator of near-airport parking facilities.

However, it may also invest in additional niche real estate sectors that promise attractive risk-adjusted returns.

The firm usually invests over a ten-to-twelve year horizon to acquire and aggregate portfolios of niche real estate. Each portfolio is usually housed in a fully-integrated real estate company run by experienced management personnel. The assets are usually monetized via IPOs, M&A or portfolio sale.

“We remain focused on expanding GCP’s investment in our three active operating platforms and creating alpha for our investors,” said David Lentz, GCP’s Chief Executive Officer.

[Related Story: Greystar Real Estate Partners Raises $2 Billion for GEP X  ]