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Update: ELS Completes Partial Acquisition for $451M

July 5, 2011 by   - () Leave a Comment

Equity LifeStyle Properties Inc. (ELS) on July 1 closed on the acquisition of 35 of the Hometown Properties along with certain manufactured homes and loans for $451 million, the company announced.

In total, ELS plans to eventually acquire a portfolio of 76 manufactured home communities containing 31,167 sites on approximately 6,500 acres located in 16 states (primarily located in Florida and the northeastern region of the United States) and certain manufactured homes and loans secured by manufactured homes located at the Hometown Properties for a stated purchase price of $1.43 billion. Total closing costs associated with the Acquisition are expected to be approximately $21 million.

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