ELS Buys Buffalo Park for $37 Million
Hometown America LLC, a privately owned company that owns and operates manufactured housing communities around the country, has sold The Woodlands complex in the town of Lockport, N.Y., to Equity LifeStyle Properties Inc. (ELS), a real estate investment trust, for $37.33 million, The Buffalo News reported.
Located at 6237 South Transit Road, The Woodlands offers two- and three-bedroom homes and mobile home lots.
Hometown also sold additional adjacent land, known as The Woodlands Expansion, at 6081-6121 South Transit, to ELS for $198,900.
The sale was part of a much larger $1.43 billion deal with ELS, in which Hometown sold a total of 76 communities, with 31,167 sites on about 6,500 acres, in 16 states, mostly in Florida and the Northeastern United States. The deal also included certain homes and mortgages in the properties.
Some of the properties have already been transferred, but ELS expects to complete the rest of the deal by the end of the year.
Based in Chicago, Hometown operates more than 120 communities in 20 states, and calls itself the “leader in premier manufactured home communities.” Besides the homes themselves, many of its communities include pools, fitness and recreation centers, lakes, and tennis or basketball courts.
ELS owns or operates “lifestyle-oriented” properties, with 365 properties in 32 states and the Canadian province of British Columbia, with 134,005 sites for factory-built homes, cottages, cabins or recreational vehicles. The 30-year-old publicly traded company prefers senior or family communities in major metropolitan areas, with at least 150 lots each, plus amenities and landscaping.
Company officials did not respond to requests to comment.