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ELS Closes on Seven Additional Properties for $99M

December 9, 2011 by   - () Leave a Comment

ELS Closes on seven more properties.

Equity LifeStyle Properties Inc. on Thursday closed on seven acquisition properties along with certain manufactured homes and loans secured by manufactured homes located at the properties for a stated purchase price of approximately $99 million.

As of Thursday, ELS has closed on 75 acquisition properties since July 1 and is continuing to perform due diligence on the one remaining acquisition property, according to a news release.

The portfolio of 75 manufactured home communities and one RV resort contains 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 acquisition properties. The stated purchase price is $1.43 billion.

The purchase price in connection with this closing was funded with:

  • The assumption of approximately $55 million of mortgage debt secured by the acquisition properties.
  • Approximately $44 million of cash. The cash was obtained from the proceeds of the previously announced $200 million of financings originated during the quarter ended Sept. 30.

Equity LifeStyle Properties Inc. is a fully integrated owner and operator of lifestyle-oriented properties and as of Thursday owns or has an interest in 382 quality properties in 32 states and British Columbia consisting of 141,175 sites.

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