ELS Closes Deal on 35 Hometown Properties
On May 31, Chicago-based Equity LifeStyle Properties Inc. entered into an agreement to acquire a portfolio of 76 manufactured home communities from Hometown Properties LLC 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 for a stated purchase price of $1.43 billion. Total closing costs associated with the acquisition are expected to be approximately $21 million.
The company announced Friday (July 1), that it had closed on the acquisition of 35 of the Hometown Properties along with certain manufactured homes and loans secured by manufactured homes for a purchase price of approximately $451.0 million.
The company’s acquisition of the balance of the Hometown Properties is expected to occur by Dec. 31 and assumption of the indebtedness thereon is subject to receipt of loan servicer consents. The acquisition is also subject to other customary closing conditions. Accordingly, no assurances can be given that the remainder of the acquisition will be completed in its entirety in accordance with the anticipated timing or at all.
ELS is a fully integrated owner and operator of lifestyle-oriented properties and owns or has an interest in 342 quality properties in 30 states and British Columbia consisting of 123,065 sites. The company leases individual developed areas, or sites, with access to utilities for placement of factory-built homes, cottages, cabins or recreational vehicles. Customers may lease individual sites or enter right-to-use contracts providing the customer access to specific properties for limited stays. ELS is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.