Equity LifeStyle Properties Inc. (ELS) acquired two properties, Victoria Palms Resort and Alamo Palms, in the Rio Grande Valley, Texas, the company announced on Dec. 28.
The two properties contain approximately 1,765 sites on approximately 175 acres for a stated purchase price of $25 million. The company funded the purchase price with available cash.
Victoria Palms is an age-restricted, 1,122-site property with 270 manufactured home sites and 853 RV sites. Alamo Palms is an age-restricted, 643-site property with 293 manufactured home sites and 350 RV sites. The acquisition will compliment ELS’ South Texas portfolio of eight properties and 5,100 sites and further strengthen its presence in the market.
As of Dec. 28, ELS owns or has an interest in 383 properties in 32 states and British Columbia consisting of 142,679 sites. The company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.