Chicago-based Equity LifeStyle Properties, Inc. (NYSE:ELS) reports the company finalized selling ten manufactured home communities comprised of 4,925 home sites. Received as part of the $1.5 billion Hometown America acquisition in 2011, the properties did not fit the core business strategy of ELS, and overall occupancy only reached 70 percent. Another manufactured housing community (MHC) with 419 home sites in Michigan is expected to close in this quarter, which would bring $165 million for all eleven communities into the company’s coffers,$41 million of it a gain. Additionally, fortmilltimes says the company acquired three MHCs in the Chicago metro area with 1,207 home sites for $102 million. ELS CEO Marguerite Nader says, “We are pleased with the execution on these transactions. We were able to redeploy capital from our sale of assets in non-core markets into three high quality manufactured home communities in the Chicagoland area to complement our existing assets in this market.” MHProNews knows ELS is the largest owner of manufactured home and recreational vehicle communities in North America.
(Photo credit: Equity LifeStyle Properties–country club in California)