Equity LifeStyle Buys Texas Assets
Equity LifeStyle Properties Inc. (ELS), a real estate investment trust (:REIT), announced the purchase of two properties in Texas for $25 million late last week. The properties - Victoria Palms Resort and Alamo Palms – are located in the Rio Grande Valley. The buyout of the two properties, that include around 1,765 sites and spans approximately 175 acres, were financed with the company’s available cash.
Particularly, Victoria Palms is an age restricted 1,122 site property comprising 270 manufactured home sites and 853 recreational vehicle (:RV) sites. Alamo Palms is also an age restricted 643 site property including 293 manufactured home sites and 350 RV sites.
Headquartered in Chicago, Illinois, Equity LifeStyle Properties Inc. is a self-administered, self-managed REIT. It is a fully integrated owner and operator of lifestyle-oriented properties and leases individual developed areas or sites with access to utilities for placement of factory built homes, cottages, cabins or RVs.
As of December 28, 2012, Equity LifeStyle owns or has an interest in 383 quality properties in 32 states and British Columbia consisting of 142,679 sites. Customers may lease individual sites or buy right-to-use contracts offering customers the right to use specific Properties for limited stays.
The acquisition of the two properties in Texas is a strategic fit for Equity LifeStyle. Particularly, it enhances the company’s South Texas portfolio and boosts its market presence.
Equity LifeStyle currently has a Zacks #2 Rank (implying a short-term Buy rating). One of its competitors, Home Properties Inc. (HME) also holds a Zacks #2 Rank.
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