Equity LifeStyle Closes on Seven More Portfolio Properties for $157 Million

Equity LifeStyle Properties, Inc. (NYSE:ELS) recently closed on seven more properties for $157 million from its $1.43 billion portfolio acquisition made earlier this year.

The purchase price for the closing was funded with the assumption of approximately $76 million of mortgage debt secured by the recent acquisitions and approximately $81 million in cash. The cash was obtained from the proceeds of the previously announced $200 million of financings originated during the quarter ended Sept. 30, 2011.

ELS is continuing to perform due diligence on the Clinton property and so is unable to provide a current estimate of a closing date for this property.

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As of today, ELS has closed on 68 out of the 76 properties since July 1, 2011. The company expects to close seven more properties by Nov. 1 of this year.

Written by Alyssa Gerace

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