ELS Almost Finished Closing Mammoth $1.43 Billion Portfolio

After closing on seven more properties on Dec. 8, Equity LifeStyle Properties (NYSE:ELS) has just one property left from the 75-property manufactured home communities and one RV resort portfolio it acquired in May 2011.

The stated purchase price for the most recent seven acquisitions was approximately $99 million, funded with the assumption of approximately $55 million of mortgage debt secured by the just-acquired properties and approximately $44 million of cash, obtained from the proceeds of a previously-announced $200 million of financing originated in the third quarter.

As of Dec. 8, ELS has closed on 75 properties since July 1, 2011, although it continues to perform due diligence on the Clinton property, the one remaining acquisition. There are no assurances that ELS will close on this property, resulting in the company no longer expecting to incur $2 million of transaction costs related to the Clinton closing.


Written by Alyssa Gerace

Companies featured in this article: