Posts Tagged ‘Equity LifeStyle Properties’

Equity LifeStyle Properties Inc. on Thursday closed on seven acquisition properties along with certain manufactured homes and loans secured by manufactured homes located at the properties for a stated purchase price of approximately $99 million.

As of Thursday, ELS has closed on 75 acquisition properties since July 1 and is continuing to perform due diligence on the one remaining acquisition property, according to a news release.

The portfolio of 75 manufactured home communities and one RV resort contains 31,167 sites on approximately 6,500 acres located in 16 states (primarily located in Florida and the northeastern region of the United States) and certain manufactured homes and loans secured by manufactured homes located at the acquisition properties. The stated purchase price is $1.43 billion.

The purchase price in connection with this closing was funded with:

• The assumption of approximately $55 million of mortgage debt secured by the acquisition properties.
• Approximately $44 million of cash. The cash was obtained from the proceeds of the previously announced $200 million of financings originated during the quarter ended Sept. 30.

Equity LifeStyle Properties Inc. is a fully integrated owner and operator of lifestyle-oriented properties and as of Thursday owns or has an interest in 382 quality properties in 32 states and British Columbia consisting of 141,175 sites.

Equity LifeStyle Properties Inc. owner of campgrounds and resort communities announced the public offering price of $60.70 per share for the 3,162,069 shares of the company’s common stock, par value $0.01 per share previously sold by a selling stockholder to Goldman, Sachs & Co. as the sole underwriter in an underwritten at-the-market public offering.

Subject to customary conditions, the offering is expected to close on Monday (Oct. 24), according to a news release.

The 3,162,069 shares of common stock sold in this offering includes 1,453,793 shares of common stock issued by the company to the selling stockholder upon the redemption by the selling stockholder of 1,453,793 shares of the company’s Series B Subordinated Non-Voting Cumulative Preferred Stock, par value $0.01 per share, which will occur prior to the closing of this offering.

The selling stockholder will receive all of the net proceeds from the sale of the Common Stock in this offering, and the Company will not receive any proceeds in this offering.

Goldman, Sachs & Co. served as the sole underwriter for the offering.

Residents of an Equity Lifestyle Properties retirement neighborhood are furious over flooding. Whenever it rains, they’re left with thousands of dollars worth of repairs – and the answers to their water woes are out of their control.

When most people were praying for rain, residents of the Tropical Palms community were doing the exact opposite.

“I dread it when it rains like that. I just dread it,” said resident Donna Spafford.

“Every time it rains I am stressed out because if it rains too hard we’re going to have to try to pump out water from our lanai, it’s under our home. It smells,” said Spafford.

“We have mosquito problems. We’ve had moccasin problems because the water just runs like a river down the street,” said Linda Taylor.

Residents say that rain water is supposed to go to a retention pond with the help of a pumping system.

“Our retention pond is so full, if it rains tomorrow it could not take another drop,” said Taylor.

Residents say they’ve contacted the owners of the mobile home park. They even signed a petition last year, but got nowhere.

Full Story & Video….

Note: The story above isn’t about RVs or RVing except that Equity Lifestyle Properties owns many campgrounds and snowbird parks that RVers use.

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