Equity LifeStyle Properties Inc.
), 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.
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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
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.
) also holds a Zacks #2 Rank.