ELS Acquires New Properties in Texas

ELS Acquires New Properties in Texas

Equity LifeStyle Properties Inc. (ELS) as acquired two new properties in the Rio Grande Valley in Texas. The company announced their acquisition on December 28th.

Between the two properties, Victoria Palms Resort and Alamo Palms, there are 1765 sites on approximately 175 acres. The reported purchase price was $25 million and it is said that ELS made the purchase using liquid cash assets.

The Victoria Palms facility includes 1,120 sites. Of those, 270 are manufactured home sites and 853 are RV sites. The Alamo Palms facility includes 643 sites. Of those, 293 are manufactured home sites and 350 are RV sites. Both Victoria Palms and Alamo Palms are age-restricted facilities.

ELS’ South Texas portfolio was already a strong presence with eight properties and 5,100 sites. With this new acquisition, ELS now claims an interest in 383 properties covering 32 states and British Columbia. Overall, their holdings represent 142,679 sites. ELS is a real estate investment trust (REIT) that is both self-managed and self-administered. ELS is headquartered in Chicago, Illinois.

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