BusinessWire reports that Equity Lifestyle Properties (ELS) has closed on 7 more manufactured home communities as of Sept 1, 2011. The 7 land lease communities were part of a package of 75 that were announced on May 31st, 2011 and one RV resort, 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 for a stated purchase price of $1.43 billion (the “Acquisition”). The 7 were closed at the stated purchase price of approximately $160 million. Equity Lifestyle also did an assessment of the damage done by Hurricane Irene, and currently estimates the impact on income from property operations as a result of Hurricane Irene to be less than $1.5 million.
