Equity LifeStyle Properties Inc. agreed to purchase 76 manufactured-home communities mostly in Florida and the northeastern U.S. for $1.43 billion.
The properties encompass 31,167 home sites on about 6,500 acres (2,600 hectares) in 16 states, the Chicago-based company said in a statement today. Equity LifeStyle is buying them from affiliates of closely held Hometown America LLC.
The acquisition will be funded through a stock offering, the assumption of about $524.3 million of mortgage debt, the issuance of equity to the seller and about $500 million of debt that Equity LifeStyle plans to obtain after the share sale is completed, the company said.
The purchase will increase the size of Equity Lifestyle’s portfolio to 383 communities -- 211 manufactured-home communities and 172 recreation-vehicle sites -- in 32 states.
Goldman Sachs Group Inc. was the company’s financial adviser on the acquisition.
-- Editors: Daniel Taub, Kara Wetzel