> Business, Communities, Company News, News Item, news-at-noon > Equity LifeStyle Properties Acquires Chunk of Competitor
Chicago Real Estate Daily reports that Sam Zell?s Equity LifeStyle Properties (ELS) is adding 31,167 home sites to its portfolio of 111,002 home sites by buying 76 land lease communities (LLC) from Hometown America LLC, its Chicago-based competition. ?The properties are spread over 20 states. ?ELS will finance the $1.4 billion acquisition by selling ELS stock and debt, and assuming debt on 34 properties. ?ELS stock rose .55 cents a share in Tuesday?s trading. ?The 2011 Allen Report lists Equity Lifestyle as the largest LLC in the country, and privately-held Hometown America as the third largest. ?This transaction will reduce Hometown America to 21,400 home sites.