American Land Lease Announces Acquisition of Gulf Shores Area Community
May 26 2006 - 5:09PM
PR Newswire (US)
CLEARWATER, Fla., May 26 /PRNewswire-FirstCall/ -- American Land
Lease, Inc. (NYSE:ANL) today announced the acquisition of The
Grove, an age-restricted manufactured home community, for an
aggregate purchase price of approximately $5 million. The Grove, a
425 home site community in Foley, Alabama, represents a quality
addition to ANL's age-restricted portfolio of residential land
lease communities. Situated between Mobile and Pensacola near the
Florida/Alabama state border, this 112-acre site provides residents
with a lifestyle near boating, fishing, and Gulf Shores activity
areas and easy access to the Gulf of Mexico beaches, less than 10
miles away. The gated community contains 91 occupied home sites, an
additional 74 home sites that are fully developed, and additional
260 home sites to be developed. While introducing its sales and
marketing team to complete the community build out, ANL plans to
build on the current quality community which includes a clubhouse,
an extensive walking and biking trail, 10 acres of open space and a
recreation area. The community enables ANL to continue the
geographical diversification of its holdings while retaining the
focus on age-restricted, quality communities. "The acquisition of
The Grove provides a great addition to our southeastern properties,
while expanding our geographical diversification. As with our
recent acquisition of The Reserve at Fox Creek, the community
provides an opportunity for ANL to create significant incremental
value through effective marketing and execution of the home sales
business resulting in absorption of the remaining unleased home
sites. We will utilize our skills in the senior lifestyle living
and community development business to create another high quality
ANL community," said Bob Blatz, ANL's President and COO. He added,
"This acquisition allows us to continue to leverage the investments
we have made in internal systems over the last few years and build
value for ANL shareholders in an area that we have identified for
future growth as a growing retirement market." American Land Lease,
Inc. is a real estate investment trust (REIT) that holds interests
in 31 manufactured home communities with 7,663 operational home
sites, 1,062 developed expansion sites, 1,534 undeveloped expansion
sites and 129 recreational vehicle sites. DATASOURCE: American Land
Lease, Inc. CONTACT: Robert G. Blatz, President, or Shannon E.
Smith, Chief Financial Officer, both of American Land Lease, Inc.,
+1-727-726-8868 Web site: http://www.americanlandlease.com/
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