American Land Lease Announces Acquisition of Park Place Manufactured Home Community, Sebastian, Florida
July 27 2006 - 5:16PM
PR Newswire (US)
CLEARWATER, Fla., July 27 /PRNewswire-FirstCall/ -- American Land
Lease, Inc. (NYSE:ANL) today announced the acquisition of Park
Place at Sebastian, an age-restricted manufactured home community,
for an aggregate purchase price of approximately $30 million, which
includes the residential land lease, home sales and cable
television businesses. Park Place, a 465 home site community in
Sebastian, Florida, on the state's Treasure Coast, represents a
quality addition to ANL's age-restricted portfolio of residential
land lease communities. Situated between Vero Beach and Melbourne,
this 145-acre site provides residents with a lifestyle near
boating, fishing, and the beaches of the Atlantic. A 25-acre lake
within the community provides a beautiful lake view for over 150
home sites as well as the opportunity for small craft boating and
fishing. The gated community contains 365 occupied home sites and
an additional 100 home sites that are fully developed. ANL plans to
build on the current quality community, which includes a clubhouse,
a lake and a recreation area, to build on the community's sales
momentum and build out the remainder of the community. Home sales
have been characterized by high-quality homes, with an average
sales price of over $150,000. The community enables ANL to continue
building its presence in the high-value eastern seaboard part of
the state while retaining the focus on age-restricted quality
communities. "The acquisition of Park Place provides ANL with
another outstanding community on the state's east coast. As with
our recent acquisition of The Reserve at Fox Creek and The Grove,
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. As with other locations in Florida, 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 continues our focus on resort-style, destination
communities, characterized by high-quality homes, outstanding
amenities and great locations -- where we believe there will be
continued growth and value creation for our residents and
shareholders." An aerial photograph of Park Place at Sebastian is
appended to this press release posted on the Company's web site at
http://www.americanlandlease.com/ . American Land Lease, Inc. is a
real estate investment trust (REIT) that holds interests in 32
manufactured home communities with 8,114 operational home sites,
1,105 developed expansion sites, 1,518 undeveloped expansion sites
and 129 recreational vehicle sites. DATASOURCE: American Land
Lease, Inc. Web site: http://www.americanlandlease.com/
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