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Equity LifeStyle affiliate buys Fla. mobile home park

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Equity LifeStyle affiliate buys Fla. mobile home park

Equity LifeStyle Properties Inc.'s MHC Palm Lake LLC affiliate acquired the Palm Lake Mobile Home Park in West Palm Beach, Fla.

In a news release, the company said it paid $73.5 million for the 915-site community, funding the transaction with available cash and proceeds from debt financing transactions completed in the 2018 fourth quarter.

MHC Palm Lake signed a 20-year contract to uphold the 55-plus age restriction on the 50-acre property, and Equity LifeStyle intends to spend $3 million over the next three years to upgrade the community's common areas and infrastructure, The Real Deal reported, citing property records.

The Real Deal originally reported the sale price as about $49.0 million, but Equity LifeStyle President and CEO Marguerite Nader said in a Jan. 29, 2019, earnings call that the figure was incorrect.