American Land Lease Announces Acquisition of Arizona Community
18 March 2006 - 8:29AM
PR Newswire (US)
CLEARWATER, Fla., March 17 /PRNewswire-FirstCall/ -- American Land
Lease, Inc. (NYSE:ANL) today announced the acquisition of The
Reserve at Fox Creek, for an aggregate purchase price of
approximately $11 million. The Reserve at Fox Creek, a 312 home
site community in Bullhead City, Arizona, in northwest Arizona
across the Colorado River from Laughlin, Nevada, represents a
quality addition to ANL's age-restricted portfolio of residential
land lease communities. Situated overlooking the Colorado River
basin near the Arizona/Nevada state border, this 56-acre site
provides residents with a lifestyle near boating, mountains and
Nevada gaming activities while having easy access to Las Vegas,
just 100 miles away. The gated community contains 205 occupied home
sites and an additional 107 home sites that are fully developed.
ANL plans to build on the current quality community, which includes
a clubhouse, 10 acres of open space, nature trails and a recreation
area, and introduce its sales and marketing team to complete the
community build-out. Named by the Manufactured Housing Institute as
the "Land Lease Community of the Year Over 150 Sites (West)" in
2003, the community enables ANL to expand its Arizona holdings
beyond the Phoenix area but retains the focus on age-restricted,
quality communities. "The acquisition of The Reserve at Fox Creek
provides a great addition to our Arizona properties, while
expanding to areas outside of Phoenix. 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 leverage the investments we have
made in internal systems over the last few years and build value
for ANL shareholders." American Land Lease, Inc. is a real estate
investment trust (REIT) that holds interests in 30 manufactured
home communities with 7,488 operational home sites, 1,083 developed
expansion sites, 1,270 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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