American Land Lease Announces Acquisition of Gulf Shores Area Community

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., [phone]



Web site:  http://www.americanlandlease.com/ 

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