American Land Lease Announces Acquisition of Park Place Manufactured Home Community, Sebastian, Florida

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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