CLEARWATER, Fla., March 17 /PRNewswire-FirstCall/ -- American Land Lease, Inc. 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.
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