American Land Lease Inc. (NYSE:ANL) on Friday 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, Ariz., in northwest Arizona across the Colorado River from Laughlin, Nev., is a gated community that spans 56 acres. There are 205 occupied home sites and an additional 107 home sites that are fully developed. ANL soon plans to build out the community, which now includes a clubhouse, 10 acres of open space, nature trails and a recreation area.
“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.
American Land Lease Inc. is a real estate investment trust 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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