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Equity Lifestyle Properties buys Ridgewood Estates

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  • | 8:10 p.m. December 2, 2011
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  • Manatee-Sarasota
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BUYER: MHC Ridgewood Estates LLC (principals: Samuel Zell, Thomas Henehgan, Ellen Kelleher and Michael Berman), Chicago

SELLER: Hometown Ridgewood LLC

PROPERTY: 101 Amsterdam Ave., Ellenton

PRICE: $11.56 million

PREVIOUS PRICE: $4.77 million, March 2006

LAW FIRM ON DEED: Fox Hefter Swibel Levin & Carroll LLP, Chicago

PLANS, DESCRIPTION: Chicago-based Equity Lifestyle Properties purchased the Ridgewood Estates mobile home park in Ellenton for $11.56 million.

The price equated to $51,150 per lot, based on the 226 units approved for the site, as reported by the Manatee County Property Appraiser's office.

The age-restricted community features two swimming pools, a clubhouse, exercise room, laundry facilities and shuffleboard courts.

Community officials did not reply to calls for comment prior to publication.

Ridgewood Estates was purchased as part of a 76-community portfolio acquired by Equity Lifestyle Properties from Hometown America. Sale of the first 39 communities closed in July and the remaining transactions were all scheduled to close before the end of November.

Equity LifeStyle Properties has a controlling interesting in more than 365 communities in 32 states and British Columbia.


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