"After a thorough year long review of strategic alternatives, the board concluded that this transaction was in the best interests of our shareholders, customers and team members," says Terry Considine, American Land's chairman and CEO, in a release.

The acquisition, which has been approved by the board of directors of American Land, includes assumption of debt and preferred stock and includes an entitlement for limited partners of Asset Investors Operating Partnership LP, American Land's operating partnership, to receive $14.20 for each of their units. The deal is expected to be completed during the first quarter of 2009.

"We are very excited to add American Land Lease's professional management team and high-quality manufactured housing community investments to our existing business," said Randy Rowe, chairman of Green Courte. "This combination doubles the size of our portfolio and unites the strengths of the Manufactured Housing Institute's 2007 and 2008 Community Operators of the Year."