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Another Billion-Dollar Deal for Zell

CHICAGO-Sam Zell, who is currently trying to close an interest in Archstone for $1.3 billion, has also completed a $1.4 billion purchase of 75 residential communities.

By Robert Carr | Updated on December 10, 2011

CHICAGO-Locally based Equity LifeStyle Properties Inc., chaired by Sam Zell, has closed on the final tranche of 75 residential properties owned by Hometown America LLC, with the acquisition of seven sites for $99 million. The deal closes the six-month-long sale by Hometown of the manufactured home communities, with one RV resort, in Florida and the Northeast for $1.4 billion.

This is the second billion-dollar deal right now for Zell, who through his Equity Residential REIT is trying to purchase a 26.5% interest in Denver-based Archstone for $1.3 billion. Lehman Holdings, which has 47% of Archstone, is trying to block the sale by Bank of America and Barclays Bank, which own the other 53%.

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