Equity LifeStyle Properties Inc. (ELS) announced the investment of approximately $7 million in a 50% joint venture with existing ownership in three properties containing approximately 500 housing sites located near Bar Harbor, Maine.
According to a press release, the three resorts have approximately 100 acres available for potential expansion. Chicago-based ELS expects to invest additional capital and work with the existing ownership to upgrade the properties for new-home sale.
Two of the properties, Mount Desert Narrows and Narrows Too, are located on the Atlantic Ocean. The other property, Patten Pond, is situated on a 700-acre lake.
Marguerite Nader, vice president of new business development for ELS, commented, “We look forward to working with our new partner in this premier vacation destination on the coast of Maine. This investment highlights our ongoing focus on investing in high-quality real estate locations.”
Equity LifeStyle is a self-administered, self-managed real estate investment trust (REIT) which owns or has an interest in 278 quality communities and RV parks in 26 states and British Columbia consisting of 101,727 sites.