Equity LifeStyle Properties Invests in Florida Marinas

Equity LifeStyle Properties, a real estate investment trust paid $30 million for a 49 percent stake in eleven Suntex Marina operated marinas in Florida.

Equity LifeStyle Properties has a portfolio of close to 150,000 mobile home and RV sites, about a dozen of which have a marina component.

The company’s executives view marinas as a good investment, as they rank among the top listed REITs (Real Estate Investment Trusts) based on shareholder returns, are a large market yet can’t be overbuilt with limited waterfront land available, and they operate similarly to RV parks, which have grown steadily.

Sam Zell, a billionaire Chicago investor is the chairman of Equity Lifestyle, as well as two other companies Equity Residential and Equity Commonwealth. The company reported current revenue of $695.3 million in the first nine months of the year.