Printer Friendly

CHATEAU PROPERTIES ANNOUNCES ACQUISITION

 DETROIT, Jan. 13 /PRNewswire/ -- Chateau Properties, Inc. (NYSE: CPJ) announced today the acquisition of a $2.45 million, 129-site manufactured home community, Forest Lake, in Spring Lake Township, Mich.
 "Forest Lake fits our criteria for growth potential. Included is additional land already zoned for manufactured home sites, providing us with the space for expansion that we look for," said C.G. Kellogg, Chateau's president and chief executive officer. "Moreover, its location -- next to one of our existing communities, Country Estates with 254 homesites -- will make possible significant economies of scale."
 Chateau Properties, Inc., a real estate investment trust (REIT), currently controls 33 manufactured home communities and 15,261 sites in Michigan and Florida, ranking it among the largest in the country.
 The acquisition is the first made by the Clinton Township, Mich.- based REIT since its $110 million initial public offering, Nov. 16, 1993.
 According to Kellogg, Chateau expects to fund the acquisition from the proceeds of its IPO.
 -0- 1/13/94
 /CONTACT: Gayle L. McGarvah, APR, 313-884-1222, for Chateau Properties/
 (CPJ)


CO: Chateau Properties, Inc. ST: Michigan IN: SU: TNM

ML -- DE011 -- 1058 01/13/94 11:54 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 13, 1994
Words:191
Previous Article:WASHINGTON POST ANNOUNCES ELECTION OF VICE PRESIDENT
Next Article:DAN WAITE JOINS CORAL PICTURES AS DIRECTOR, SALES & ACQUISITIONS; CORAL ANNOUNCES CORPORATE RESTRUCTURING OF SALES & MARKETING DIVISIONS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters