CHICAGO-Locally based Equity LifeStyle PropertiesInc., chaired by Sam Zell, has closed onthe final tranche of 75 residential properties owned byHometown America LLC, with the acquisition ofseven sites for $99 million. The deal closes the six-month-longsale by Hometown of the manufactured home communities, with one RVresort, in Florida and the Northeast for $1.4 billion.

This is the second billion-dollar deal right now for Zell, whothrough his Equity Residential REIT is trying topurchase a 26.5% interest in Denver-basedArchstone for $1.3 billion. LehmanHoldings, which has 47% of Archstone, is trying to blockthe sale by Bank of America and BarclaysBank, which own the other 53%.

It was reported Friday that Lehman, which has the right of firstrefusal but has been bogged down by its recently approved Chapter11 bankruptcy, may match the Equity bid as soon as this week.Lehman, Archstone and Equity representatives did not return callsfor comment.

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