Acquires Joint Venture Interest in Award Winning RV Resort

CHICAGO, Jan. 25 /PRNewswire/ -- Manufactured Home Communities, Inc. (NYSE: MHC) today announced the acquisition of two Florida communities, totaling 729 sites, for an aggregate purchase price of approximately $16.3 million.

Golden Lakes, a 421-site community in Plant City, near Tampa, Florida, is adjacent to MHC's Country Meadows, a 736-site community featuring an 18-hole golf course and across the street from MHC's Sunset Oaks, a 167-site expansion community. Golden Lakes features a 9-hole golf course, tennis, clubhouse and pool and also includes approximately 23 acres for expansion.

Chain O' Lakes, a 308-site community in Grand Island, near Orlando, Florida, is located approximately one mile from MHC's Mid-Florida Lakes, a 1,226-site community featuring a marina and boat docks and near MHC's Southern Palms, a 1,133-site RV resort. Chain O' Lakes, with frontage on Lake Eustis, features a marina with 50 boat docks, a clubhouse and pool.

MHC also announced that in a separate transaction, the Company, through its joint venture with Meadows Management, has acquired a 50 percent economic interest in Voyager RV Resort, a 1,576- site RV resort in Tucson, Arizona for total consideration of $8.0 million. Voyager RV Resort is adjacent to Trails West, a 441-site community owned by the MHC/Meadows Management joint venture. Voyager RV Resort features a golf course, hotel, restaurant and convenience store and approximately 35 acres for expansion. The property was selected by the National Association of RV Resorts and Campgrounds as the National RV Resort of the Year in 1999.

"These acquisitions strengthen MHC's regional focus and enhance MHC's ability to offer a variety of lifestyle choices to residents," said Howard Walker, MHC's CEO. He added, "These properties also provide MHC with expansion and redevelopment opportunities."

Additionally, MHC announced that the Company is under contract to sell its seven communities, totaling 1,282 sites, in Kansas, Missouri and Oklahoma for a total sale price of approximately $19.1 million. MHC expects this transaction to close in late February.

The forward-looking statements contained in this news release are subject to certain risks and uncertainties including, but not limited to, the Company's ability to complete the sale of the properties mentioned above as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Manufactured Home Communities, Inc. now owns or has a controlling interest in 154 quality communities in 26 states consisting of 51,452 sites. MHC is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. For more information on MHC please visit our website at www.mhchomes.com .
SOURCE Manufactured Home Communities, Inc.
Web site: http: //www.mhchomes.com
CONTACT: Marty McKenna of Manufactured Home Communities, Inc., 312-928-1901