A publicly traded mobile home park owner-operator bought a Palm Beach County community for $70 million, paying resident-owners at least 5.5 times more than they put in, according to their attorney.

Equity LifeStyle Properties Inc., based in Chicago and listed on the New York Stock Exchange, bought the Palm Lake Estates community west of Riviera Beach from the residents’ Palm Lake Cooperative Inc., which has owned the 147-acre community since 1989. 

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