Sun Communities Inc., a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, announced that on Feb. 16 it acquired three RV communities for $25 million cash.
According to a press release, the acquisition included personal property and other associated intangibles from Three Lakes RV Park LLC, Blue Berry Hill RV LLC, Blue Berry Hill RV SPE LLC, and Grand Lake RV and Golf Resort LLC. The acquired Florida-based communities are comprised of 488 permanent RV sites and 636 seasonal RV sites
In December of 2011 Sun Communities purchased three recreational vehicle communities, personal property and other associated intangibles from affiliates of the sellers. The aggregate purchase price for the six communities was $50 million and was financed with $17.0 million of newly acquired debt and $33 million of cash.
The six communities contain a total of 997 permanent RV sites and 897 seasonal RV sites. The company believes this portfolio provides for growth from both rental increases and improved seasonal occupancy and allows for cross-marketing opportunities utilizing its existing call center systems and staffing.
Sun Communities currently owns and operates a portfolio of 162 communities comprising approximately 55,900 developed sites.