Sun Communities, Inc. (NYSE: SUI) announced on January 6, 2014 has closed the final portion of its previously-announced acquisition of 26 manufactured housing communities from Green Courte Partners, LLC (“GCP”).  Globenewswire  tells MHProNews  that the acquisition of the 26 communities included the associated manufactured homes and notes receivable for an aggregate consideration of $742.9 million.

On December 17, 2014, Sun closed the acquisition of the Wildwood manufactured housing community and the associated manufactured homes and notes receivable from GCP for consideration of $35.9 million

On December 19, 2014, SUI as successor to GCP under the purchase agreement,  closed the acquisition of the Oak Creek manufactured housing community in Coarsegold, California, from a third-party at a purchase price of $15.8 million.

The communities included in the GCP closings comprise more than 19,000 sites in twelve states (inclusive of Oak Creek), including nearly 11,000 sites located in Florida. More than 14,000 sites, or 73 percent, of the portfolio are age-restricted.

Sun Communities, Inc. is a real estate investment trust, or REIT, that currently owns and operates a portfolio of 243 manufactured housing and recreational vehicle communities comprising approximately 89,200 developed sites. ##

Other SUN related stories:

Sun hits one year high.

Sun Communities buys Orlando area MHC portfolio.

Sun’s $1.32 billion dollar deal for the Green Courte Partners portfolio.

(Photo Credit: Sun Communities)

 

Article Submitted by Sandra Lane to – Daily Business News- MHProNews.