The MHCs are located in the Orlando, Florida area. The 7 MHCs are some 3,150 manufactured home sites. Approximately 60% are age-restricted, 55+ ‘senior’ properties. The report says the portfolio is about 96% occupied.
Another 380 expansion sites are also available.
“This transaction further strengthens our Florida portfolio of high quality communities, particularly in age-restricted communities,” said Gary A. Shiffman, the Company’s Chairman and CEO. “We believe this acquisition, together with our previously-announced acquisition of a portfolio of communities owned by Green Courte Partners, will allow us to continue our steady growth and fundamentally transform our business.”
Total acquisition costs are about $257.6 million. This includes assuming approximately $157.5 million of debt on the assets. More details on Sun’s prior 1.32 billion dollar deal with Green Courte Partners is linked in the quote above.
Total consideration for the acquisition is approximately $257.6 million, including the assumption of approximately $157.5 million of debt. The balance of the consideration will be paid in a combination of up to approximately
Sun (NYSE: SUI) is a Real Estate Investment Trust (REIT). Sun currently owns and operates a portfolio of 215 communities comprising approximately 78,400 developed sites. They are a stock tracked by the Daily Business News MH focused market report. For Thursday’s market and MH results, click here. ##
(Photo credit: Sun Communities. )
