Sun Communities Inc., a Southfield, Mich.-based real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, today (Dec. 22) announced that on Dec. 16 it acquired three recreational vehicle communities, personal property and other associated intangibles from Club Naples RV Resort LLC, Kountree RV Resort LLC and North Lake RV Resort LLC.
According to a press release Sun Communities entered into customary non-competition agreements with the principals for an aggregate purchase price of $25.0 million. In connection with these transactions, the company borrowed $17 million from Bank of America N.A., as lender and administrative agent, which is secured by the three communities.
The acquired communities, two of which are located in Naples, Fla., and the other of which is located in Moore Haven, Fla., are comprised of 414 permanent recreational vehicle sites and 356 seasonal recreational vehicle sites that complement the company`s existing Florida recreational vehicle portfolio, while not directly competing with it. The communities provide a larger geographic footprint in the state and allow for cross-marketing opportunities utilizing Sun Communities’ call center systems and staffing currently in place in the region.
As previously disclosed Sun Communities intends to purchase three additional recreational vehicles communities in January 2012 from affiliates the same sellers.
Sun Communities owns and operates a portfolio of 159 communities comprising approximately 54,800 developed sites.