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Sun Communities Buys 11 Morgan RV Resorts

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December 18, 2012 by   3 Comments

Sun Communities Operating Limited Partnership (SCOLP), the primary operating subsidiary of Sun Communities Inc. and newly formed wholly owned subsidiaries of SCOLP, entered into an agreement on Dec. 9, to purchase 11 Morgan RV resorts for $135 million, according to a filing with the Securities and Exchange Commission (SEC).

Properties listed in the SEC document include: Ideal Private Resorts LLC, Morgan Fiesta Key LLC, Gwynns Island RV Resort LLC, Indian Creek RV Resort LLC, Lake Laurie RV Resort LLC, Newpoint RV Resort LLC, Peters Pond RV Resort Inc., Seaport LLC, Virginia Tent LLC, Wagon Wheel Maine LLC, Westward Ho RV Resort LLC and Wild Acres LLC.

The aggregate purchase price under the agreements is $135 million, subject to certain adjustments, which will be paid by cash to pay off all existing secured debt and the balance will be paid in a combination of cash and up to $10 million of newly created Series A-3 Preferred OP Units of SCOLP, as determined by the contributors prior to closing.

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Comments

3 Responses to “Sun Communities Buys 11 Morgan RV Resorts”

  1. Bruce D. Clear on January 21st, 2013 8:33 am

    Does your recent purchase of Ideal Resorts from Morgan RV Resorts include Indiana Beach at Monticello Indiana?

  2. Susan on February 17th, 2013 4:34 pm

    What does this mean for IPR members? Do I continue making my payments and to whom? How will this recent change things in Maine for Wild Acres & Virginia Park campers?
    Looking forward to hearing from you,
    Susan

  3. Tim on January 12th, 2014 2:23 pm

    I’m glad to see the westward Ho in Greenbush wi is no longer under the morgan name, those people were way to snobby when it comes to having fun, the who nas car theamed campground was a waist of time & many seasonals left because of it, not everybody is into racing, I love the campgroung & its location, didn’t care for the strict rules under morgan, I will give them a try & welcome Sun RV.

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