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Sun Communities Buys 11 Morgan RV Resorts
Posted By RVBusiness On December 18, 2012 @ 9:12 am In Breaking News | 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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