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Sun Communities Adding 2 Resorts to Portfolio
Posted By RVBusiness On January 4, 2013 @ 9:36 am In Breaking News | No Comments
Sun Communities Inc. announced Thursday (Jan. 3) that it acquired two properties, Palm Creek Golf & RV resort and Lake in Wood. The two properties contain approximately 2,288 sites for a stated purchase price of $102.6 million, according to a news release.
Palm Creek Golf & RV resort is a 5-star institutional quality, age restricted resort with 1,863 sites located in Casa Grande, Ariz., just 40 minutes south of Phoenix. Sun communities acquired the resort and related improvements, personal property and associated intangibles for $70.4 million and a contiguous parcel of land being developed to add approximately 990 recreational vehicle, or approximately 550 manufactured housing sites, for $15 million.
Lake in Wood is a 5-star, 425-site family resort located in southwest Pennsylvania. It is rated best recreational vehicle resort in Pennsylvania and received Woodall’s/Good Sam Club’s highest and most exclusive rating of 30 out of 30. The purchase price of $14.6 million was paid in cash.
Sun Communities Inc. currently owns and operates a portfolio of 173 communities comprising approximately 63,600 developed sites.
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