Sun Communities, Inc. announced yesterday that, on December 16 it acquired three Florida 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 for an aggregate purchase price of $25.0 million. In connection with these transactions, the Company borrowed $17.0 million from Bank of America which is secured by the three communities. The $8.0 million remainder of the purchase price was paid in cash. The acquired communities, two of which are located in Naples, Florida and the other of which is located in Moore Haven, Florida, are comprised of 414 permanent recreational vehicle sites and 356 seasonal recreational vehicle sites the company says complement its existing Florida recreational vehicle portfolio, while not directly competing with it. Sun Communities says the purchases provide a larger geographic footprint in the state and allow for cross-marketing opportunities utilizing call center systems and staffing currently in place in the region.
(Image Credit: Sun Communities)