Deal for mobile home parks includes 35 in Florida

The buyer would pay $1.68 billion for locations including one in Lauderdale, three in the Keys

TRD MIAMI /
Mar.March 26, 2016 03:30 PM

Publicly held Sun Communities Inc. (NYSE: SUI) agreed on a $1.68 billion deal to buy a group of manufactured housing and recreational vehicle communities, including 35 in Florida.

The planned acquisition “broadens our market share throughout Florida, where we continue to see high demand,” Gary A. Schiffman, chairman and chief executive officer of Sun Communities, said in a press release.

Southfield, Michigan-based Sun Communities agreed with Carefree Communities Inc. to acquire its common stock. Carefree owns 103 manufactured housing and RV communities with a combined total of 27,544 sites,  mostly RV sites.

Most of the 35 Carefree locations in Florida are clustered in Central Florida, according to Carefree’s website. The company has no locations in Miami-Dade County or Palm Beach County. It has one community in Broward County, Tallowwood Isle in Fort Lauderdale, and three in the Florida Keys.

The Sun Communities acquisition of Carefree also would include about 2,580 additional RV sites and about 400 more manufactured housing sites suitable for development.

Sun Communities said in a press release that the $1.68 billion transaction was expected to close no later than July  9.


Related Articles

arrow_forward_ios
Sam Zell’s Equity LifeStyle pays $49M for mobile home park near Riviera Beach

Sam Zell’s Equity LifeStyle pays $49M for mobile home park near Riviera Beach

Sam Zell’s Equity LifeStyle pays $49M for mobile home park near Riviera Beach
Prestige partnership plans $100M rental complex to replace mobile home park

Prestige partnership plans $100M rental complex to replace mobile home park

Prestige partnership plans $100M rental complex to replace mobile home park
Sam Zell’s Equity LifeStyle Properties pays $50M for mobile home community in Davie

Sam Zell’s Equity LifeStyle Properties pays $50M for mobile home community in Davie

Sam Zell’s Equity LifeStyle Properties pays $50M for mobile home community in Davie
Real estate investor buys trailer park near West Little River

Real estate investor buys trailer park near West Little River

Real estate investor buys trailer park near West Little River
Placeholder image

Mixed-use development pushing out local seniors, critics say

Mixed-use development pushing out local seniors, critics say
Placeholder image

Vote: no trailer parks

Vote: no trailer parks
Mike Pappas, Shari Schwamm, Doris and Stuart Zeuner

Keyes acquires Zeuner Realty in Boca Raton

Keyes acquires Zeuner Realty in Boca Raton
Brian Kingston Brookfield Property Partners CEO 10800 Northwest 92 Terrace (Credit: Google Maps)

Brookfield pays $27M for Medley warehouses

Brookfield pays $27M for Medley warehouses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...