Sun's Latest Florida Purchase Has Long History
A recreational vehicle park in Orange City, Fla., has been sold to a national real estate investment trust for nearly $6.5 million in cash, the Daytona Beach News-Journal reported.
Sun Communities Inc., a Southfield, Mich.-based publicly traded REIT that owns 136 mobile home communities and RV parks throughout the country, announced this week its purchase of the 517-unit Orange City RV Resort at 2300 E. Graves Ave. from a limited partnership known as NHC-FL7 LP.
County records indicate the limited partnership was formed by Newby Management of Ellenton, just north of Bradenton. Newby, according to records, acquired the RV park property in September 1998 in two transactions totaling $4.3 million.
County records show that most of the buildings on the property were first created as a campground in 1966. Additional buildings were added in the early 1980s.
Jim Kerr, the city planner for Orange City, said the property has been an RV park since he moved to the area 28 years ago.
"I remember Alex Chumley — the former mayor (of Orange City) — used to take his kids over there," Kerr said of when the property was a campground. "His kids are in their 40s now."
The property was valued last year at almost $4.4 million, property records show.
Orange City RV Resort is Sun's fourth acquisition in Volusia County. In 1994, it bought King's Lake, a DeBary manufactured home community for people aged 55 and up, as well as a mobile home communty called Orange Tree Village in Orange City. In 1997, it acquired Holly Forest, a mobile home community in Holly Hill.
Sun operated 19 communities in Florida as of March 31, according to its first-quarter earnings report.
Before it acquired Orange City RV Resort, Sun provided management services to the community "and has good working knowledge of the property," the company stated in a filing with the Securities and Exchange Commission. Sun was established in 1975 and went public with 31 communities in December 1993. It has more than 700 employees, according to Yahoo Finance.