Sun Buys Two Top-Rated RV Parks for $102.6M
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. Amenities include an 18-hole golf course, pools, spas and a world class pickle ball and tennis facility. The resort is rated very high with a 29 out of 30 rating by Woodall's/Good Sam Club. The company 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 $15.0 million. The aggregate purchase price of $88.0 million includes the reimbursement of $2.6 million for certain construction costs incurred in connection with the development of the land described above. The company assumed $41.7 million of mortgage debt secured by the community.
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. Amenities include a water park, indoor and outdoor pools, full service restaurant, themed vacation rentals, and a full slate of activities for all ages. 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.