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Will Big Companies Keep Buying RV Parks?

April 2, 2014 by · Comments Off on Will Big Companies Keep Buying RV Parks? 

Sunshine Key RV Resort & Marina in Florida is an ELS property.

Sunshine Key RV Resort & Marina in Florida is an ELS property.

Anyone who’s spent time in the campground and RV park industry has seen the trend of more and more companies showing active — and growing — interest in the industry. Whether it’s hotel-industry veterans starting a new RV park franchise network (most recently Cruise Inn), hotel-software companies coming into the industry with reservation and management software (most recently Frontdesk Anywhere) or major companies shifting even more into RV parks from the manufactured-housing-community space, the landscape is changing.

There’s at least some “clustering” growing in RV parks and campgrounds, be it ownership (Carefree RV Resorts has 59 in the U.S. and Canada and RVC Outdoor Destinations is involved in 10) or well-established franchises Kampgrounds of America (KOA), which owns some parks in addition to the franchised ones, and Leisure Systems inc., which handles the Yogi Bear’s Jellystone Park Camp-Resort franchise.

If you take a look at the most recent annual reports from two of those major real-estate/manufactured-housing players — Michigan-based Sun Communities Inc. and Equity LifeStyle Properties Inc. (ELS) of Chicago — you’ll see that they aren’t slowing the pace of acquiring RV parks.

Sun Communities acquired six RV parks between November 2013 and February of this year. By comparison, they added only one manufactured-housing community. They spent $146.8 million on those seven properties, Screen Shot 2014-04-02 at 11.59.13 AMwith the RV parks in New York, California, Maryland and New Jersey, according to the company’s year-end announcement. Looking at all of 2013, Sun acquired only one manufactured-housing community to 14 RV parks.

“Our focus on acquisitions in the RV marketplace is based in part on increases in the annual

shipments of RV’s, which are expected to increase by 6% in 2014 marking the fifth consecutive annual increase in shipments,” said Gary Shiffman, Sun’s chairman and CEO. “In addition, over 40% of demand for RV parks is from adults over 55 years of age which is a growing segment of our population,” Shiffman added.

The company has focused on areas like Florida, California and east-coast vacation sites, but plans to expand its geographic reach to help insulate Sun from regional economic issues, according to the annual report. “We continue to expand our properties utilizing our inventory of owned and entitled land (approximately 6,300 developed sites) and expect to construct approximately 800 additional sites in 2014, located primarily in Texas and Colorado, which have current occupancies in excess of 90%.”

Screen Shot 2014-04-02 at 11.59.28 AMELS expressed similar philosophies in its fiscal-year-end report for 2013, with their Thousand Trails and Encore RV resorts.

“According to various industry reports, there are approximately 50,000 manufactured home properties and approximately 8,750 RV properties (excluding government-owned properties) in North America. Most of these properties are not operated by large owner/operators, and of the RV properties approximately 1,300 contain 200 Sites or more. We believe that this relatively high degree of fragmentation provides us, as a national organization with experienced management and substantial financial resources, the opportunity to purchase additional properties as evidenced by the acquisitions during the year ended December 31, 2013,” according to the report.

ELS management personnel went on to say, “According to the Recreation Vehicle Industry Association (“RVIA”), nearly one in nine U.S. vehicle-owning households owns an RV and there are currently 8.9 million RV owners. The 77 million people born from 1946 to 1964 or “baby boomers” make up the fastest-growing segment of this market.

“According to 2010 U.S. Census figures, every day 12,500 Americans turn 50. We believe that this population segment, seeking an active lifestyle, will provide opportunities for our future cash-flow growth. As RV owners age and move beyond the more active RV lifestyle, they will often seek more permanent retirement or vacation establishments,” ELS said in the report.

“According to 2010 U.S. Census figures, the baby-boom generation will constitute almost 19% of the U.S. population within the next 20 years. Among those individuals who are nearing retirement (age 46 to 64), approximately 59% plan on moving upon retirement.”

RV sales figures also play into the ELS strategy, according to the company. “We believe that consumers remain concerned about the current economy, and by prospects that the economy might remain sluggish in the years ahead. However, the enduring appeal of the RV lifestyle has translated into continued strength in RV sales despite the economic turmoil. According to RVIA, RV ownership has reached record levels: 8.9 million American households now own an RV, the highest level ever recorded, which constitutes an increase of 12.7% since 2005. RV sales could continue to benefit as aging baby-boomers continue to enter the age range in which RV ownership is highest.”

ELS is trying to reach RVers, according to the report. “In the spring of 2010, we introduced low-cost membership products that focus on the installed base of approximately nine million RV owners. Such products include right-to-use contracts that entitle the customer to use certain properties. We are offering a Zone Park Pass (“ZPP”), which can be purchased for one to five zones of the United States and requires annual payments.” There’s no additional cost to stay at ELS properties in the zone, and “modest” payments can get users into additional zones. In 2013, ELS sold 15,500 of those passes, in part by teaming up with RV dealers, according to the company.

Flooded RVer’s Call to a TV Station Got Results

September 4, 2013 by · Comments Off on Flooded RVer’s Call to a TV Station Got Results 

Editor’s Note: The following story is courtesy of WFTX-TV, Fort Myers, Fla. Click here to watch a video of the story.

Flood frustration! A Southwest Florida woman puts thousands of dollars into her home at an RV park in San Carlos Park, only to have it flooded when it rains. Tonight she wants to know what management is doing to help her out while her home is underwater.

Last week, It was ‘pay your September lot rent or we’ll evict ya!” Now, after she called us, they’re going out of their way to help her out. So much so that now they’ve offered her both a temporary and a permanent place to live.

“They never told me about flooding at all, at all, nothing,” said Kathy Brown, who bought the unit in January. She was living in the Indian Creek RV Park in San Carlos Park until last week when heavy rains flooded her front porch, making it hard to get into her house. So, she went to the parks management and said, “I’m in a total disaster and all that they’re telling me is that you better pay by the first or we’ll have you evicted,” Brown recalled. “That’s what they told me.”

So Brown called FOX4 and we went and took a look. “People all helped me,” Brown added. “We gutted the whole house. We put $5,000 in. There’s a new fridge, new stove, new floors, wood floors.”

Brown says she then called the Red Cross, which paid for a hotel for five days until Sunday. She worries where she will now live. I took Ms. Brown’s concerns to park management who tells me over the phone that while she let us in to see the damage she didn’t do that for the park. “She didn’t want us to go in the unit,” said Tom O’Branovich, Sr. vice president for Sun Communities Inc. which owns the park. “What we do is go in and just evaluate it.”

After FOX4 got involved, the park agreed to help her out by putting her in one of its rental units even though she bought the property from someone else. “We’re trying to accommodate her to help her through the situation,” O’Branovich explained. “I mean we feel bad because we weren’t a party to the original transaction.”

Tuesday, the park offered to give her another unit, for free. But, she turned it down, telling FOX4 it needs electrical work. But park management says it isn’t giving up. “We’ll just have to work with her to figure out, in the end, what she wants,” said O’Branovich. “I guess she doesn’t feel that she wants to move, that she should have to move.”

He told FOX4 they will call Brown back Wednesday to see what she wants to do.

 

RVers ‘Extremely Positive’ on Sun’s New Parks

July 26, 2013 by · Comments Off on RVers ‘Extremely Positive’ on Sun’s New Parks 

Sun Communities Inc. expects above-average returns on its investment in the 10 RV parks it purchased earlier from Morgan RV Resorts as Sun evolves into a year-round operator of these lucrative properties.

Gary A. Shiffman, chairman and CEO of Southfield, Mich.-based Sun, updated the company’s progress on refurbishing the 10 former Morgan properties in the Northeast and Midwest during an investors’ conference call on Thursday (July 25) following release of its second-quarter results.

“Approximately 60% of the capital expenditures planned for the repositioning of the 10 ‘Morgan’ RV properties on the Eastern Seaboard have been completed. We are beginning to experience both positive feedback and results from residents who have begun to return to the communities since the opening of the season in June,” Shiffman stated.

In fact, the response by returning and new visitors has been “extremely positive,” Shiffman told investors, as the company updates the under-performing properties.

From a revenue perspective, the acquisitions make running RV parks a year-round business and removes the seasonality of the “snowbird” business predominately in Texas and Florida, which had boosted revenues during the first and fourth quarters but depressed them during the second and third, Shiffman said.

Besides updating virtually all of the 10 RV parks acquired from Morgan, Sun has installed new management at many of the parks, launched a new website which features a complete online reservation service, deployed a Facebook page for each park and relocated its call center from Florida to Southfield to guarantee that no call goes unanswered, he added.

He projects the return from the 10 parks will boost Sun revenues 7% to 9% over the next several years.

In addition to the Morgan parks, Sun bought two RV communities – one in New York and one in New Jersey – during the second quarter for $28.9 million, increasing the year-to-date total to 12 properties acquired for $140.9 million. One of the parks is located in Cape May Court House, N.J. and comprises 528 sites. The park in New York comprises 299 sites.

“The two recreational vehicle communities acquired during the second quarter fit well in the geographic footprint we have been establishing in the northeastern seaboard. We continue to remain actively engaged in reviewing acquisition opportunities of both manufactured housing and recreational vehicle communities,” said Shiffman.

 

 

Sun Communities Reports on 2013 Purchases

July 25, 2013 by · Comments Off on Sun Communities Reports on 2013 Purchases 

Sun Communities Inc., a Southfield, Mich.-based real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, today (July 25) reported its second quarter results.

Highlights for the quarter ending June 30 include:

  • Funds from operations (FFO) excluding $1.1 million of acquisitions costs was $0.69 per diluted share and OP unit for the three months ended June 30, 2013.
  • Same site Net Operating Income (NOI) increased by 5.5% as compared to the three months ended June 30, 2012.
  • Net income attributable to common stockholders was $1.0 million, or $0.03 per share, compared with net income of $1.7 million, or $0.06 per share, for the second quarter of 2012.
  • Revenue producing sites increased by 494 sites, compared to an increase of 410 during the three months ended June 30, 2012, bringing total portfolio occupancy to 89.2% as compared to 86.8% at June 30, 2012.
  • Total home sales increased 5% as compared to the three months ended June 30, 2012.
  • Two recreational vehicle communities were acquired during the second quarter for $28.9 million increasing the year-to-date total to 12 properties acquired for $140.9 million.

“Core portfolio performance has been right on budget with solid same site growth in NOI and occupancy,” said Gary A. Shiffman, Chairman and CEO. “In the last 18 months, we have executed a substantial acquisition program including a significant commitment to the recreational vehicle business. In addition, we have dramatically reduced our leverage while increasing both the term and amount of our credit facility. Our attention is now concentrated on maximizing the earnings power of our portfolio with a special focus on our investment in recreational vehicle communities. Approximately 60% of the capital expenditures planned for the repositioning of the 10 “Morgan” RV properties on the Eastern Seaboard have been completed. We are beginning to experience both positive feedback and results from residents who have begun to return to the communities since the opening of the season in June.”

Click here to read the entire report, courtesy of Market Watch.

 

 

Sun Communities CEO Reaches New Contract

July 1, 2013 by · Comments Off on Sun Communities CEO Reaches New Contract 

Sun Communities Inc., a Southfield, Mich.-based real estate investment trust (REIT) that owns and operates RV parks and manufactured housing communities, has agreed to a new employment contact with CEO Gary A. Shiffman.

According to an 8-K filing with the Securities and Exchange Commission (SEC), Shiffman will receive an annual salary of $671,000, which will be increased by an annual cost of living adjustment on Jan. 1 of each year of the term, beginning in 2014. In addition, the company’s board may elect to pay Shiffman annual incentive compensation in an amount up to 100% of his then current base salary.

In connection with the execution of the employment agreement, and pursuant to a restricted stock award agreement, the company issued Shiffman 250,000 restricted shares of Sun common stock. The restricted shares will vest as follows: June 20, 2016 – 87,500 shares; June 20, 2017 – 87,500 shares; June 20, 2018 – 50,000 shares; June 20, 2019 – 12,500 shares; and June 20, 2020 – 12,500 shares.

Click here to read the entire SEC filing.

 

Sun Communities Expanding RV/MH Footprint

April 26, 2013 by · Comments Off on Sun Communities Expanding RV/MH Footprint 

Armed with $60 million in cash and $300 million in “additional liquidity,” Sun Communities Inc. is quickly expanding its footprint in the RV park and manufactured housing community industry.

Gary Shiffman, Sun’s chairman and CEO, briefly touched on the company’s expansion plan during an earnings conference call Thursday (April 25), following release of its first quarter financial report. In that report, Sun announced revenue of $103.38 million, and earnings of 93 cents per share.

Click here to read a summary of the earnings report.

Sun beat Wall Street’s expectations, a positive sign to shareholders seeking high growth out of the company. The stock closed Thursday at $48.77 per share, down 6 cents, on volume of 171,707 shares.

“The company has grown dramatically while operating metrics continue to set new standards and records with each passing quarter,” Shiffman stated.  For example, compared to the end of 2010, Sun’s holdings are up by 48 properties or 45% to 184 properties in 25 states, compared to 17 at the end of 2010, Shiffman noted.

“When we also consider the successful efforts to strengthen the balance sheet, we see a transformed company. Our primary goal now is to bring performance to the bottom line through 2013 and 2014,” he said.

Its RV park acquisitions over the past 18 months have fueled much of the company’s growth, Shiffman noted in the news release and later during the conference call monitored by more than 20  investors.

Sun has invested over $250 million in the acquisition and quality enhancements of RV communities in 18 months, the bulk of them coming in purchases from Morgan RV Resorts.

“Recent acquisitions have served to diversify the company geographically into new markets as well as to expand our commitment to recreational vehicle properties,” Shiffman stated in the news release. “While formerly limited to seasonal operations during the months of December through April primarily in our Southern Florida and Texas RV communities, our geographic footprint now extends north to Wisconsin and the Eastern Seaboard up to Maine where the RV season is opposite of the South, running from June through October. We’ve created a year-round business with complimentary northern and southern seasons which will provide more efficient and effective use of our staff, marketing and RV systems.”

In addition, just last week (after the quarter had ended), Sun paid $9.8 million for the Jellystone Park of Western New York, its first resort in New York state.

Based in Southfield, Mich., Sun is branding these destination resorts as “Sun RV Resorts” which will operate over 30 communities from Arizona to Maine to Wisconsin to Florida.

“Our vision is to have our brand distinguish the entire guest experience from start to finish – every touch point, from initial inquiries through our enhanced Internet site to the reservation and checkout processes will reflect a positive concern for the satisfaction of every guest,” Shiffman said in an earlier release. “Guests will have confidence that they will receive first-class customer service throughout their stay, including quality hook-up and site accommodations, vacation rentals and a wide range of attractive amenities at each Sun RV Resort.”

Without being specific, Shiffman told investors “a lot of capital investment” will be going on in the acquired communities as part of its new RV platform.

“All that integration will take place over the next 12 to 18 months and will enhance existing opportunities that we have in new acquisitions and some existing properties we own,” he said.

Much of Sun’s conference call dealt with its manufactured housing investments, which have grown by 42% over the past two years.

Occupancy has increased in all markets including Indiana, which experienced its best first quarter in many years, Shiffman said. This upturn followed significant growth in Colorado, Texas and Michigan markets.

Occupancy in its housing systemwide is up to 88%. The company considers full occupancy to be 96%.

In other comments, Shiffman said the Sun board continues to examine its dividend policy and may vote to raise it later this year. The quarterly dividend is currently at 63 cents per share.

 

Sun Communities Reporting Dramatic Growth

April 25, 2013 by · Comments Off on Sun Communities Reporting Dramatic Growth 

Sun Communities Inc. , a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, today (April 25) reported its first quarter results.

Highlights: Three Months Ended March 31, 2013

  • Raised $249.5 million in net proceeds from a follow-on offering of 5.8 million shares of common stock.
  • Same site Net Operating Income (NOI) increased by 5.6% as compared to the first quarter of 2012.
  • Revenue producing sites increased by 621 sites, compared to an increase of 294 during the first quarter of 2012.
  • Funds From Operations (FFO) excluding certain items as described in this release was $0.93 per diluted share and OP Unit, compared to $0.90 per share in the first quarter of 2012.
  • Home sales increased 16.2% as compared to the first quarter of 2012.

“The company has grown dramatically while operating metrics continue to set new standards and records with each passing quarter. When we also consider the successful efforts to strengthen the balance sheet, we see a transformed company,” said Gary A. Shiffman, chairman and CEO. “Our primary goal now is to bring performance to the bottom line through 2013 and 2014.”

Funds from Operations 

FFO was $30.7 million, or $0.90 per share, in the first quarter of 2013 as compared to $25.7 million, or $0.89 per share, in the first quarter of 2012. Excluding approximately $1.0 million and $0.2 million of transaction costs incurred in connection with acquisition activity during the three months ended March 31, 2013 and 2012, respectively, FFO was $31.7 million and $25.9 million, or $0.93 and $0.90 per share for the three months ended March 31, 2013 and 2012, respectively.

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders for the first quarter of 2013 was $5.7 million, or $0.19 per diluted common share, compared with net income of $5.4 million, or $0.21 per diluted common share, for the first quarter of 2012.

Community Occupancy

During the first quarter of 2013, revenue producing sites increased by 621 sites as compared to 294 revenue producing sites gained in the first quarter of 2012. Of the 621 sites, 435 were gained in same site properties while the remaining 186 were gained in properties acquired in 2012 and 2013. Total portfolio occupancy increased to 88.6% at March 31, 2013, from 86% at March 31, 2012.

The company rented an additional 474 homes during the three months ended March 31, 2013, bringing the total number of occupied rentals to 8,584.

Same Site Results

For 159 communities owned throughout 2013 and 2012, first quarter 2013 total revenues increased 4.9% and total expenses increased 3.2%, resulting in an increase in NOI of 5.6% over the first quarter of 2012. Same site occupancy increased to 88% at March 31, 2013, from 86.1% at March 31, 2012.

Home Sales

During the first quarter of 2013, 466 homes were sold, an increase of 65 sales, or 16.2%, from the 401 homes sold during the first quarter of 2012. Rental home sales, which are included in total home sales, totaled 236 and 218 for the first quarters of 2013 and 2012, respectively.

Acquisitions

Subsequent to quarter end, on April 18, the company acquired a recreational vehicle community, personal property, inventory and other associated intangibles for an aggregate purchase price of $9.8 million paid in cash. This community is located in New York and is comprised of 299 sites.

As previously announced, the company acquired 10 recreational vehicle communities located in Maine, Virginia, Connecticut, Massachusetts, New Jersey, Ohio and Wisconsin in February 2013. The communities are comprised of over 3,600 sites of which over 40% are reserved under annual rental contracts.

“Recent acquisitions have served to diversify the company geographically into new markets as well as to expand our commitment to recreational vehicle properties. While formerly limited to seasonal operations during the months of December through April primarily in our Southern Florida and Texas RV communities, our geographic footprint now extends North to Wisconsin and the eastern seaboard up to Maine where the RV season is opposite of the South, running from June through October. We’ve created a year round business with complimentary northern and southern seasons which will provide more efficient and effective use of our staff, marketing and RV systems,” said Shiffman.

Equity Transactions

On March 18,  the company completed a follow-on offering of 5,750,000 shares of common stock at a price of $45.25 per share. Net proceeds from the offering were $249.5 million. The company used the proceeds to repay outstanding debt and purchase the 10 communities mentioned above, and the remainder will be used for working capital and potential future acquisition of properties.

Guidance

The company maintains its 2013 FFO guidance of $3.19 – $3.29 per share assuming acquisition related expenses are added back in the computation of FFO and including acquisitions completed through March 31, 2013. No prospective acquisitions or equity offerings are included.

FFO for the second quarter of 2013 is expected to be $0.68 – $0.71 per share after adjustment for acquisition costs. Second quarter earnings are impacted by higher property operating and maintenance expenses for the portfolio and minimal transient recreational vehicle revenue, as the winter recreational vehicle season ends in April and the summer recreational vehicle season doesn’t begin until June.

 

Sun Bought Western N.Y. Jellystone Park

April 22, 2013 by · Comments Off on Sun Bought Western N.Y. Jellystone Park 

Sun Communities Inc.’s RV Resorts division has purchased the Yogi Bear’s Jellystone Park of Western New York located near North Java.

The deal, effective April 18, brings the 100-acre family camping resort in Wyoming County into the corporate network of Sun Communities, which oversees management at 185 communities in 25 states. Jellystone is its first property in New York, Buffalo Business First reported.

The purchase price was not immediately disclosed.

Jellystone was owned and managed privately since 2004 by Scott and Sue Crompton. (The park was profiled last fall as part of an ongoing series by Woodall’s Campground Management about top-rated RV parks in the Northeast.)

An announcement to customers via email and Facebook issued Saturday (April 20) promised a smooth transition, as well as plans for improvements scheduled to take place during 2013.

Scott Crompton

Sue Crompton

Jackie Maguire was named new resort manager. Through its Facebook page, the camp promised the same park, same staff and same “great family camping location” but under new ownership. Plans call for keeping existing pricing in place, with all activities remaining all-inclusive.

The campground, which accommodates tents, RVs and cabin campers, includes a multi-level water playground, a lake for swimming and fishing as well as activities like mini-golf, go-carts and hiking.

Among the improvements completed already for the upcoming season, the park has upgraded its Lakefront Cabins and Boo Boo Chalets and will be adding a new structure to its wooden playground prior to opening weekend in May. Additional changes will include renovations to the pool and mini golf course; installation of a full court basketball court; and a larger golf cart fleet.

Based in Southfield, Mich., Sun Communities is a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities.

Jellystone is part of Sun’s recent expansion into the RV business. The company announced last month it invested over $250 million over the past 18 months in the acquisition and quality enhancements of RV communities.

Sun Communities Brands RV Resorts

March 27, 2013 by · Comments Off on Sun Communities Brands RV Resorts 

Sun Communities Inc., a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, announced it has invested over $250 million in the acquisition and quality enhancements of RV communities in 18 months, according to a news release.

This commitment is now complimented by the branding of these destination resorts as “Sun RV Resorts” which will operate over 30 communities from Arizona to Maine to Wisconsin to Florida.

Sun Communities Inc. is headquartered in Southfield, Mich.

“Our vision is to have our brand distinguish the entire guest experience from start to finish – every touch point, from initial inquiries through our enhanced Internet site to the reservation and checkout processes will reflect a positive concern for the satisfaction of every guest,” said Gary Shiffman, chairman and CEO. “Guests will have confidence that they will receive first-class customer service throughout their stay, including quality hook-up and site accommodations, vacation rentals, and a wide range of attractive amenities at each Sun RV Resort.”

Sun intends to continue investment in Sun RV Resorts to provide its guests with enjoyable and accessible vacation destinations. “Our decision to “brand” our RV resorts represents our commitment to excellence in accommodations, service, and staff at all of our resorts. This will be enhanced as we continue to expand our vacation offerings and our geographic diversity,” said John McLaren, COO.

Sun RV Resorts is owned and operated by Sun Communities Inc., a leading provider of manufactured home communities and RV resorts with over 38 years of experience owning, operating and managing multiple properties. Sun Communities currently has 183 communities in 24 states, serving over 150,000 residents and guests. For more information, visit www.sunrvresorts.com and www.suncommunities.com.

Sun Reveals Plan for Its Two Va. Parks

March 21, 2013 by · Comments Off on Sun Reveals Plan for Its Two Va. Parks 

Tom O’Branovic, senior vice president of RV operations for Sun Communities Inc., based in Southfield, Mich., disclosed on Monday (March 18) Sun’s plans for its two new holdings in Mathews County, Va.

Sun New Point RV LLC acquired the New Point RV Resort for $12,869,000, while Sun Gwynn’s Island RV LLC acquired Gwynn’s Island RV Resort for $3,834,000, the Gloucester-Mathews Gazette-Journal reported.

O’Branovic said the acquisition of the two Mathews campgrounds was part of the company’s move to acquire properties in the Northeast and along the Atlantic seaboard.

The campgrounds are managed by Sun RV Resorts, a division of Sun Communities, O’Branovic said. Both campgrounds are under the direction of district manager Brian Cirrielli.

Mathews County, Va., is shown in red on this map courtesy of Wikipedia.

Sun Communities has plans to improve the seawall at the Mathews campgrounds, as well as upgrade the swimming pools and clubhouses, O’Branovic said. Also, he said Sun plans to begin renting RVs for short-term visits there.

These are the first RV resorts Sun has acquired in Virginia, O’Branovic said, with 325 sites at New Point and 125 at Gwynn’s Island. The company also operates a manufactured housing park in the Richmond area.

Sun operates 185 manufactured home parks and campgrounds in 19 states.

 

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