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News Breaks | | | | January 3, 2013 | | 17:38 EDT |  | SUI | Sun Communities acquires two properties for $102.6M
Sun Communities announced 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 $102.6M. The company acquired Palm Creek Golf & RV and related improvements, personal property and associated intangibles for $70.4M and a contiguous parcel of land being developed to add approximately 990 vehicle, or 500 manufactured housing sites, for $15M. The aggregate purchase price of $88M includes the reimbursement of $2.6M for construction costs. The company assumed $41.7M of mortgage debt secured by the community. Lake in Wood was purchased for $14.6M paid in cash. | |
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