August 26, 2019
Manufactured housing REIT Sun Communities Inc. entered into an agreement to acquire a 31-community manufactured housing portfolio for $343.6 million through a merger of Jensen’s Inc. into a subsidiary of the company. The Southfield, MI-based company said it would pay the purchase price through a combination of stock and cash.
The portfolio Sun Communities is acquiring comprises 5,230 developed sites and more than 460 additional expansion sites available for development. The communities are located in eight states, with 35% of the sites in Connecticut. The 77% age-restricted portfolio is approximately 92.5% occupied as of June 30.
“This acquisition is a great opportunity to further grow our manufactured housing portfolio with high quality communities that match our investment criteria,” said Sun Communities CEO Gary A. Shiffman. “We are very excited to add the owners of Jensen’s as shareholders due to their belief in our ability to create ongoing value.”
Pictured: A Jensen’s community in Hampstead, NC.
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