Sun Communities has entered into an agreement to acquire a 31-community manufactured housing portfolio for $343.6 million through a merger of Jensen’s into a subsidiary of the Sun Communities.
“This acquisition is a great opportunity to further grow our manufactured housing portfolio with high-quality communities that match our investment criteria,” said Gary Shiffman, Sun Communities chairman and CEO. “We are very excited to add the owners of Jensen’s as shareholders due to their belief in our ability to create ongoing value.”
The portfolio comprises 5,230 developed sites and more than 460 additional expansion sites available for development. The communities are located in eight states, with 35 percent of the sites in Connecticut. The 77 percent age restricted portfolio was approximately 92.5 percent occupied as of June 30, 2019.
The transaction is subject to customary closing conditions, and is expected to close by year-end 2019.