Sun Communities (SUI) closes $344 million portfolio acquisition.

Sun Communities, Inc. (SUI) announced today that it had closed on a $343.6 million portfolio acquisition of 31 manufactured housing and RV communities in eight states (the Jensen portfolio).  The combined group of properties includes 5,230 developed sites and over 460 additional sites available for development.  At closing, Sun issued common stock valued at $274.8 million to the sellers (80% of the total purchase price) with the balance paid in cash.

Sun Communities, Inc. (SUI) is one of the largest owner / operators of manufactured housing and RV properties in North America.  As of September 30, 2019, SUI had a total market capitalization of approximately $17.4 billion.