Sun Communities Buys Manufactured Home Portfolio for $344M

The portfolio comes to Sun Communities under its acquisition of Jensen Communities.

SOUTHFIELD, MI—Sun Communities has acquired a manufactured home portfolio for $343.6 million under a merger with Jensen Communities, which is based in Southington, CT, in a stock-and-cash transaction. Jensen will become a subsidiary of the REIT.

The portfolio consists of 31 manufactured housing communities comprising 5,230 developed sites and over 460 additional expansion sites available for development. More than two-thirds, or 77%, of the portfolio is age restricted and is located in 8 states with 35% of the sites in Connecticut. The portfolio is 92.5% occupied as of June 30, 2019.

The purchase price includes an allocation of $8 million for expansion land and adjacent parcels ready for development. The transaction, which is subject to customary closing conditions, is expected to close by year-end 2019.