In the current world of widely published business news, there is a 
story circulating about the sale and purchase of seven mobile home parks in our immediate area. The Orlando Sentinel tentatively identified,one of the parks as Gulf Stream Park. The other six are unidentified.
story circulating about the sale and purchase of seven mobile home parks in our immediate area. The Orlando Sentinel tentatively identified,one of the parks as Gulf Stream Park. The other six are unidentified.In keeping with the Fairways Watch,''NO RUMOR'' policy,We will not publish any unverified comments to this post.
YES---Fairways Watch's primary interest and community service deals with security issues.---However,--information such as this-- should be passed on to all owners of mobile homes in central Florida.This type of information has the potential to directly, or indirectly affect all of us.
This web site will express no opinion or speculation, in regards to this reprinted article.We advise and encourage, readers to do their own research and investigation.This article may be totally unrelated in any way to the Fairways country club or the parent company Hometown America. IF SO--- A disclaimer would be appreciated.
FOR FURTHER INFORMATION AT THE COMPANY:
Karen J. Dearing
Chief Financial Officer
(248) 208-2500
Southfield, MI, December 4, 2014 - Sun Communities, Inc. (SUI) (the "Company"), today announced that it has entered into agreements with a group of related selling entities (the "Sellers") to acquire a portfolio of seven manufactured housing communities, including associated manufactured homes and certain intangibles. The seven communities are located in the Orlando, Florida area, are comprised of approximately 3,150 manufactured housing sites (approximately 60% of which are in age-restricted communities) and are 96% occupied. In addition to the developed sites, there are approximately 380 potential expansion sites in the communities.
Karen J. Dearing
Chief Financial Officer
(248) 208-2500
Southfield, MI, December 4, 2014 - Sun Communities, Inc. (SUI) (the "Company"), today announced that it has entered into agreements with a group of related selling entities (the "Sellers") to acquire a portfolio of seven manufactured housing communities, including associated manufactured homes and certain intangibles. The seven communities are located in the Orlando, Florida area, are comprised of approximately 3,150 manufactured housing sites (approximately 60% of which are in age-restricted communities) and are 96% occupied. In addition to the developed sites, there are approximately 380 potential expansion sites in the communities.
Total consideration for the acquisition is approximately $257.6 million, including the assumption of approximately $157.5 million of debt. The balance of the consideration will be paid in a combination of up to approximately $31.8 million in cash, common OP Units of Sun Communities Operating Limited Partnership, the Company`s operating subsidiary ("SCOLP") (at an issuance price of $61 per unit) and newly-created Series C preferred OP units in SCOLP (at an issuance price of $100 per unit). Of the consideration to be paid with OP Units in SCOLP, 60% will be paid in Series C preferred OP Units and 40% will be paid in common OP Units. Distributions will be paid on the Series C preferred OP units at a rate equal to 4.0% per year from the closing until the second anniversary of the date of issuance, 4.5% per year during the following three years, and 5.0% per year thereafter. At the holder`s option, each Series C preferred OP unit will be exchangeable into 1.111 shares of the Company`s common stock and holders of Series C preferred OP units will not have voting or consent rights.
The transaction is subject to the Company`s satisfaction with its due diligence investigation and customary closing conditions, including consent of the existing lendhe transaction is expected to close in February 2015.
"This transaction further strengthens our Florida portfolio of high quality communities, particularly in age-restricted communities," said Gary A. Shiffman, the Company`s Chairman and CEO. "We believe this acquisition, together with our previously-announced acquisition of a portfolio of communities owned by Green Courte Partners, will allow us to continue our steady growth and fundamentally transform our business."
Sun Communities, Inc. is a REIT that currently owns and operates a portfolio of 215 communities comprising approximately 78,400 developed sites.
Sun Communities to acquire 7 mobile-home parks
Sun Coast to be landlord for 3K+ Orlando mobile-home owners
Orlando's biggest portfolio sale this year? Mobile-home parks.
Michigan-based Sun Communities Inc. entered into an agreement to purchase seven Central Florida mobile-home communities for $257 million, according to a release issued by the company.
About 60 percent of the 3,150 lots being purchased are in age-restricted communities.
In addition to the developed sites, Sun Coast will pick up about 380 expansion sites at the communities.
As the number of parks has dwindled, they have become a popular investment choice in recent years. One of the biggest groups to enter the manufactured-housing scene is the Carlyle Group, which manages more than $200 billion of assets.
Last year, it had purchased a park in Melbourne and another near Sarasota for $30.8 million.
In southeast Orlando, Gulfstream Harbor was part of a 245-park portfolio purchased recently by Sun Communities Inc. from American Land Lease Inc. for more than $1 billion.
Sun Coast, a publicly traded company, will take on about $157.5 million of debt for the Orlando portfolio acquisition and it will pay the remainder with a package that includes as much as $31.8 million in cash.
Closing is scheduled for February.
The company owns and operates 215 manufactured housing comm
SEEMS THAT TOTAL COULD BE 8 PARKS!
9 comments:
If this indeed turns out to be Fairways is included in this "purchase" It may be a good thing for us residents. HTA has not been kind to us and we need some changes here. Preferably we need our Tavern back and the list of the 11 other items the FHAOI compiled. Priscilla needs to go, she's worn out her welcome and we need someone that lives here and cares about the community.
Does anyone have the link to the Sentinal article?
heres the link to the Sun Communities announcement http://phx.corporate-ir.net/phoenix.zhtml?c=111013&p=irol-newsArticle&ID=1995076
Keep in mind that Fairways has the Right of First Refusal on a sale and the FHAOI must be notified in case of a sale in case the residents want to but the park and become resident owned
The article is the same as what Bill posted, but here's a link on yahoo.
http://finance.yahoo.com/news/sun-communities-inc-announces-execution-193505935.html
Fairways residents only have first right of refusal if the FHAOI filed the proper documents with the state of Florida in the time alloted. New Board should be certain they do this. First right of refusal also means the residents must be able to match the written offer HTA receives for the sale.
If this sale is true, hopefully they take a big broom & sweep out the whole front office employees!!!
Well, I for one welcome a change. Sun Communities, owns Gulf Stream Harbor. I know a woman who lives there and is happy with management. I believe they have a a guard at front gate and have just completed a brand new club house. Not sure about Lot rent fee, but I cannot believe it could be higher than what Hometown is now charging.
After additional research last night, gulf stream has already been purchased.
As far as first right of refusal, we do have to match the offer, and proper paperwork filed. Hopefully our new board will start attending the district fmo meetings. Last fmo meeting i attended, the fmo president told me the reason we do nit have meetings here, is our homeowners will not pay for refreshments. I was oretty shocked, as the spend monet foolishly. Why nit spend money on something that would benefit all. I urge everyone to join fmo, small membership fee, and a wealth of info to profect the residents
Bill, it's nice to see you expand the content of your blog to include items of interest other than criminal activity in our community. With Paul's blog gone it gives us another place to go to for community news that we can rely on. I particularly like the way you handle stories such as this one. That is, you don't state that Fairways is sold but rather make the community aware of activity going on that MAY affect them. Good job! Consider expanding your blog to include more news happening in Fairways.
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