Southfield, MI-based residential real estate investment trust (“REIT”) Sun Communities Inc. SUI has inked a deal to acquire Carefree Communities Inc. from Centerbridge Capital Partners II, L.P. and its related bodies. Carefree Communities is a leading owner and operator of senior manufactured housing (“MH”) and destination recreational vehicle ("RV") resorts. Expected to close before Jul 9, 2016, this deal will transform Sun Communities into a premier REIT in the MH and RV industry space.
For Carefree Communities, this transaction provides a wonderful opportunity to collaborate with the highly experienced management team of Sun Communities and transform into a leading company in the MH and RV industry. On closure of the transaction, Carefree Communities MH and RV units will be operated by the management team of Sun Communities under the Sun Communities brand. The Carefree Communities team will look after the transaction during the intermediate period for smooth transition of the residents.
Sun Communities owns, operates & finances MH and RV communities in the midwestern & southeastern US.
Presently, Sun Communities carries a Zacks Rank #3 (Hold). Investors interested in the residential REIT industry may consider stocks such as Essex Property Trust Inc. ESS, Mid-America Apartment Communities Inc. MAA and Post Properties Inc. PPS. All these stocks hold a Zacks Rank #2 (Buy).
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