Southfield, Mich.-based Sun Communities has closed on the purchase of the Carefree Communities portfolio for $1.68 billion. The company took ownership of 103 housing and recreational vehicle communities nationwide, which are primarily concentrated in California and Florida. In the deal, Sun Communities will assume approximately $1 billion of debt, issue $225 million in shares of its common stock and pay the balance of the purchase price in cash. Thirty five of the communities are located in the state of Florida. βThe acquisition of Carefree Communities further solidifies our position as a best-in-class manufactured housing and RV community owner and operator and enables us to drive shareholder value going forward,β wrote Gary Shiffman, Sun Communities chairman and CEO, in a statement.
