Sun Communities, a real estate investment trust based in Southfield, Mich. has remained fairly active throughout the second quarter of the year, with numerous mobile home acquisitions across the country. In June, the company also invested in Southern California, purchasing two mobile home parks in the Inland Empire for a combined price of $40 million.
According to a second quarter earnings report released earlier this week, the company purchased Bel-Aire Estates in Jurupa Valley and Sunrise Estates in Banning. Bel-Aire Estates is located at 6154 Mission Boulevard in Jurupa Valley, while the senior living community Sunrise Estates is located at 2200 West Wilson Street in Banning. Together, the two parks have 379 sites and storage spaces, according to the earnings report.
“Sun produced solid earnings growth in the second quarter, driven by positive revenue and NOI growth across the portfolio, along with the contribution from recent acquisitions,” Gary A. Shiffman, Chairman and CEO of Sun Communities, said in a statement. “We delivered another record quarter of revenue-producing site gains which should contribute to sustained revenue growth. We are continuing to see healthy demand for attainable housing and affordable vacations, and while transient RV is coming off of record levels; the desire to be at a Sun Outdoors RV resort is evident as we convert transient guests to annual customers as vacationers make a Sun community their long-term destination.
As of the end of June, the company’s acquisitions totaled $1.8 billion. This includes 56 mobile home communities in the United States and the United Kingdom as well as three marinas in the United States.
In total, the company owns 430 RV and mobile home communities in 294 cities. In California, the company currently owns 9,313 mobile homes and RV sites.
