Land Lease Community Ownership Conglomerates Again

Reuters reports that Sun Communities, Inc., of Southfield, Michigan, whose portfolio includes 155 communities and 53,500 sites, acquired 17 manufactured home communities and one RV community from Kentland Corporation of Grand Rapids, MI for $142.3 million.  The 18 communities are in western Michigan and include 5,042 manufactured home sites and 281 RV sites.  The transaction also includes 191 manufactured homes and $3.5 million of chattel notes with manufactured homes as collateral.  The 2011 Allen Report ranks Sun Communities as the fourth largest land lease community (LLC) in the country and Kentland as number 31.

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