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Posts Tagged ‘RV resort’

RV Community and Marina purchased by Equity LifeStyle Properties

September 19th, 2013 Comments off

Equity LifeStyle Properties, Inc. (NYSE:ELS) has acquired Fiesta Key RV Resort, a 324-site resort and marina in the Florida Keys. Located in the Florida Keys on the Gulf of Mexico, ELS paid $24.6 million, according to 4-traders.com, funded with cash. As MHProNews knows, ELS is the largest owner of manufactured home and recreational vehicle communities with 377 properties in 32 states and British Columbia, Canada, comprised of 139,288 sites. ELS, a publicly-traded real estate investment trust (REIT) stock, closed up +0.46 percent at 35.52 in today’s trading.

(Photo credit: Equity LifeStyle Properties, Inc.–Lake Haven, Clearwater, Fla.)

Site Approved for MHC Development

March 14th, 2013 Comments off

The Memphis-Shelby County Office of Planning and Development (OPD) has recommended approval of the former Memphis Mobile City that flooded in 2010 and 2011 becoming an RV resort with over 100 sites, as memphisdailynews tells MHProNews. The adjoining 33 acres not in a floodplain would be a 101-site manufactured home community including a recreation building, playground, and an area for boat and trailer storage. The Memphis Blues RV Resort and Village, owned by United Mobile Homes of Tennessee, goes before Shelby County Land Use Control Board for approval. The OPD says, “While this is in the floodplain of Todd’s Creek, RVs have the ability to leave the site quickly in the event of a large flood emergency. The site plan also incorporates a berm in close proximity to Todd’s Creek to limit the effects of a flash flood event.” Another planned development for a nearby MHC was denied a variance and will also become an RV community. Memphis Mobile City was built before zoning laws prevented land being used for MHCs and was grandfathered in.

(Photo credit: Champion Homes)

Mass.’ Peters Pond on Sun’s Buy List

December 24th, 2012 Comments off

Updating a story we ran Dec. 12, 2012 concerning Sun Communities, Inc.’s acquisition of 11 Morgan RV Resorts for $135 million, one of the properties is Peters Pond RV Resort in Sandwich, Mass. which has had some recent troubled times. Cape Cod Times tells MHProNews Morgan’s principal, Robert Moser, and the company were allegedly using harassment tactics in forcing residents to sign up for a membership. The Mass. Attorney General sued Morgan RV for failing to repay $446,785 to nearly 80 residents; Morgan has subsequently appealed that judgment. On 73.4 acres, Peters Pond is valued at $8.1 million. It is not known what effect the acquisition by Sun will have on the case.

(Photo credit: Cape Cod Times–Peters Pond)

Sun is Spreading

December 24th, 2012 Comments off

Casa Grande Dispatch says Sun Communities, Inc. is acquiring Palm Creek Golf & RV Resort in Casa Grande, Arizona from the Wolfswinkel family, who started the community more than 13 years ago. In a letter to residents, Ashton Wolfwsinkel says, “We believe that this is in not only the best interest of our family, but for the benefit of our residents, guests and the community as a whole.” Neither the sale price nor the date of the transaction were revealed n the letter. MHProNews understands Southfield, Mich.-based Sun operates 170 communities with over 55,000 homesites in 18 states.

(Photo credit: Sun Communities, Inc.–Palm Creek Golf & RV Resort)

Sun Acquires RV Resorts

December 18th, 2012 Comments off

RVBusiness reports Sun Communities, Inc., through its subsidiary Sun Communities Operating Limited Partnership (SCOLP), has entered into an agreement to purchase 11 Morgan RV Resorts for $ 135 million. According to a filing with the Securities and Exchange Commission (SEC), properties include Morgan Fiesta Key LLC, Virginia Tent LLC, Wagon Wheel Maine LLC, Indian Creek RV Resort LLC, and Ideal Private Resorts LLC. Morgan has properties in 14 different states. As MHProNews knows, Sun operates over 55,000 manufactured and RV homesites in the nation.

(Photo credit: Sun Communities, Inc.)

Sun Acquires Fla. RV Community

November 8th, 2012 Comments off

MHProNews has learned the 127-acre RV community Rainbow RV Resort in Frostproof, Fla. has been sold to Sun Communities, Inc. of Southfield, Mich. Brokered by Marcus & Millichap, Rainbow is located in central Fla. east of Tampa, and offers a large heated swimming pool, a 15,000 square foot modern clubhouse with numerous amenities and activities, and two spas. Built in 2000, Rainbow is a five star 55+ gated community. Dan Mulkey, of M & M, says, “Rainbow RV is a beautiful community, having all lots large enough to accommodate permanent park model homes. Every year more permanent units are added, providing a stabilized income going forward. The park enjoys many of the same campers returning each year, adding to its stability.” Sun is a REIT that owns and operates 165 manufactured home and RV communities comprised of 57,700 developed sites. The selling price was not immediately available.

(Photo credit: Marcus & Millichap)

City to Impose Fee on MH

August 27th, 2012 Comments off

The Brownsville Herald in Texas says the San Benito utility board will try to pass a $10 monthly fee on manufactured homes to help pay for a $17.7 million water and sewer plant upgrade in this city just north of Brownsville. Last year the city levied the fee on unmetered recreational vehicles (RVs) only to discover a law that prohibits that fee, and had to return the funds. Fun N Sun RV Resort’s 1,400 sites includes 300 MH sites which the city intends to collect on since they are permanent residences. MHProNews has learned San Benito also hopes to collect the fee from fixed RVs.

(Photo credit: Trulia–San Benito TX manufactured home)

ELS Announces Closings on Seven Properties

December 9th, 2011 Comments off

This week Equity LifeStyle Properties closed on several acquisitions after entering into purchase agreements in May. Those agreements include a portfolio of 75 manufactured home communities and one RV resort containing 31,167 sites on approximately 6,500 acres located in 16 states for a stated purchase price of $1.43 billion. The properties are primarily located in Florida and the northeast. This week the company closed on seven of the properties for a stated purchase price of approximately $99 million. Equity LifeStyle Properties is a fully integrated owner and operator of lifestyle-oriented properties and as of December 8, 2011, owns or has an interest in 382 quality properties in 32 states and British Columbia consisting of 141,175 sites.

(Image Credit: Equity Lifestyle Properties)

Company Says Recreational MH and RV Growing in Attractiveness

December 8th, 2011 Comments off

A web site called FreedomofInfo.org is espousing the viability of manufactured home and recreational vehicle resort market. The article quotes Leon D. Meekcoms, President of Parkbridge Capital Group who says that despite dramatic economic shifts – particularly in the actual property market – RV resorts and manufactured home communities continue to be sound investments. factors that contribute to the situation include prosperous Boomers seeking affordable second residences and a desire to have seasonal recreation within driving distance of home. Parkridge is an investment firm specializing in manufactured home and RV communities.

(Photo credit: By DanTD via Wikimedia Commons)

ELS closes on 7 Manufactured Home Communities

September 2nd, 2011 Comments off

ELS logoBusinessWire reports that Equity Lifestyle Properties (ELS) has closed on 7 more manufactured home communities as of Sept 1, 2011. The 7 land lease communities were part of a package of 75 that were announced on May 31st, 2011 and one RV resort, 31,167 sites on approximately 6,500 acres located in 16 states (primarily located in Florida and the northeastern region of the United States) and certain manufactured homes and loans secured by manufactured homes located at the Acquisition Properties for a stated purchase price of $1.43 billion (the “Acquisition”). The 7 were closed at the stated purchase price of approximately $160 million. Equity Lifestyle also did an assessment of the damage done by Hurricane Irene, and currently estimates the impact on income from property operations as a result of Hurricane Irene to be less than $1.5 million.

(Graphic credit: ELS Logo)