REIT Throws Down $1.32B For Portfolio Of Home Communities

Law360, New York (July 31, 2014, 1:41 PM EDT) -- Real estate investment trust Sun Communities Inc. has agreed to pay about $1.32 billion including debt for a portfolio featuring 59 manufactured home communities from private equity real estate investment firm Green Courte Partners LLC, the companies said Wednesday.

The deal sees Michigan-based Sun Communities scooping up what Chicago-headquartered Green Courte Partners calls the "ALL portfolio," because it consists of communities acquired in a 2009 deal with American Land Lease Inc. The ALL portfolio contains communities that together comprise more than 19,000 sites in eleven states,...
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