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Sun Communities Inc. Message Board

  • thebroker0 thebroker0 Dec 10, 2011 8:06 PM Flag

    Naples report

    Kountree is a old park, 70%+/- occupancy. Combination of all kinds of stuff, older RV's, new RV's, a few permanent smaller trailers. Lots of trees and condition is average plus. Might be 100 sites.
    Average to well below average for Naples. Location is good. 10 acres maybe.

    Club Naples is about 70% occupied. Sites are small and close together. Many sites are very small. Maybe 50 feet. Fairly clean and friendly. Very narrow roads, mostly one lane!!

    Neither park is up to what I think are SUI standards. Not sure what is going on. If Sun's plans are to upgrade
    I think it will be difficult, but I watched them try to buy a park in Indiana and they were well prepared and were quickly outbid and went home.

    I was certainly expecting more modern parks.
    We shall wait and see what happens.

    Best to all
    theBroker

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    • Thank you, broker. I suppose 70% occupied is ok in early december. Not great, but ok.

      If nobody else asks on the next CC and it is not otherwise disclosed, I will ask on the CC what the cap rate was on these purchases. I just know Shiffman would not do a deal which was not accretive.

      I really don't care if a place is high rent, medium rent or low rent as long as the numbers work at purchase. Once the land is owned, SUI can redevelop, over time, to whatever it wants.

 
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