Michigan's Sun Communities buys two Naples RV resorts

BUYER: Sun Club Naples LLC
SELLER: Club Naples RV Resort LLC
PROPERTY: 3182 Beck Blvd., Naples
PRICE: $9.5 million
PREVIOUS PRICE: $2.47 million, June 2008

BUYER: Sun Naples Gardens LLC
SELLER: Kountree RV Resort LLC
PROPERTY: 8230 Collier Blvd., Naples
PRICE: $5.01 million
PREVIOUS PRICE: $6.5 million, September 2008

LAW FIRM ON DEED: Fix Spindelman Brovitz & Goldman PC, Fairport, N.Y.

PLANS, DESCRIPTION: Southfield, Mich.-based Sun Communities Inc. purchased the 20.38-acre Club Naples RV Resort and 13.44-acre Kountree RV Resort for $14.51 million.

The price equated to $429,067 per acre.

Club Naples features 307 RV lots, a heated pool, and exercise and football rooms. The Kountree RV Resort community, which features shuffleboard courts and a pool, has since been renamed Naples Gardens.

The two Naples properties were acquired, along with the North Lake RV Resort in Moore Haven, for a total of $25 million. Sun Communities says it financed the three-community purchase through a $17 million loan from Bank of America and $8 million in cash. The three properties have a total of 414 permanent recreational vehicle sites and 356 seasonal recreational vehicle sites.

Company officials say the properties were chosen because they complement its current Florida recreational vehicle portfolio while giving it a larger geographic footprint in the state for cross marketing.

Sun Communities owns and operates 159 manufactured home communities in 18 states and holds a portfolio of 54,800 sites. The company already owns the Lake San Marino at 1000 Wiggins Pass Road, Naples.