RV park developer buys 127 acres in Weld

FORT LUPTON — An affiliate of a Michigan-based developer, owner, and operator of manufactured housing communities, RV parks and resorts, and marinas bought 127 acres in Weld County for about $4 million.

Sun ACQ LLC did the deal with Coyote Creek North LLC for the land at Weld  County Road 14½ and Northrup Avenue, in Fort Lupton, which is 27 miles south of Greeley and 28 miles east of Boulder.

Coyote Creek North shares an address with Fuller Real Estate, its broker. Its registered agent, Bob Leino, is a broker on the sale. Andrew Dodgen, the other selling broker, said by email the LLC has four owners, including Fuller brokers; he declined to name them.

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Sun ACQ is related to Sun Communities Inc. (NYSE: SUI), a real estate investment trust that in the last year has seen growth.

In July, it said second-quarter revenue was $604 million, up 99% compared with that period last year. Net income rose 88% year-over-year to $111 million. Core funds from operations, same-community NOI, and home sales, all non-GAAP measures, rose by double-digits also.

Its earnings release said results were “thanks to the impact of roaming remote workers and vacationers.”

Sun, citing forecasts by trade group RV Industry Association in Elkhart, Indiana, said recreational-vehicle shipments this year will hit about 576,000, up one-third over last year’s total.

Sun spent $719 million on 10 manufactured-housing communities, two RV resorts, and six marinas in the second quarter.

In June, the REIT’s operating partnership issued $600 million in senior notes at 2.7%. In March, the REIT sold 7 million shares at $140 a share.

Shares traded Monday at about $200 for a $23 billion market cap.

Quiet period

At June 30, Sun owned, ran, or held stakes in 569 properties across its three types. This included 153,300 developed sites and 41,300 wet slips and dry storage spaces in 39 states and Ontario, Canada. A year ago it had 426 communities and 143,000 developed sites.

Summaries didn’t track marinas for most of last year, but in October it paid $2 billion for Dallas-based Safe Harbor Marinas LLC, which owned or operated 107 such properties, and it began including them.

It has been largely quiet in Colorado over the past year.

As of the end of June, at 10 properties here, it had 3,440 manufactured housing and RV annual or transient sites, and 1,225 undeveloped, with 99% occupancy. That’s up from 3,015 and 1,566 sites, and 95% occupancy, last year.

Colorado communities on Sun’s website include Timber Ridge in Fort Collins, Cave Creek in Evans, and The Grove at Alta Ridge in Thornton. Manufactured homes for sale ranged from $75,000 to $200,000.

The new project, Willow Bend, will have 449 sites. Planned amenities include: clubhouse and swimming pool; basketball and pickleball courts; fire pit, and gas and charcoal barbecue areas; walking trails; and small parks, including one for dogs.

Fort Lupton planning documents of its final plat and PUD show 10 exterior elevations. The City Council approved the project last month on a 5-1 vote with Shannon Rhoda voting no. Fuller said construction is expected in September.

Sun’s Willow Bend is unrelated to a 260-home Lennar Corp. (NYSE: LEN) development of the same name in Thornton.

Calls and emails to Sun Communities and land-buyer contact Sunrise Land Group, both in Southfield, Michigan, weren’t returned by press time.