A Southington-based company said it’s agreed to sell its 31 manufactured housing communities to a Michigan-based real estate investment trust for $343.6 million.
Jensen’s Inc. said Thursday that it would sell its eight-state manufactured housing portfolio, including over a dozen communities in Connecticut, to Sun Communities Inc.
The portfolio includes communities in Southington, Plainville and Storrs, among other towns.
In all, Sun Communities is acquiring 5,230 developed sites and more than 460 additional sites available for development. Just over a third of those sites are in Connecticut, with the remainder spanning from New Hampshire to Georgia.
“After engaging in a thorough sale process for our portfolio, we are excited to be joining the Sun platform and to become Sun shareholders,” Jensen’s
President Kris Jensen said in a statement. “We are impressed with Sun’s stellar reputation, successful track record of integration, and ability to operate their communities to the highest of standards.”
More than three-quarters of the portfolio is age restricted.
Manufactured homes have stricter building code standards compared to mobile homes.
The deal is slated to close by year’s end, and the purchase price would be adjusted at closing to account for $60 million in debt owed by Jensen’s, the parties said.
