Palm Creek Resort Sold to Sun Communities

Palm Creek Golf & RV Resort, long one of the premier operations of its type in the United States, has been sold to Sun Communities, owner or operator of more than 170 manufactured housing and recreational vehicle communities in 18 states.

Palm Creek Golf & RV Resort

Palm Creek Golf & RV Resort

Palm Creek is a 5-star institutional quality, age restricted resort with 1,863 sites located in Casa Grande, Arizona, just forty minutes south of Phoenix. Amenities include an 18-hole golf course, pools, spas, and a world class pickle ball and tennis facility. The resort is rated very high with a 29 out of 30 rating by Woodall’s/Good Sam Club.

Sun Communities acquired the resort and related improvements, personal property, and associated intangibles for $70.4 million and a contiguous parcel of land being developed to add approximately 990 recreational vehicle, or approximately 550 manufactured housing sites, for $15.0 million.

The aggregate purchase price of $88.0 million includes the reimbursement of $2.6 million for certain construction costs incurred in connection with the development of the land described above. The Company assumed $41.7 million of mortgage debt secured by the community.

The announcement that the Casa Grande RV Resort was sold to the Southfield, Michigan REIT, came from a Sun Communities news release and the Wolfswinkel family, originators of the park, in a letter to Palm Creek residents.

“We believe that this is in not only the best interest of our family, but for the benefit of our residents, guests, and the community as a whole,” Ashton Wolfswinkel wrote to Palm Creek residents.

Palm Creek Golf & RV Resort Pickleball

Palm Creek Golf & RV Resort Pickleball

“Palm Creek started as a dream of my father, Conley, and has become one of the premier RV and mobile home communities in the United States. Through his vision, the hard work and dedication of many longtime staff members, countless volunteers, and the patronage of our residents and guests over the past 13-plus years, Palm Creek has continued to grow into a community that we as owners have been very proud of. I also believe this same pride and sense of community is felt deeply by our residents and guests.”

“The entire management team and staff will continue to serve our residents and run the property in the same fashion as it has always been, with a commitment to excellence,” Wolfswinkel wrote.

“Sun Communities is run by a group of high-quality individuals and they are committed to working to keep Palm Creek the amazing place it has become. I feel confident and am very comfortable knowing that Palm Creek will be in good hands and will build on the legacy that we have all been blessed to be a part of.”

Details

Palm Creek Golf & RV Resort

Palm Creek offers luxury living, whether for a few days or a lifetime.

Address: 1110 North Henness Road, Casa Grande, AZ 85122

Phone: (800) 421-7004

Website: palmcreekgolf.com

Sun Communities, Inc.

Sun Communities, Inc is a premier provider of manufactured home communities and RV resorts and currently owns and operates a portfolio of 173 communities comprising approximately 63,600 developed sites.

Palm Creek Golf & RV Resort

Palm Creek Golf & RV Resort

The company was established in 1975.

The Sun Communities has operations in Colorado (4), Delaware (2), Florida (27), Georgia (3), Illinois (1), Indiana (18), Iowa (1), Kansas (1), Michigan (70), Missouri (2), Nevada (2), North Carolina (3), Ohio (11), Oregon (2), Pennsylvania (1), Tennessee (1), Texas (18), and Virginia (1).

Florida properties include Buttonwood Bay (Sebring), Grand Lake (Citra), The Groves (Fort Myers), Indian Creek (Fort Myers Beach), Lake San Marino (Naples), and Siesta Bay (Fort Myers).

South Texas properties include Casa de Valle (Alamo), Kenwood (La Feria), and Snow to Sun (Weslaco).

Address: 27777 Franklin Road, Suite 200, Southfield, MI 48034

Website: suncommunities.com

Worth Pondering…

If you have an apple and I have an apple and we exchange apples then you and I will still each have one apple. But if you have an idea and I have an idea and we exchange these ideas, then each of us will have two ideas.

—George Bernard Shaw

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