Sun Communities, Inc. SUI (the
"Company"), a real estate investment trust ("REIT") that owns and operates
manufactured housing and recreational vehicle communities, today announced
that, on October 3, 2012, it has entered into a purchase agreement with
Rudgate Silver Springs Company, L.L.C., Rudgate West Company Limited
Partnership, Rudgate East Company Limited Partnership, Rudgate East Company II
Partnership, and Rudgate Hunters Crossing, LLC (the "Sellers") to acquire four
manufactured housing communities for an aggregate purchase price of $70.8
million, including the assumption of $15.7 million of debt with the balance
paid in cash. The four communities, which are located in Eastern Michigan, are
comprised of 1,996 manufactured housing sites. The closing of this
transaction is subject to customary closing conditions, including the consent
of the existing lenders, and this transaction is expected to close in November
2012.
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