By Meghan Hall
As the hospitality continues to face challenges as a result of the coronavirus, a Michigan-based investor is betting on the Puget Sound. In a transaction that closed last week but recently recorded, Sun Communities Inc. acquired the Gig Harbor RV Resort for $30.1 million. The seller was G& H RV Resort Inc, according to public documents.
The property is located at 9515 Burnham Drive and features 132 RV parking spaces. According to its website, the resort offers club room, 20/30/50 amp service, a camper cabin, laundry, playground and propane. Daily rates range from about $44 dollars to $58, on average.
“The first thing you will notice is our affordable budget friendly prices, and the clean, lovely community atmosphere at the RV parks,” states the website. “Whether you’re looking for a long-term base, or just passing through, enjoy Gig Harbor RV Resort and our facilities.”
The Gig Harbor RV Resort is not far from State Route 16, McCormick Forest Park, and other attractions such as Vashon Island and Sunrise Beach. The resort is open year-round.
“Gig Harbor is a gorgeous, scenic area known as “the gateway to the Olympic Peninsula,” situated near many popular Washington attractions,” states Sun Communities in a blog post announcing its purchase of the property. “The resort’s fantastic location is within walking distance of the Narrows Bridges, and less than an hour from big cities like Tacoma and Seattle. Visitors can also experience the world-renowned Washington State Ferry System, used to traverse through the Puget Sound and San Juan Islands.”
Sun Communities, Inc. is a fully integrated real estate investment trust that acquires, operates, develops and expands manufactured homes and RV communities. The trust has been in operation since 1975, and has a presence across the United States and Ontario, Canada. Over the past six months, Sun Communities has added seven additional RV communities to its portfolio, including the Crown Villa RV Resort in Oregon and the El Capitan Canyon in Santa Barbara, Calif.
Currently, the trust has 400 properties in its portfolio, and since 2011 has closed on 300 properties with a transaction volume of $5 billion. The trust claims it is themost active real estate developer in its sector. According to its website, Sun Communities tends to invest “significant” up front capital in the resorts and communities it acquires, and continues to re-invest over time.