Sun Communities Selling Marina Business to Focus on Manufactured Housing and Recreational Vehicles

Sun Communities is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas, though the company recently announced the sale of the marina segment for $5.65 billion that is expected to close in the second quarter of 2025. The company has grown significantly over the past decade after spending $11.8 billion since 2010 to build a portfolio of 645 properties from just 136 at the end of 2010. Sun targets owning properties that are desirable as second homes or vacation properties with nearly 50% of the portfolio located in either Florida or Michigan near major bodies of water.