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September 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Danbury seniors community Lakeview part of $346.6M portfolio sale

Photo courtesy Jensen’s.

Lakeview, a Danbury seniors community, was part of the 31-property portfolio sold for $346.6 million by Jensen’s Inc. to Sun Communities Inc., a real estate investment trust based in Southfield, Michigan.

The Southington-headquartered Jensen’s operates seniors communities in eight states, using manufactured housing for its residences. The acquired portfolio covers 5,230 developed sites and more than 460 expansion sites for development. As of June 30, the communities were 92.5% occupied.

Located at Lake Kenosia, Lakeview was opened in 1963 and is the sole Fairfield County community among Jensen’s 15 locations in Connecticut.

“This acquisition is a great opportunity to further grow our Manufactured Housing portfolio with high quality communities that match our investment criteria,” said Sun Communities Chairman and CEO Gary A. Shiffman. “We are very excited to add the owners of Jensen’s as shareholders due to their belief in our ability to create ongoing value.”

“After engaging in a thorough sale process for our portfolio, we are excited to be joining the Sun platform and to become Sun shareholders,” added Jensen’s President Kris Jensen. “We are impressed with Sun’s stellar reputation, successful track record of integration, and ability to operate their communities to the highest of standards.”