LINCOLN — A Michigan-based real estate investment trust that that includes RV communities has acquired Delaware Beaches Jellystone Park, a popular camp-resort close to the Delaware beaches.
Sun Communities Inc., under the name Sun Lincoln DE RV LLC, bought the vacation venue off Route 1 earlier this year for $5 million from Blue Water Development Company. Delaware Beaches Jellystone Park features more than 265 sites, including full hook-up RV sites, vacation rental cabins and primitive tent sites, as well as seasonal and extended stay opportunities.
Sun Communities did not return a request for comment from the Delaware Business Times. Blue Water Development Company, a Maryland-based firm that invests and develops RV resorts, hotels and more, declined to provide a comment.
Sun Communities is headquartered out of Southfield, Mich., and is a publicly-traded company with an investment portfolio in manufactured housing communities, recreational vehicle resorts, and marinas. As of September 2022, the company owned interests in scores of properties in the United States, Canada, Puerto Rico and England. Through its RV resort division Sun Outdoors, it runs many campgrounds and venues across the country and Canada.
Existing Delaware assets include High Point Park in Frederica, Sea Air Village in Rehoboth Beach and Sun Retreats Rehoboth Bay in Millsboro. Sun Retreats, formerly known as Leisure Point Resort, was granted approval from Sussex officials to add 58 sites in 2021.
In 2022, the company reported an annual net income attributable to shareholders at $242 million, or $2 per diluted share. Total manufactured homes and RV occupancy, outside England, was at 96.8%, according to the quarterly and annual report released this month.
In the fourth quarter, Sun Communities reported increasing manufactured homes and RV “revenue producing sites” by 613 sites. The year overall increased sites by 2,922 acquisitions.
After Blue Water Development Company bought the venue, it promised a “multimillion-dollar program of infrastructure enhancements and new family-focused amenities.” Those plans included a new splash pad, water slides, upgraded Wi-Fi, renovations to the playground and upgraded RV sites and improvements to the arcade.
Blue Water Development Company bought Jellystone Park for $4.65 million in November 2020.
