Sun Communities, a real estate investment trust (REIT) that owns and operates, or has an interest in, manufactured housing (MH) and RV communities, announced that its board of directors has appointed Charles D. Young as CEO effective Oct. 1.
Young, who will also join the company’s board, succeeds Gary A. Shiffman, who previously announced his planned retirement from the role of CEO after a distinguished 40 years leading Sun.
Young is a seasoned senior real estate and investment executive with over 25 years of leadership experience in real estate operations, development and investment management. Since March 2023, he has served as president of Invitation Homes Inc., the nation’s premier single-family home leasing and management company. He previously served as chief operating officer of Invitation Homes, as well as in senior roles at Starwood Waypoint Homes and Mesa Development. Earlier in his career, he worked at Goldman Sachs in real estate principal investment and M&A.
Young holds a BA in economics and an MBA from Stanford University’s Graduate School of Business. He is on the board of Floor & Decor and serves on the Stanford University Board of Trustees.
“As part of our planned management succession, we conducted a rigorous and thoughtful selection process, and Charles is highly qualified to be Sun Communities’ new CEO,” said Tonya Allen, co-chair of the board’s CEO Succession Planning Committee. “Charles brings a deep understanding of real estate operations, strategy, and leadership. His track record of success across both public and private platforms makes him uniquely positioned to lead Sun through its next phase of growth.”
Meghan Baivier, Sun Communities’ lead independent director, said, “On behalf of the Board of Directors, I extend our sincere gratitude to Mr. Shiffman for his dedication leading Sun for over 40 years. Under his guidance, Sun Communities has grown into a leading MH and RV platform, positioning the company for continued success as it enters this next chapter.”
Shiffman will serve as non-executive chairman of the board effective Oct. 1.
“I am very proud of what we accomplished building and leading Sun, and I am confident we are well-positioned to continue to execute on our strategic priorities. I am incredibly excited to welcome Charles to Sun as our CEO to take our vision forward, and I look forward to a smooth transition and supporting the Company and our team members,” Schiffman said.
Young added, “I am honored to join Sun Communities as CEO and member of its Board of Directors, where I will partner with the talented professionals who have built the Company into an industry leader with a preeminent MH and RV portfolio. I look forward to building on the strong foundation established by Gary and the team while delivering long-term value for shareholders, residents, and team members.”
Under Mr. Shiffman’s leadership, Sun Communities executed its initial public offering (“IPO”) in 1993 and has since achieved significant growth while driving substantial shareholder value. During his tenure as CEO, the company:
- Grew to a market capitalization of over $16.5 billion from its approximately $100 million IPO
- Expanded its 31-property portfolio into a leading owner and operator of more than 500 MH and RV communities across North America and the United Kingdom
- Delivered a total return of over 4,100% from its 1993 IPO through June 30, including an over 150% total return for the ten years ended June 30
- Generated Same Property average annual NOI growth of 5.3% for the past 25 years without a negative year-over-year Same Property NOI quarterly performance.
