Castle Park Investments has formed a $500M JV equity partnership with an undisclosed private equity firm that will invest in manufactured housing, RV resorts and campgrounds across the country.

“Manufactured housing as an asset class is the only real estate sector that experienced positive earnings growth in the last two recessions while showing significant resilience during Covid-19,” Newmark Vice Chairman and co-Head of Debt and Structured Finance Jordan Roeschlaub told Commercial Observer in a statement.

Investor interest in manufactured homes and recreation-oriented outdoor properties has only grown since the onset of the coronavirus pandemic.

Roeschlaub and Newmark Vice Chairman and co-Head of Capital Markets Debt & Structured Finance Dustin Stolly arranged the JV with a team including Director Eden Abraham, CO reported.

The JV has already made its first acquisition — a portfolio in Ohio and Pennsylvania with 700 spots for manufactured homes, or pads.

“This programmatic investment facilitates our ability to provide affordable housing for years to come,” Castle Park partner Brad Scott told CO in a statement.

The JV will reportedly focus on buying manufacturer housing in markets where these communities present “a strong affordability option” to other types of housing. It will also look to buy RV resorts and campgrounds in “destination assets” where long-term reservations are in high demand.