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As families are planning summer vacations with boats and recreational vehicles at their core, Monarch Alternative Capital is preparing to pour money into the real estate around those activities.
The global investment firm this week announced a new investment unit branded Go Outdoors that is focused on RV parks and marinas.
The foray into the outdoors-oriented sectors comes after the firm recapitalized two large-scale portfolios owned by its partner Safe Harbor Development. The two will co-manage the investment unit.
Go Outdoors is specifically focused on acquiring, developing and operating RV and marina assets. It is launching with 11 marinas and four RV parks in Georgia, New York, Pennsylvania and Tennessee.
"The launch of our marina and RV platform comes at a dynamic time for the industry given the attractive supply-demand fundamentals and increasing industry consolidation," Monarch co-Head of Real Estate Ian Glastein said in a release.
“We are excited to be partnering with Safe Harbor Development, who we believe is a best-in-class operator and pioneer within both the marina and RV resort spaces and will help us achieve our growth and execution objectives.”
Recreational boating in the U.S. is a $250B industry, according to data released by the National Marine Manufacturers Association in May. Fueled by pandemic-era outdoor travel and work-from-home trends, the sector grew 36% from 2018 to 2023, according to the data.
Monarch specializes in opportunistic and distressed situations and manages over $11B in assets.
Safe Harbor Development operates RV parks, outdoor recreation facilities, multifamily and single-family developments, hotels, retail and restaurants. Its Sun Life Marinas brand is the largest private owner and operator of marinas in the Southeast, according to its website.
This week’s move follows other large portfolio shifts in the marina sector. In February 2022, private equity investor Centerbridge Partners acquired Westrec Marinas, the third-largest U.S. owner of marinas, for about $400M.
Miami-based Integra Investments in November 2021 teamed up with BLG Capital Advisors to acquire more than $200M in marina assets.
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