Castle Park Enters into Programmatic JV to Target Manufacturing Housing, Campgrounds
Focus is on manufactured housing, recreational vehicle resorts and campgrounds
Castle Park Investments entered into a $500 million joint equity venture with a global real estate private equity firm. The venture will focus on core plus and value-add manufactured housing communities, recreational vehicle resorts and campground assets across the U.S.
Newmark’s Co-Heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Director Eden Abraham raised the capital for the Venture.
The JV’s focus on the acquisition of MHC, RV resorts and campgrounds provides the opportunity to generate core plus to high value-add returns through leasing, repositioning and limited redevelopment. The JV was seeded by the acquisition of a 700+ pad portfolio across markets in Ohio and Pennsylvania. Newmark is also arranging the debt financing for the JV.