Turnstone Group, an RV park investor in the United States on August 10 announced a partnership with Blue Vista Capital Management, a Chicago-based real estate investment manager. According to a press release, the joint venture was said to recapitalize their eight-property RV park portfolio and provide substantial growth capital.
The partnership will seek out new acquisitions and opportunities for development in the RV park industry and outdoor hospitality. It is expected that the new partnership could reach $200 million. Turnstone will continue to be a leading owner of RV parks in America and the venture will enhance outdoor hospitality experiences for its customers, the release stated.
IVEE Group, an RV park property management firm, will manage the portfolio.
“RV parks are often overlooked and misunderstood over the years. Blue Vista took the time to learn that the fundamentals are solid and there is more to this asset class than the recent COVID wave. Turnstone managing director Brice Willis said. Turnstone is well-equipped to identify opportunities that are underappreciated. This venture and IVEE Group, our property manager, will bring true hospitality to operations, which will enhance the camping experience for our guests. Blue Vista is our partner in this next stage of growth.
Blue Vista’s managing principal Laurie Smith said that Blue Vista, through its value-add mutual fund series, has made investments in RV park sectors over the past several years. She is also the CIO of Middle Market Equity. “We are thrilled to have Turnstone as our partner in the acquisition of these assets. We look forward to continuing growth in this space with Turnstone.”
Turnstone acquired nine RV parks and campgrounds in six states since its 2015 first RV park investment. The joint venture will allow Turnstone to expand its position as an investor in outdoor hospitality real property. The venture recently completed its first follow-on investment with the acquisition of Sugar Sands RV Resort in Gulf Shores, Alabama.
Future acquisitions will be in strong year-round demand. They may offer a variety of guest offerings including cabins, RV sites, and glamping accommodations. The coalition will also explore development opportunities in areas with low RV and campground demand.