After 43 years of running the business, the owners of Ocean Grove RV Resort in St. Augustine, Florida have sold the property to Key International and Wexford Real Estate Investors for $15.117.
According to a report, the deal for the 18-acre RV resort with 208 RV sites closed this week. Ocean Grove is situated at 4225 A1A South, just across the street from the beach.
The acquisition is Key International’s first RV park as it diversifies its portfolio beyond traditional hospitality developments. The company developed Embassy Suites in St. Augustine Beach, just a few miles north of the campground.
“We’re thrilled to diversify our hospitality portfolio further as travel habits continue to evolve,” said Michael Vassilaros, chief investment officer at Key International, in a release. The RV and camping [industries] have seen tremendous growth, and the number of first-time campers has skyrocketed.”
“We look forward to applying our expertise in site selection, quality, and impactful hospitality projects to this new sector, and we are lucky to be able to start with a market we know so well given our success with the Embassy Suites by Hilton St. Augustine Beach Oceanfront Resort located less than 4 miles away.”
Key International plans to improve the restaurant, landscaping, and overall experience for customers.
This was a unique opportunity for us to expand our investment portfolio in a market and sector that are experiencing significant growth,” said Philip Braunstein, managing principal of Wexford Real Estate Investors, in the press release.
“Interest in this area of travel, and specifically St. Augustine, has grown rapidly over the last several years, and with the combined experience of our team and Key International, we look forward to continuing that growth and adding to the guest experience.”
IVEE Group, an Atlanta, Georgia-based property management company, will manage the full-service pet-friendly campground. It manages ten resorts and RV parks across seven states, totaling 1,800 campsites. According to a release, the company will retain all the current Ocean Grove staff as they begin to implement a new system of management.
“The IVEE Management Group is thrilled to add the Ocean Grove RV Resort to our portfolio,” IVEE Management Group COO Tom Mason told Modern Campground.
“The IVEE Management Group brings years of hospitality best practices to this space. That, combined with the location and hospitality experience brought by Key International and WREI—we have something truly special.”
The property management company has a consistent record of year-over-year financial growth focusing on guest satisfaction, engaged associates, and operation excellence, Mason added.
Ocean Grove features a range of facilities, including water access, a boat ramp, basketball court, kayaks, fishing, bike rentals, and separate pools for adults and children.
I love how the new management at Ocean Grove RV Resort is focusing on eco-friendly initiatives 🌿 and community collaboration 👫. It’s great to see a commitment to sustainability and guest experiences here!